Can my dad withdraw his pension once

[Abelcairo43]

I think it's very possible but that will depend on the company policy and the agreement your dad must have signed with them. But very unlikely will they accept him to withdraw all at once.

 

[EMMANUEL]

Absolutely, withdrawal of pension will basically be based on the company policy, in which your father will be aware of earlier when going into agreement with the pension company.
Although if he is not aware it might be based on recent additional information to the company pension policy, but pension plans are of the many varieties there alots of packages that may suit your basic salary.

Your father will have to go in person to the company and make an awareness of his arrival on withdrawal of his pension earnings.
Although there are some proceeding it will require.

Post automatically merged: Jan 29, 2021

Absolutely, withdrawal of pension will basically be based on the company policy, in which your father will be aware of earlier when going into agreement with the pension company.
Although if he is not aware it might be based on recent additional information to the company pension policy, but pension plans are of the many varieties there alots of packages that may suit your basic salary.

Your father will have to go in person to the company and make an awareness of his arrival on withdrawal of his pension earnings.
Although there are some proceeding it will require.

• Cause

• Company Policies

 

[Thosynho]

I really want to know if it’s paid on a monthly basis. Can someone decided to poll all his pension once. Will this depend on the type of company or policies entered.

Well, as far as I know, I do not think it is possible for pensioners to withdraw all their pension at once. They can only get their gratuity which is bulky at once and the remaining will be used as pension. That's the monthly payment.

 

[Chibson]

I think pensions are paid a monthly basis not a one-time payment something. But there are some payment made to retirees immediately they retire I think it is called gratuity. So gratuity is a payment to appreciate their active years in service.

 

[Folaham]

Various options are available at retirement and the best to decide which is best for him is that one person that made that contribution. After retirement the retirees meet up with their pension fund administrator to fashion out the best package for them.
Programmed withdraw is available , annuity is available

I really want to know if it’s paid on a monthly basis. Can someone decided to poll all his pension once. Will this depend on the type of company or policies enter

 

[Nurudeen]

I don't think getting all the pension at once is very possible. Since his salary was done and paid to him on monthly basis there is no way the government will pay him once and go like that. He needs to be patient because they pay monthly and that's how other pensioners are getting there money paid by the government of any country

 

[Sammyesx]

It is not possible, the pension is a weekly token giving to Pensioners, your dad have no control over how it is paid, if the money can be collected once then all Pensioners will want to collect theirs, and it will definitely affect the organisation.

 

[Kehinde]

You take cash from your pension pot whenever you need it. For each cash withdrawal normally the first 25% (quarter) will be tax-free, but the rest will be added to your other income and is taxable. There might be charges each time you make a cash withdrawal and/or limits on how many withdrawals you can make each year.

 

[lelakil3]

I really want to know if it’s paid on a monthly basis. Can someone decided to poll all his pension once. Will this depend on the type of company or policies entered.

In our country the pension of a person in on monthly basis and the releasing of it in on monthly too and it depends if there's a delay example on holiday the releasing of pension must have on advisory when it will be.

 

[Aniwhyte]

It is very possible for him to pull some months out of it and in the course of those months he won't be paid, until the months finally elapsed. But taking everything out is somewhat not possible.

 

[Bilal0087]

I really want to know if it’s paid on a monthly basis. Can someone decided to poll all his pension once. Will this depend on the type of company or policies entered.

It depends on the the terms and conditions of the company where he is working. In your country, the rules may be different, but here in Pakistan if a person need all his payment of pensions at once he can write letter to the Head of department.

 

[Alexandoy]

It is called lump sum when you retire and you prefer to receive all your pension at once. That is the option that some pension companies offer although we do not have that in the pension institution of the government. Our pension is the monthly only because that is the rule of law. The government does not want a pensioner to splurge with the lump sum and after a year when he has no more money then he will be a liability of the government.

 

[Shigobad2020]

Yes your dad can withdraw his pension once but it depend on the pension scheme he choosesbefore he retired and it depend on the amount of pension money he is been paid, I its not more than 1million naira Nigeria money , he can withdraw it once

 

[redpogi16]

Perhaps it will depend on the company that you are working for and what their policy is. I asked a similar question on this platform as well and from the answers that I have seen and the research that I have done independently, it seems that there are certain companies allow you to take out up to 6 months of your pension at one time. However I'm not sure if you can work all the complete sum, but perhaps this may be possible under extenuating circumstances.

 

[Taimoor Jutt]

I do not think so, because pension is that money which is given by government month by month. So there is no chance to get this at once specially in my country. So we have to wait to other month to get pension for that month so there is no rule or specific way to get that collectively.

 

[Adexgrace]

Different organizations with different methods of operation. It is very possible for him to withdraw is pension once depending on the company laid down organization.because I know of a man that collected his pension once and used it for starting of business.

 

[Eodine]

In my country, pension is not paid once, although you get a significant amount first but you also get monthly stipends after that for a while. The pension might be difficult to receive though.

 

[KvngMurphy]

I doubt if pensions can be withdrawn at once but everything depends on the company to which he served with and if there are any such options I think it should be stated in terms or policies clearly

 

[Saba54]

it depends upon the company rules and policies whether the company can pay or not. i think mostly companies pay on monthly basis. at once payment is difficult task for any company. it will be like a golden hen.

No pension cannot be withdrawn at once Becuase it is a monthly to monthly agreement and it pass out every month to the holder. But on the other hand pension can be withdrawn after every 5 6 months collectively and not more then this. Company policies also matters.

 

[Trexxxy]

Not sure, but I think what most government agencies do is to pay every month in some countries, while I know that some agencies pay the pension all at once, just like a lot of people have said it all depends on the agency or company.