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.

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47 views

Finding green investment funds

I'm trying to find green/sustainable funds to add to my (UK) pension and am finding it quite hard to pick out good candidates. I'm interested more in the green credentials than in the performance. ...
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How do I write a letter to HMRC claiming higher rate tax relief?

I understand I can write to HMRC to get tax relief on my pension contributions instead of waiting to do a tax return. Would this letter do the trick? and what address to I sent it to? Date: [Current ...
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How does the pension contribution work in the UK?

I do not understand the basics and every source online is just entering into a whole load of details without clarifying what is going on with my money. The contract states that the company will match ...
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1answer
121 views

What counts toward the tax free limit for pension contributions in the UK

I understand I can contribute up to 40k (or 100% of salary) in one financial year, and I will receive tax relief on these payments. I was working on this assumption: employer pension contributions + ...
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1answer
322 views

Why would anyone choose 403b over 457b?

Some employers offer both 403b and 457b as retirement plans. I looked at them, and it seems they are very similar, except that 457b does not have early withdrawal penalty. It seems 457b is better than ...
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4answers
479 views

Is investing this lump sum in one of these two funds for the next 5 years a wise decision?

I'm going to be retiring from my career soon, and as well as receiving my pension, I have also qualified for a lump sum of just over £200,000, which I will receive around January 2021. I won't ...
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1answer
43 views

Owed taxes for discounted health care after pension cash out

Last year in 2019 my Mom signed up for "Obamacare". At the time she signed up, she was under 400% of the poverty limit, which for 1 person was 12,490 x 4 = 49960. Being under this limit ...
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1answer
59 views

Why does the ATO have “unclaimed super”, should I do something about it?

I am an Australian Citizen currently living in the UK. I logged on to the Australian Tax Office (ATO) website today an the ATO tells me i have unclaimed super. It's about $3000, and is exactly equal ...
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1answer
58 views

opt-out of pension scheme(EPS) in EPF while changing jobs in India

I have recently changed my job. In the previous job, my employer was making a contribution to the EPS as well, there was no option to opt-out of the pension scheme. But in the new organisation, there ...
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2answers
68 views

Tax savings on employer contribution to pension scheme

Consider the following examples (numbers were calculated from tax.service.gov.uk). Annual salary: £20000 Income tax: £1498 National insurance: £1260 Total tax: £2758 Annual salary: £60000 Income tax: £...
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1answer
50 views

Employer contributions to pension schemes in the UK

What are the investment options available to the employee when an employer contributes to a pension scheme for the employee? Can one invest in US ETFs, mutual funds, and stocks? Does this contribution ...
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Puerto Rico Tax on Pension Income

I am considering purchasing a permanent residence in PR. I am retired. Based on my 3 sources of income below, what would be taxable in PR? Primary - pension from NYS government not subject to NYS ...
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UK Employer Pension - can I transfer *part* to a private pension?

I'm employed by a large UK company (actually an American company, but the subsidiary). I have a (I think relatively standard) employer-provided money purchase pension, which I've been paying into for ...
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94 views

Pull money out of old pension and start a stock trading account? [duplicate]

I have 10k in an old pension plan with a company I no longer work for. I have a 401k currently with my present employer and would like to take the 5k and start an stock trading account. Would this be ...
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Are traditional pensions still optimal in the 21st century? [closed]

I have long had an issue with traditional pensions, I searched around and found some people at least seem to share some similar thoughts. In short, my concerns are: Too restrictive (you can't use the ...
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EU: PEPP for EU-wide private pension insurances

the PEPP plans of the EU will start in the beginning of 2021. How will this affect existing private pension insurances? Will they be changed to be "compatible" or will they remain untouched?
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118 views

Pension in the EU when having worked in multiple European countries

I have a few questions about (state) pension plans when having worked in multiple EU countries in your lifetime. First off, EU countries have different requirements in terms of minimum years worked/...
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1answer
269 views

Forced closure of retirement fund: Best use of lump sum

I have been working in Australia for several years, with a temporary residence visa. I expect to soon be returning to my home country (UK). At this point, my superannuation account will be closed, ...
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1answer
30 views

NY State retirement withdrawal and management

My wife worked for ~4 yrs at a school in NY. She was entitled to a retirement package. It states that she as a contribution balance of $4,477. She does not want to go back to work as we are raising ...
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28 views

Tax taking out pension exceptional circumstances (UK)

I used to live overseas where I had a private pension pot. Due to covid19 exceptional circumstamnces, the country has allowed to take out 25% which I've just received in my UK bank account. How this ...
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1answer
52 views

What constitutes “close to being vested” in ERISA claims for illegal termination to avoid paying pension benefits?

Sometimes a company will lay off workers who are approaching their term of service when their pension benefits will vest. So, for example, let's say an employee's pension plan vests at 30 years of ...
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1answer
65 views

NPS contribution charges and eNPS

What are the benefits of eNPS? How can we avoid (a) POP trail commission & (b) Payment Gateway Charge while making a contribution in NPS Tier-1 account? 3.What is the recommended/generalized % ...
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2answers
128 views

Should I opt out of NEST pension scheme as a young worker?

I am working in the UK. It's my first permanent job and I've discovered on my last payslip a line named NEST Pension Scheme. I googled a bit and I have discovered what it is but first, as it seems to ...
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1answer
39 views

NPS Tier-1 Account

If the present fund value is less than the total invested amount in NPS-Tier 1 account and we change the scheme preference(I mean change the % allocation in Scheme E,G,C) then do we have to book ...
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1answer
39 views

Received lump sum payments for OAS, GIS application (for last 3 years) with one T4 slip in 2019. How can we still qualify for “refundable tax credit”

My uncle & aunt in Canada applied for their OAS (Old age security) & GIS (Guaranteed Income Supplement) & Allowance payments in January 2017 and they were qualified to receive all benefits ...
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1answer
59 views

What happens when you over-contribute to Swiss Pillar 3a accounts?

If your total contribution to 3a accounts in a year is more than the limit (~6800 Fr. currently), what happens? I could see several options: a) the amount just carries over to the next year's ...
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1answer
244 views

Does higher rate tax relief count towards pension contribution limits in the UK?

I understand for 20/21 the annual pension contribution limit is 100% of your salary or £40,000, and this effectively means that the total of your employer pension contributions + personal pension ...
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2answers
38 views

Where/how does pension tax relief for higher rate tax payers get paid once a self-assessment tax claim is completed?

If a UK higher rate taxpayer makes payments into a SIPP, and then completes a tax self-assessment form, how will the government return the money? Does it pay it to a person's bank account? Into their ...
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2answers
156 views

When is a 401(k) better than a pension?

There are tons of comparisons between 401(k) and pensions, with the most obvious being the concept of "defined contribution" vs. "defined benefit". This makes them a sort of apples to oranges ...
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1answer
32 views

Can't transfer EPF account due to pension contribution not present

My previous employer has not submitted pension contribution for the initial months of my service. Now I can't transfer/withdraw my EPFO balance from my old PF account to my new PF account under the ...
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1answer
29 views

Defined-benefit / final salary pension schemes in the UK

I have been reading how defined-benefit pension schemes work. My understanding is basically that you agree with your employer a life pension you will receive when you retire, which is calculated as ...
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2answers
52 views

Comparison of tax benefits in ISAs and pensions schemes in the UK

I'm reading about pension schemes in general, and in the UK in particular. I think I have understood how the tax relief works, still I'm not sure. Given this quote I have found: If you are a basic ...
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4answers
71 views

Pensions and personal circumstances, assessment and alternatives

Pensions are very popular financial products, and are quite strongly encouraged, both through favourable tax laws and employers contributions. In all cases I am aware of, neither the contributions ...
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1answer
69 views

Are workplace pensions less efficient than salary sacrifice because of national insurance?

I'm contributing to a Workplace Pension. For each £100 I earn (within limits) I contribute £5, and my employer contributes £3. I pay 12% NI on my £5, so it costs me £5.60. My employer pays 13.8% NI ...
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46 views

Canada Pension Plan Transfer

I have lived for three years in Canada, and made three contributions to the CPP. I now live in Switzerland and do not plan to return to Canada ever. Is there any way to transfer these contributions ...
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1answer
52 views

How to get a transfer out form from NOW Pensions

My old employer chose NOW Pensions as the auto-enrole pension (despite a 1.2 star rating on trustpilot.com) and now I want to transfer the money accrued in that account to my current pension. I've ...
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2answers
231 views

S&P 500 only returns 1.26% (after UK inflation)… am I wrong?

I invest in the S&P 500 from the UK. I am trying to calculate what my investment pot will be in 25 years, adjusting for inflation. Unfortunately, my calculations point me towards an abysmal ...
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83 views

Can one take retirement benefits from both Europe and the US?

Person A, a German citizen who currently holds a US green card and lives in the US, worked earlier in their life in three different European countries, contributing to various government-sponsored ...
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1answer
165 views

Is $50k in business income enough to consider hiring a pension specialist?

I am currently a full time software developer, and have a side business done under my own LLC (S corp). For the sake of having concrete numbers, lets say I make $100,000 through my full time job, and ...
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1answer
262 views

Reasonable Rate of Return on A Pension?

Like a lot of people, I have a string of relatively small pensions, all invested in different funds with a few different providers. I should add that I'm no longer paying into any of the ones I'm ...
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2answers
211 views

If I'm 25 and work 10 years to cover the 40 credits required to qualify for Social Security, will my payments be indexed to inflation when I retire?

If I'm 25 and work for the next 10 years to cover the 40 credits required to qualify for Social Security, will my payments be indexed to inflation when I retire?
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2answers
265 views

State pension from UK when a moving back to Spain after working only 10y in UK

I am a Spanish citizen who has been living in UK for the past 7 years. During this period I have always worked here and I haven't received any income from Spain. I have also regularly contributed to ...
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57 views

Would it be advisable to withdraw money from the Estonian pension system?

The Estonian pension system consists of three "pillars": State pension: some base amount + amount based on work experience. Taxed as regular income at 20%. Mandatory Funded pension: The 2+4 pillar. ...
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2answers
211 views

Withdrawing entire pension pot early

I have a small pension pot from an employer I started with in the last few years; it's around £15k which is entirely the employer's contributions. I have had no other pension prior to this, due to ...
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1answer
46 views

What will my LGPS pension refund consist of?

I have recently changed jobs. My previous pension was with Scottish Widows and contributions were done through salary sacrifice. I now have a LGPS (Local Government Pension Scheme) pension and have ...
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0answers
36 views

Transfer UK pension to AU super fund

Is it possible to transfer a UK pension fund over to an Australian Super fund? I am a NZ citizen currently working in the UK. I will most likely move back to Australia in a year or two, where I ...
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1answer
74 views

Higher-rate Tax rebate on Pensions (UK)

Suppose you are a higerh rate Tax earner, and you pay into a monthly pension. As per these questions: Payroll pension contributions- UK higher rate tax relief UK income tax relief on pension ...
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1answer
52 views

Is Pension income a part of my Personal Tax Income

My parents retired, and they will be receiving monthly payments from pension and those things. We live in Ontario. Do these count towards their income tax brackets? Are there other taxes they should ...
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2answers
264 views

How do I open a UK bank account under the following circumstances?

Similar questions here and here, but neither answers my question The facts: I am a UK citizen. I am not a resident of the UK. I have not lived in, worked in or visited the UK for the last 7 years. I ...
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1answer
46 views

UK Tax/Universal credit pension contributions for non earning partner

I understand that any pension contributions made by someone claiming tax credits or universal credit are deducted from the claimants earned income when assessing the amount a claimant is eligible for. ...

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