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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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3
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2answers
170 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?
4
votes
1answer
107 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 7y. During this period I have always worked here and I haven't received any income from Spain. I have also regularly contributed to a ...
0
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0answers
52 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. ...
4
votes
2answers
162 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 ...
1
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0answers
25 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 ...
2
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0answers
28 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 ...
3
votes
1answer
59 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 ...
2
votes
1answer
48 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 ...
6
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2answers
189 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 ...
3
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1answer
40 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. ...
3
votes
1answer
39 views

How are Canada Pension Plan payroll deductions paid by both employee and the company?

I am thinking on moving to Canada but I want to calculate what my salary would be after taxes. I am using the tax calculator at https://simpletax.ca/calculator but there's still one thing I can't wrap ...
1
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2answers
101 views

Payroll pension contributions- UK higher rate tax relief

In the UK, a higher rate taxpayer who contributes to a pension scheme is entitled to pension relief to recover the difference between basic rate and higher rate tax for pension contributions. (HM ...
2
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5answers
158 views

What should I invest in other than pension or real estate

I live in South Africa, and the country is not exactly going in a good direction. I am 24 years old. I would like to start investing in something for my future. One option is to get a pension fund. ...
10
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1answer
862 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 ...
5
votes
2answers
276 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
195 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
145 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
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0answers
52 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
101 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
35 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
75 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
49 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
161 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
29 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
62 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
115 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
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2answers
69 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
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2answers
170 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
81 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 ...
2
votes
1answer
137 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
307 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
255 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
345 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
164 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
61 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
1k 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
86 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
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0answers
167 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
129 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
39 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
56 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
106 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
251 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
852 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
931 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
286 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 ...