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5.11.1 Options for Conversion of Periodic Payments to Lump Sum
Depending upon the weekly amount of compensation payable, claimants may be entitled to take all of their PI as a lump sum, or part as a lump sum and part as a periodic payment. A person's payment options are as follows:
|
Percentage of Maximum Weekly Compensation to which the Claimant is Entitled |
Payment Options |
|
Under 10% |
None, either 100% lump sum or periodic payments. |
|
10% to 20% |
50% lump sum, 50% periodic payments or either 100% lump sum or periodic payments. |
|
Above 20% |
25% lump sum, 75% periodic payments or 50% lump sum, 50% periodic payments or 75% lump sum, 25% periodic payments or either 100% lump sum or periodic payments. |