When you have been approved for a claim of Permanent Impairment (PI) it is very important to get advice from an experienced Licensed Financial Adviser. Each individuals circumstances vary and it is because of this, that each individual may well have a different answer. These DVA decisions have lifetime consequences, so it is important to get the right unbiased advice at the time of decision making.
Permanent Impairment Compensation entitlements under MRCA are tax free whether taken as a lump sum or pension, however this decision always needs advice and guidance from a Licenced Financial Adviser at the time to confirm against current legislation at the time of the offer.
Advisers who are listed on the ADF Financial Advice Referral Program have made a range of written declarations to the Department of Defence including that, in connection with the Program:
- They will at no times be under the direct or indirect influence of a financial product manufacturer; and
- The only means by which they will receive remuneration from the provision of financial advice to ADF members and their families is through the charging of genuine fees for service and will not charge or receive commissions, trailing commissions, asset-based fees for service, bonuses (of whatever description) and any other form of remuneration as defined by law or that could reasonably give rise to a conflict between the adviser’s interests and the interests of the adviser’s clients.
In all decisions and determinations DVA related it is important to remember that your decisions will have lifetime implications and the legislation is complex.
It is very important that when you are faced with making a decision around your DVA entitlements, you seek advice from a Licensed Financial Adviser. This is why the DVA provides funds for this to occur and require it prior to many form lodgements.
We are a listed adviser to the ADF Financial Services Consumer Centre linked here.
We offer a complimentary and obligation-free 10 minute phone discussion to explore likely advice needs prior to committing to an initial appointment. Information discussed will be general advice only.
