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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How to mark date of exit if the dates in passbook and EPFO website do not match?

I'm trying to mark the exit date for a previous employer (left almost 4 years back) in the EPFO website. The problem is that when I try to select the DOE, it's only allowing me to select a date from ...
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UK pension auto enrollment - when would the assessment deem to remove an employee from a pension scheme?

I am currently working on a payroll IT project. Part of this involves submitting payroll data to a third party API (PayRun.io) that will perform the assessment of the employee as to whether auto-...
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4 votes
1 answer
129 views

Best practice on managing multiple pensions

Is it financially better to keep pensions from various employers separate or to merge them with the latest one? If you do merge them, are penalty fees accrued from the previous pension provider? This ...
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2 votes
0 answers
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I get a pension from having been a Federal Employee; I also work part-time for my family's business. Do I need to pay into EI?

So, I worked for the Federal government most of my life, I retired 2 years ago and I get my pension. In addition, I work about 30 hrs/week in the office of my family's business, do I have to pay EI? ...
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3 votes
2 answers
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How much monthly income can I get, as a function of age and initial investment?

Suppose my age is X, and I have Y dollars in cash. I want to give them to an insurance company, or another financial institute, in exchange for a monthly income (pension) of Z for the rest of my life. ...
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1 vote
1 answer
63 views

SIPP pension withdrawal tax obligations (UK HMRC)

When investing in a SIPP you get tax relief. How much depends on whether you are a basic or higher rate tax payer. For this post, I am focussing on basic rate payer. My understanding is that when you ...
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6 votes
1 answer
469 views

Are the Vanguard Target Retirement Plans designed for when you turn 65, not for when you plan to retire?

During a presentation around 401k plans, my company's 401k provider just informed us that the "Vanguard Target Retirement " plans are designed for what year I turn 65, not the year I plan to ...
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1 vote
1 answer
123 views

In the UK, from where does your employer take the money to put it into your pension scheme?

I have been reading about the UK workplace pensions schemes but I don't understand them very well. What I have read is that you can choose an amount of money, which is taken from your gross salary, ...
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  • 1,189
2 votes
4 answers
93 views

How does tax-deferred pension savings carry any long-term benefit over taxable accounts?

In terms of the total post-tax savings value, I don't see how taxable (e.g. Roth) vs. tax-deferred (e.g. 401(k)) makes a difference. Let me be specific. Suppose tax rate is s, and you dedicate X of ...
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1 vote
1 answer
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Are IFA fees likely to be worth it for UK pension

Building on an excellent question and answer I want to ask a follow-up, or more specific question. I'm now self employed and I have a pension pot from when I was employed. I've got about 20 years left ...
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3 votes
2 answers
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How Does a Workplace Pension Interact With A SIPP In The UK

I currently have a workplace pension with People's Pension. My understanding is that this means that: I pay into it each month My employer pays into it each month The government gives me a certain ...
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1 vote
0 answers
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What is the meaning of "to the extent attributable to contributions" in IRS Publication 519?

In IRS Publication 519 (Tax Guide for Aliens), in a section about Personal Service Income for pensions, is the following text (emphasis mine): Pensions. If you performed personal services in the ...
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1 vote
1 answer
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Starting to save late but expecting a £20k windfall - should I catch up my pension or put it towards a deposit?

I'm in my late 20s, working in London with a cheap living situation but no pension and limited savings. I'm now in a position to start saving but am unsure whether to catch-up on my pension savings (...
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2 votes
1 answer
78 views

Easiest way to find pension contributions from previous years?

I've received a letter from my pension provider that I've gone over the annual allowance for pension contributions this year. According to HMRC, I can carry over unused allowance for the past 3 years, ...
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0 votes
1 answer
73 views

Does monthly social security income gets adjusted by monthly vested benefit

At age 65, I am eligible for a lifetime monthly vested benefit in the amount of a few hundred dollars from my former employer (a non-governmental firm). In the company's benefits handbook, this vested ...
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protected tax-free cash UK Pensions

I have an old pension (with Profits). I was advised to take it out as soon as I could by my Financial Advisor. Having turned 55 I am now in the process of taking it out. When I was 50 I asked for a ...
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6 votes
1 answer
900 views

Foreigner making voluntary US social security contributions to get a pension

Years back, I worked in the USA and made 7 years (28 quarters) social security contributions. I wrote to them a few years back and they said that I could get a pension with a minimum of 40 quarters of ...
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5 votes
3 answers
218 views

How do I Value a Defined Benefit Plan

Background My "side hustle" for a while has been the US Navy Reserve. I think I've stopped having fun, and I'm ready to quit and devote that time to my main job, my family, etc. However, one ...
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2 votes
2 answers
87 views

How are annuity rates calculated for money purchase/DC pensions?

I have two pension schemes from two different UK major providers, and they are presumably using whatever the legal requirements are for calculating projected annuity for my pot, but to me they seem ...
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3 votes
2 answers
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How do I know if a Fund engages in Short Selling

Almost all my investments are done through funds in my pension and the extent of my research into them is through the Fund fact sheets similar to the these. How can I tell if I'm investing in short ...
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1 vote
0 answers
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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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1 vote
3 answers
171 views

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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4 votes
1 answer
152 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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  • 421
5 votes
1 answer
342 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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3 votes
4 answers
566 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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2 votes
1 answer
57 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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3 votes
1 answer
88 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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1 vote
1 answer
1k 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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0 votes
2 answers
73 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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0 votes
1 answer
60 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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2 votes
0 answers
37 views

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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6 votes
1 answer
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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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0 votes
0 answers
97 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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8 votes
3 answers
1k views

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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8 votes
1 answer
224 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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2 votes
1 answer
279 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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1 vote
1 answer
47 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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2 votes
0 answers
39 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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0 votes
1 answer
77 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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1 vote
1 answer
122 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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2 votes
2 answers
272 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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1 vote
1 answer
44 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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2 votes
1 answer
99 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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1 vote
1 answer
87 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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4 votes
1 answer
267 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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  • 421
1 vote
2 answers
56 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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2 votes
2 answers
172 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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2 votes
1 answer
71 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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  • 121
2 votes
1 answer
49 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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  • 1,189
2 votes
2 answers
68 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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