Is it possible to take out two pension funds?

[Samuel77]

According to my own point of view, I believe it is possible to take out two pension found. It is based on your on your Income rate. And also your expenses. If your income rate is high you can take out two pension found.

 

[Josemendez]

First of all , private sectors do not pay pension . Secondly , one does not choose the amount to be removed from his salary for his pension , especially those paid by government . The only situation where such thing happen is when the person is in deal with a third party pension organization

 

[Hasan Raza]

Yeah! Of course an individual person can take two pension fund in my country but I don't know about your country rules. My Uncle is taking two pensions one is from Army department and second one is from Education department because after retirement from Army he joined education department as Physical Teacher Instructor

 

[Abbeyola]

At the end of the day when it comes to pension the money that is being paid out to you is the money that you have put in, in the first place. If you are looking at it from a company perspective, there is a certain amount that is taken out of your salary every month and is added to your pension fund. However, the question that I have is - can a person choose to take out more than one pension fund?

Is there any law against doing such? I myself have never seen this happen however I have read cases where someone has taken out an individual pension fund for themselves and a family pension fund as well. Is this allowed?

It is possible to have two pension fund. It can be possible of the person is working in both private and public organization,then the pension will be generated from both sides.
And the organization paying some certain percentage.

 

[Folaham]

At the end of the day when it comes to pension the money that is being paid out to you is the money that you have put in, in the first place. If you are looking at it from a company perspective, there is a certain amount that is taken out of your salary every month and is added to your pension fund. However, the question that I have is - can a person choose to take out more than one pension fund?

Is there any law against doing such? I myself have never seen this happen however I have read cases where someone has taken out an individual pension fund for themselves and a family pension fund as well. Is this allowed?

Yes you can take out a personal pension. What is compulsory on you by law is the first and auto-deduction that is inculcated into you payment system by your employer. However, if you so wish to add up more savings under your scheme (either with your current PFA or a new one, it is your choice and you are free to do so. Note that the personal savings other than the compulsory one is yours and you can set the term for the withdrawal.

 

[Debola]

At the end of the day when it comes to pension the money that is being paid out to you is the money that you have put in, in the first place. If you are looking at it from a company perspective, there is a certain amount that is taken out of your salary every month and is added to your pension fund. However, the question that I have is - can a person choose to take out more than one pension fund?

Is there any law against doing such? I myself have never seen this happen however I have read cases where someone has taken out an individual pension fund for themselves and a family pension fund as well. Is this allowed?

If you've had more than one job during your working life, it's likely that you may have paid into more than one defined contribution pension scheme. If you've got several different pots, it may be worth combining them as you near the date when you want start to drawing retirement benefits.

 

[Abu4exel]

It's is not possible to take out two pension fund, because when you're leaving a company for another job and the run pension scheme for their workers, u will have to link your pension account to your new job and continue with your pin under the new pension scheme you enter.

 

[Hamza1999]

There are no restrictions on the number of different pension schemes that you can belong to, although there are limits on the total amounts that can be contributed across all schemes each year, if you're to receive tax relief on contributions.

 

[Ridorz]

I understand your question but I just want you to understand that pension is different to gratuity, you can collect a pension and collect the gratuity at the same time, that is possible. But to collect two pension, I don't think that it's possible.

 

[Richard92]

It is not possible to take out two pension, a work taken out to pension that means the pensioner will not be having enough money while serving or money to spend for his needs when he or she is still working so it is advisable for pensioner to take out one pension funds.

 

[Eodine]

For those that serves with the government, the government provides pension at the end of service and the person can also have a personal savings with a private company to receive as pension after retirement and I don't think it is illegal.

 

[Setho]

If it is from the official government enabled pension system then I am afraid you might not be able to. But it is also to note that you can enroll for as many insurance pension schemes as you want with private insurance companies and that might mean a great reduction in your earnings.

 

[Samuel77]

according to my own point of view I believe it all depend on your income rate if you receive more income in a month and you wishes to take out two pension form I believe it is very possible, and it will be of helping hand in the future

 

[Atif3786]

You can normally withdraw up to a quarter (25%) of your pot as a one-off tax-free lump sum then convert the rest into a taxable income for life called an annuity. Some older policies may allow you to take more than 25% as tax-free cash - check with your pension provider.

 

[Onachukwu]

If you’ve had more than one job during your working life, it’s likely that you may have paid into more than one defined contribution pension scheme. If you’ve got several different pots, it may be worth combining them as you near the date when you want start to drawing retirement benefits.

 

[Mastercoded]

it is possible to take two pension if and only if you work for the government and private company. As for the government, you cant collect two pension, as it database is centralize and government worker are entitle to pension, but only one, but if the individual retire from the goverment and have reach pensionable age before going to work for a private company and has reach pensionable age, then he/she collect double pension, one from the government and the other from the private company

 

[Eodine]

At the end of the day when it comes to pension the money that is being paid out to you is the money that you have put in, in the first place. If you are looking at it from a company perspective, there is a certain amount that is taken out of your salary every month and is added to your pension fund. However, the question that I have is - can a person choose to take out more than one pension fund?

Is there any law against doing such? I myself have never seen this happen however I have read cases where someone has taken out an individual pension fund for themselves and a family pension fund as well. Is this allowed?

It is possible to have more than one pension fund as you have rightly said that money is removed from salary account to keep in pension account so the person can choose to meet another company and save for pension there

 

[Donkiz]

You can setup a personal pension fund, which is different from the one that the organization where you work have already setup for you. I have seen lots of people open a different pension fund account, and placed a monthly debit instruction on their salary account, and their account gets debited every month while the pension fund account is credited.

 

[zahidhussain]

Yes,it is possible igive u example in our village a man get a job in army and service them 18 years after that he retire and get pensions from army then he came back and aldo get a job in a private company also service them10year and get retirement and alzo get pesions so it is easily get pensions at a time

 

[Sammyesx]

I don't think that will be possible, if will be possible then the employee will most likely not want it to be so, because like you said the money is gotten from the workers salary, then it will mean double of the money will be deducted monthly.