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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1answer
55 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
15 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
63 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
46 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 ...
2
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0answers
15 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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0answers
46 views

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 ...
0
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0answers
92 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 ...
8
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3answers
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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0answers
12 views

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?
2
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0answers
114 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/...
2
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1answer
260 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
29 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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0answers
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
50 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
42 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
85 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
37 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 ...
2
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1answer
32 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
46 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 ...
4
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1answer
241 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
37 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 ...
2
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2answers
155 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
23 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 ...
2
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2answers
49 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
69 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 ...
2
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1answer
66 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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0answers
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 ...
0
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1answer
47 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
213 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 ...
3
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0answers
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 ...
4
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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 ...
3
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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?
5
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2answers
243 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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0answers
56 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
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2answers
208 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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0answers
28 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
35 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
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1answer
73 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
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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
261 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
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. ...
3
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1answer
51 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 ...
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2answers
116 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 ...
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5answers
173 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
1k 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 ...
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2answers
305 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
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1answer
216 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
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1answer
149 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 ...

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