Redemption
The conversion of incapacity benefit (pension), or part of it, into a one-off lump sum. Redemption may be compulsory (typically in cases of a low level of incapacity) or optional (at the request of the beneficiary).
The conversion of incapacity benefit (pension), or part of it, into a one-off lump sum. Redemption may be compulsory (typically in cases of a low level of incapacity) or optional (at the request of the beneficiary).