Does anyone understand GIP?
Evening all,
I have been batting this question around with FPS, Veterans Agency, other forums and and in the tea bar! I have got so far, but still don't have a final answer reference GIP awards. Any GIP SME's amongst us here?
(GIP = Guaranteed Income Payment)
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Projected salary at exit date is £37836, age will be 51.
The GIP factor for a service person of this age is 0.781.
£37836 x 0.781 = £29549.92.
In receipt of an award for an injury in tariff level 10, so GIP entitlement is 30% of this base figure. So GIP entitlement is £8864.97.
However, Immediate Pension is payable and currently calculated at £13392.
All above calculations have been confirmed as correct.
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The official GIP blurb:
"If you are not medically discharged and are in receipt of an IP then GIP will be adjusted by 75% of this pension". So, £13392 / 75% = £10044,
Here is the question: What do you do with the GIP and IP figures? What is the actual figure payable because i am totally lost!
Thanks in advance.