Stack Exchange Network

Stack Exchange network consists of 175 Q&A communities including Stack Overflow, the largest, most trusted online community for developers to learn, share their knowledge, and build their careers.

Visit Stack Exchange

Questions tagged [pension]

For questions related to pension, which are usually contracts to pay an individual a fixed sum after retirement from an organization or service.

10
votes
1answer
799 views

Are UK pensions taxed twice?

I, like many, have a workplace pension. I pay taxes through PAYE and file a self assessment covering all other income. My understanding is that your personal pension pot is 25% tax free then you pay ...
4
votes
2answers
177 views

When is paying into a UK pension bad tax planning? (LTA)

UK Pensions are great for the tax breaks that they give as you pay into them (up to 45%), and as the pension generates value, but if you exceed the lifetime allowance (LTA = £1,055,000 in 2019-2020) ...
7
votes
1answer
170 views

How do I know if my UK workplace pension scheme is trustworthy?

In the UK, employers are required by law to automatically enrol most employees in a workplace pension. I've recently been autoenroled in such a scheme. However, I'm conscious of the fact that the ...
5
votes
1answer
135 views

How safe/secure is the Universities Superannuation Scheme?

I don't know if this may be too broad, but I was hoping someone can give me some guidance. I don't know a huge amount about pension schemes (or finance for that matter!) but I have a job opportunity ...
1
vote
0answers
47 views

How much money do I lose when I move from defined benefit pension plan to a hybrid pension plan

I am moving from a company with a defined benefit pension plan to one with a hybrid pension plan(DB + DC). I understand that the defined benefit pension plan uses a set formula to calculate the ...
6
votes
1answer
99 views

Protection against loss of investments if a fund provider fails

What would happen to my pension or ISA investment in a fund (such as Vanguard LifeStrategy 60) if the provider of that fund failed and went out of business? I understand that FSCS protects against ...
3
votes
0answers
29 views

How to report contributions to UK pension (USS) on US taxes?

I am a United States citizen living and working in the United Kingdom. I am enrolled in the Universities Superannuation Scheme pension plan. Do contributions to this plan need to be reported on my ...
1
vote
1answer
72 views

What's the best way of dealing with pensions in the UK

I'm currently living in Cambridge, UK. My company contributes 5-15% of the salary to the pension. I'm planning to permanently move abroad in 3 years. I can opt out of the pension, or stay in the ...
4
votes
1answer
45 views

Calculating annual pension contribution including defined benefit (UK)

I'm trying to understand how to calculate how much money I can pay into pensions this year. I understand how to calculate the annual allowance, which isn't the problem: instead, I need to understand ...
4
votes
1answer
149 views

How to properly compare pension vs Roth IRA?

I am trying to compare the benefits of a federal pensions system FERS vs simply investing the money myself with a Roth IRA. I'm assuming that I work in a federal job for several years, but retire ...
2
votes
0answers
28 views

Residential requirement for Canadian living abroad to collect pensions?

I have been told by numerous individuals that one is required to return to Canada for a certain period of time, whilst living abroad, in order to continue to collect my Senior benefits from the ...
3
votes
0answers
55 views

Are Netherlands“second pillar” pensions USA Section 402 compliant?

I am a US citizen and work in the Netherlands as an employee for a Dutch company. In the Netherlands, the retirement pension system is based on three pillars: the public pension scheme, akin to the ...
2
votes
1answer
111 views

Moving out of the UK. What should I do with my UK personal pension?

I have been working for a few years in the UK and my employers created personal pensions and contributed to them. Now I'm moving out of the UK and I'm not sure what to do with these. As far as I know, ...
1
vote
2answers
66 views

Death benefit into IRA or cash for mortgage

I am the beneficiary of what was left in my mom's state pension fund. I don't know how much it is, but the state estimates most people run through their pension funds (when they chose that option) in ...
5
votes
4answers
2k views

Do pension pots get interest? [closed]

Pension pot is the money, the employee and sometimes the employer and the government pay that gets accumulated into pension fund. But my question is, that this pension fund is basically a bank ...
0
votes
2answers
121 views

UK Pension transfer to the US

I'm a naturalized US citizen. When I lived in the UK, as a British citizen, I amassed a small pension pot (about 50,000GBP). Is there any way to get that money transferred to the US (into another ...
1
vote
0answers
79 views

Will the IRS go after foreign countries' pension if you owe taxes?

I am a 70 year old retired Irish citizen living in Ireland. I did live in the USA. Unfortunately, I recently learned that I owe the IRS $15k in taxes from a 401k withdrawal. I own nothing in the USA ...
1
vote
1answer
129 views

Is UK part of my EU state pension lost after brexit?

I worked for a few years in a few EU28 countries. According to the principle of aggregation of periods each country will contribute to my pension. I am only 27 and it doesn't seem likely that I am ...
1
vote
2answers
223 views

Projected Benefit Obligation vs Accumulated Benefit Obligation

I am looking at an annual report from a company, with the goal being to assess the financial standing of their pension plan. I have come across a chart that outlines the companies pension liabilites, ...
0
votes
2answers
247 views

How much can I save if I don't own a car? A worked example comparing car to pension

I don't drive and I've never enjoyed driving. Moreover my eyesight is very poor and I fear I may be a danger on the road. However, some 'friends' and family don't get this, so I want to show a ...
2
votes
3answers
325 views

Risks of selecting a pension plan in the USA

I am looking at a possible employment opportunity with a state-affiliated institution in the United States. They offer a couple of options for retirement plans, and one of them is a pension plan. Of ...
4
votes
1answer
154 views

(UK) Is pension provider obliged to confirm opt out

(Question is in context of UK only) Background Government is currently phasing in an auto-enrollement for private penions. Employers must automatically enroll employeess onto private pension scheme. ...
0
votes
1answer
56 views

Should the difference between taxable pay and gross pay be roughly equal to pension contributions

I am in the UK. My employeer changed payroll provider and ever since there has been many issues. With my old provider the difference between taxible pay and gross pay was almost exactly the pension ...
3
votes
1answer
622 views

Defined Benefit Lump Sum calculation

I have a Defined Benefit Pension Plan. I know how to calculate my monthly annuity (single life annuity), but can't figure out how the Lump Sum is calculated from the monthly annuity. I have been ...
4
votes
0answers
83 views

Having worked overseas and accrued a pension, can I transfer it to my country of origin?

As a Brit who worked in South Africa for a few years and accrued a pension, now I've returned is it possible to transfer said pension tax-free to a UK pension provider (SIPP or otherwise)?
0
votes
0answers
162 views

Is Private Pension Worth It

I am 23 and now looking into what to do with some leftover monthly money. My question is whether getting a pension is worth it or not. Are pensions in general just scams? Am I just wasting money on a ...
1
vote
2answers
107 views

How to balance the risk of owning one real estate?

I am about 45 years old and recently began to receive a US government pension, which I do not require for current expenses. The monthly payment is about a quarter of my living expenses, but due to my ...
1
vote
0answers
36 views

Tax sheltered investment vehicles for retirement in Canada

Is there any investment vehicles to tax shelter income for retirement on top of RRSP & Pension? I know about LIRA. When you switch job you usually get your pension funds transferred into LIRA. ...
2
votes
0answers
37 views

Relationship between RRSP and Pension plan in Canada

What is relationship between RRSP and Pension? I know that contribution to Pension Plan reduces your contribution limit to RRSP but is it only certain kind of Pension Plan or all? Does it matter if it ...
2
votes
0answers
53 views

Do I have to pay into Canada Pension Plan (CPP) as part time contractor?

I have a fulltime job with a company but in my spare time I do some contractor work for a few clients I gathered overtime. I understand that I have to pay income tax at the end of the year over my ...
5
votes
1answer
100 views

How to evaluate the value of a (state) pension

I read a few articles and posts about putting some money aside for retirement, but it was mostly for America/Canada where if I understand it right, you have to actively save your money in 401K/RRSP. ...
4
votes
1answer
249 views

Start working at age 58. What's probable pension amount?

My dad (58 years old) recently received US Green Card. He is working now as an independent contractor (truck driver) in Pennsylvania state and gets 1099 form at the end of the year. CPA office, where ...
4
votes
3answers
843 views

Young w/ pension plan: lump sum or annuity?

I've become fully vested in my company's pension plan, and I intend to quit in the near future to pursue other career options. It seems the pension scheme allows me to decide what to do with the ...
1
vote
1answer
812 views

Cold email from DeVere Germany, who are they?

I recently received an email out of the blue from deVere Germany talking about my UK pension and Brexit. I've never had contact with the company before and never gave out my email to them. Apparently ...
5
votes
1answer
124 views

I am a foreigner withdrawing a USA pension. Do I file a state tax return?

I am a citizen of a European country who worked a couple of years in the USA, then moved back to Europe. I withdrew my 401(a) pension last year as a lump sum and need to know how this is taxable. ...
4
votes
1answer
280 views

What is the age at which pensions are no longer taxed in Pennsylvania?

I have a pension from Lockheed Martin that I started receiving when I was 59. I am now 63, and they are still taking PA taxes out, even though, according to my understanding, the rule is that pension ...
21
votes
4answers
8k views

Can a person work after “retiring” and receiving a pension?

Can a person work after "retiring" and receiving a pension? For example, in Illinois public workers are eligible to "retire" at age 59 and receive 75% of their salary at the time. So, for example, a ...
2
votes
1answer
73 views

What are units in pensions?

What are units in pensions' context? It seems such a basic term that I didn't find any site with a simple explanation for it.
5
votes
2answers
117 views

Valuing a public sector pension

A common public sector pension structure in the UK is as follows You receive a payment each year from your pensionable age until you die. If you die before your partner, they receive a survivor ...
2
votes
1answer
59 views

Effects of moving around on pension

I'm currently a resident of the US, and I work here on an L1 visa. Prior to this I resided in the UK for about 2 years and I expect to move to Switzerland sometime in the next 10 years for work ...
3
votes
3answers
154 views

Local government or private pension?

This question relates to the UK LGPS. On the surface, this seems less flexible and potentially gives less return than a private pension. Yes, private pension pay-outs fluctuate depending on the ...
0
votes
0answers
189 views

Early retirement options

I plan to retire early (around age 45). Living in Europe. My question relates to what order I should be saving / investing in now and what order to use that money when I get to my early retirement age....
2
votes
1answer
103 views

Drawing down a UK pension abroad

I am 30 years old and currently live in the UK. I am moving out of the UK in 3 - 5 years (to a country in Europe), where I will likely stay. My question relates to pensions, of which I have none. I ...
6
votes
1answer
612 views

Are there any other considerations for bonus sacrifice into Pension (UK)

UK-based. I'll be receiving a Christmas bonus of somewhere in the range £6-11k. I have the option of sacrificing bonus directly into my pension fund, and I'm trying to check whether that's the right ...
0
votes
1answer
68 views

Understanding 403(b) plans and Pension Plans

A company that I worked for long ago stopped mailing retirement savings statements or any info about my account. It took about a year for me to notice. They first switched from quarterly to bi-...
5
votes
1answer
130 views

Over contributing to workplace pension or private pension

First of all, I am in the UK. Currently I pay the default salary deducted contribution (3%) into my workplace-provided pension, which is matched by my employer (the maximum they will match). I am in ...
2
votes
1answer
248 views

UK: is there a danger of pension confiscation? [closed]

Earlier this year I learned that Poland confiscated private pension funds and merged them into their public pension scheme to pay their debt off. I could not find any resources in any respected ...
6
votes
1answer
295 views

Which is more advantageous: Lifetime ISA or SIPP?

I should preface that I am a self employed sole trader in my early twenties, and a basic rate taxpayer averaging somewhere between £28-32,000 per annum. The variation not only arises due to the nature ...
4
votes
2answers
344 views

Making up National Insurance shortfall when working abroad

I lived and worked in the UK for several years, but now live and work elsewhere in the EEA, where I will remain indefinitely. (I have no plans to return to the UK to work or retire, but anything's ...
3
votes
1answer
802 views

Does it ever make sense not to join DC pension?

Background I have always contributed the maximum possible amount to my RRSP (and TFSA for that matter). My portfolio is comprised of a diverse mix of low-cost ETFs in a self-directed account. In my ...