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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4
votes
3answers
853 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 ...
4
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2answers
516 views

Is accepting a pension cashout (either on retirement or termination of employment) better than an annuity?

After the vesting period, all funds my employer contributes to the pension fund on my behalf are listed as being "mine", and upon end of employment (retirement, voluntary termination, etc), I have the ...
4
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2answers
615 views

Pension LTA (Life Time Allowance) limit criteria

I've been reading about pensions and specifically the LTA (Life Time Allowance), and after spending days reading everything anyone has to say about it, the only thing I'm sure of is that there are ...
4
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2answers
181 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 ...
4
votes
3answers
222 views

Is it better not to compartmentalize savings for multiple financial goals and better to imagine it as a single corpus?

I had an introductory meeting with an independent Certified Financial Planner who mentioned that: People tend to allocate a certain amount for their children's marriage, or buying property or ...
4
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1answer
166 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. ...
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 ...
4
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1answer
1k views

Is National Pension Scheme(NPS) not a good investment?

NPS is a pension scheme in India. (Wikipedia says it is very close to 401(k) of USA). The basic outline of the scheme is as follows - NPS invests money in (E)quities (Max 50%), (C)orporate Bonds and (...
4
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1answer
181 views

sorting out pensions on death

My mother passed away about 14 months ago. She had 3 pensions that are going to pay a lump sum out due to her death, she died before pensionable age. She nominated me and my two brothers to be the ...
4
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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
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1answer
102 views

Should I be choosing funds myself for my Stakeholder pension? How?

I am filling out the forms to join my company pension scheme (I'm 30 y/o), and I am unsure about which funds to choose. I can choose the Friends Provident Balanced Index Fund of Funds or 1 or more of ...
4
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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
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1answer
166 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 ...
4
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2answers
365 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 ...
4
votes
1answer
185 views

DIY retirement savings plans for Canadian small business?

I work for a small business that currently offers no retirement plan. A few of my coworkers and I are more or less couch potato investors, but we each manage our own self-directed RRSPs or mutual fund ...
4
votes
1answer
113 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 ...
4
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0answers
87 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)?
3
votes
2answers
191 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?
3
votes
3answers
157 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 ...
3
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2answers
1k views

Do UK tax rules allow you to hold Bitcoin in a SIPP?

Do United Kingdom tax rules allow you to hold Bitcoin in a self-invested pension plan?
3
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1answer
260 views

What is the difference between state pension plans and defined contribution plans?

Googling "State pension plan" I get the result as shown here: http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/index.htm. As described on the webpage, "Once you claim your State ...
3
votes
2answers
319 views

Can/should a foreign person working overseas for a US company contribute to a 401k?

Our company (US-based) is considering hiring a foreign citizen (UK) to work for us in the UK. I believe that they CAN contribute to a 401k, but should they? Do they receive the same benefits from the ...
3
votes
1answer
115 views

How should I include pension contributions in my UK Child Benefit calculations?

I'm using the gov.uk Child Benefit Tax Calculator and I don't know how I include my pension contributions in the "Pension contributions deducted from your pay" and "Pension contributions not paid from ...
3
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1answer
62 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 ...
3
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1answer
814 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 ...
3
votes
1answer
154 views

How can I be sure I will receive all of my pension payments when I have worked for many employers?

Most people will work for many employers in their lifetime. In the UK, your employer contributes to your pension. My question is, when I come to retire how can I be guaranteed to have access to all ...
3
votes
1answer
186 views

UK Defered Pension. Lump Sum or Weekly benefits?

My mother in law chose not to retire at 60 and has worked another 5 years. At the time she chose to defer her state pension and it's been increasing in value since. Now at 65, she has chosen to retire ...
3
votes
1answer
104 views

Extra revenue for retiree receiving a basic public pension

I have an online blog that I don't use. It generates some money through ads but not enough for me to spend time on it. My mother wants to take the blog and maintain/update it herself and receive the ...
3
votes
2answers
3k views

Understanding my pension plan

My employer offers a pension plan. According to the plan documents: Effective November 1, 2009 you accrue benefits on a monthly basis under the 2009 Benefit Formula, the sum of which determines a ...
3
votes
1answer
132 views

US Tax Pitfalls for People Having a Pension Plan Abroad

I am a tax preparer and I'm trying to help a client who is a Peruvian born and now a United States citizen. Before coming to USA and while living and working in Peru, he accumulate a considerable ...
3
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1answer
40 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 ...
3
votes
1answer
293 views

What should I do with a low value pension that I probably won't contribute any more to?

About 7 years ago I was employed by a small company. They set up a pension fund for me which I contributed to while I was employed there. When I eventually left the company to study, I found out that ...
3
votes
1answer
11k views

Does one need to pay income tax on pension income in Canada?

When a person starts getting a pension from an employer or from the government after retirement, is he supposed to pay income tax on that pension? Will he pay tax at his marginal tax rate? I would be ...
3
votes
1answer
136 views

Should I take a separation benefit from a pension or wait until age 55 to get employer matching?

I worked at the University of Wisconsin part-time briefly, before Gov. Scott Walker's reforms. As a result I have about $2000 in the pension system, $1000 that I was required to contribute and $1000 ...
3
votes
1answer
98 views

When can a pension provider demand reconfirmation of identity?

I've been paying into the same UK pension policy regularly for about ten years. All of a sudden, the pension provider is returning this year's payments and refusing to accept further payments. They ...
3
votes
1answer
95 views

Jersey UK pension

I have a Jersey OAP Pension which was due for commencement in November 2013. The States of Jersey were informed of my UK address in the past but the Service say only 6 months back pay is payable when ...
3
votes
1answer
142 views

Is there any way to cash in a pension fund?

The last company I worked for (I'm in in the United Kingdom) had one of those schemes where the company puts a certain amount of money every month into a pension fund. I quit my job and now I keep ...
3
votes
2answers
119 views

Estimated Value of staying in pension vs withdrawing

My wife is changing jobs, from city government into the private sector. She isn't fully vested on her pension, but has a couple options and I'm not sure about how to figure out which is best. Here's ...
3
votes
2answers
135 views

Potential problems with SIPPs and ETFs

My plan for kick-starting my pension is to set up a Self Invested Pension Plan and buy some ftse 100 Exchange Traded Funds (iShares, probably). This is only the starting point, the simplest thing ...
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 ...
3
votes
1answer
142 views

What does “Net Depreciation in Fair Value” mean on a financial report?

I was reading about a popular pension used in Texas called Teacher's Retirement Statement. Their latest annual report had a loss of $16B on a line item called "Net Depreciation in Fair Value" (see ...
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
0answers
36 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 ...
3
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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 ...
3
votes
2answers
221 views

Retirement planning: Pension or personal saving/investing?

I work on short-term contracts that are well-paid - however, not knowing how long I will be working on a job, I have got into the habit of 'making hay while the sun shines' and saving what I can to ...
2
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1answer
75 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.
2
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2answers
264 views

Cheap SIPP providers in the UK [closed]

What are cheap SIPP providers in the UK? I would be saving around £333 each month in a SIPP starting from zero (all my previous pension contributions are in an employer-organizaed group pension plan). ...
2
votes
1answer
242 views

Can I lend personal savings to my U.K. Ltd company and have the loan repaid into my pension?

Is it possible for me to make a personal loan to my own UK Ltd. and then have the UK Ltd. pay it back by depositing it in my pension? I am an employee of the company and draw a minimal wage: around £...
2
votes
1answer
89 views

Should I rollover my pension into an IRA?

I have roughly 15k in my pension and am 31 years old. I recently left my company and have the option to keep my pension at Bank of Montreal, or transfer it to my Roth IRA, or I can open a traditional ...
2
votes
2answers
127 views

What to do with DB pension funds after leaving company in late 20's?

I'm trying to understand if I can roll my defined benefit pension plan into my IRA and invest it that way. I assume I can let it sit in the pension account and earn the interest credits between 2-10%. ...