❓ASK Is it possible to withdraw your pension as one complete sum?

BrolySSJ

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Every month when you get your salary there is generally a certain portion that is taken out and that is paid towards your pension fund for when you retire. And this is good and important as it ensures that you have some sort of cash that is stored away from the future when you are not working.

However, the question that I have is - Can you withdraw your pension as one complete sum upon retirement or is it mandatory that it be taken in a month-to-month basis? What id you need more for anyone specific month, can you claim or withdraw more in those months? This is a question that has had me curious for a while and I look forward to seeing your answers.
 

Suba

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The withdrawal of pension money will depend on the policies of each private company, some are taken at the same time some are taken per month, you can also take the pension at once if you have a good reason. but in government companies the pension will be paid monthly.
 
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Taimoor Jutt

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There are two types of money you get after retirement in Pakistan.
When you retired and got very much amount once. And then you get pension per month which is almost half or your basic payment/salary before retirement.
This is compulsory to get that pension month to month. So it means you can not take that monthly pension at Once.
 

Erik4150

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The government will not let you withdraw your pension as one complete sum. But a private pension company can let you do that, depending on their policy and the agreement you have with them.
 

alberello75

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Therefore, in Italy, if a person is an employee, he cannot withdraw the entire sum gross of the contributions paid to reach retirement age.
However, I do not find anything convenient in this proposal even if it were possible. Unless, this happened only once, or very sporadically.
 

Donolatunji

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Getting to annuity reserves

It's conceivable to get to a working environment or individual annuity significantly sooner. When you arrive at your 55th birthday celebration you can pull out the entirety of your benefits reserve. You can take up to 25% as a single amount without settling charge, and will be charged at your standard rate for any ensuing withdrawals.
 

Alexandoy

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I think it is possible in our country because I had seen the pension application form with a line that says lump sum and another line for monthly pension. However, I don't know how much I would get if I would opt for the lump sum of the pension instead of the monthly $200 as the maximum. But a lump sum means the end of the pension that you will not get any pension anymore. What if the lump sum is totally spent after 5 years and you are still alive?
 

chicnthin

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I was not entirely sure about the informations I was gonna share so I did a quick research. In our country, a lump sum will be granted for those who didn't meet the requirements of 120 months of contributions. The total amount they would get would depend on how much a member has paid plus the interest. However, they have a choice to continue paying their contributions until they meet the 120 months requirement, to be eligible in the monthly pension.
 

Nma

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I don't know if that is obtainable in other countries but in my country Nigeria... it's not.... Pensioneers are paid on a monthly basis..... If one fails to manage his money well then he will be left with nothing till the next month... I think those who want to collect their pension at once and invest it into other things should be allowed to do so
 

Sake

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I don't think so, i think it's kind of possible if you're not going to collect your pension every month for years you will get a huge sum of money all at once.. but to get your entire pension all at once is not since they don't know your whole life expectancy 😆
 

Goodday

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In my country right now l have not seen any pensioneer withdrawing his or her pension pay just at ones. What I know is that for the first month of retirement you get almost twice of the salary you used to receive and then the following month the pay will now be below your salary you used to receive.
 

Tiwa

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In my country there are two instances go take out your pension.
1: when you are within service age but out of job for upto 3 months ,you get like 30% of your pension.
2: When you are retired ,you first get 50% of your total balance, then the remaining will be spread base on the number of years you want .
 

Ifective

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Withdrawal of pension is according to the policies of the organisation. If a company's policy is that pension should be withdrawn monthly till it gets exhausted, then that's how it's going to be and it's going to be once in a lifetime thing, that's what's going to happen
 

Adexgrace

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This is really a good question and pension withdrawal really depends on the firm and organization basis rule of dealing with pension. Some organizations give the pension at whole at once and some are monthly. But giving everything at once really depends on the organization management and decision. And think it is just the best.
 

Henrywrites

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There are two types of money you get after retirement in Pakistan.
When you retired and got very much amount once. And then you get pension per month which is almost half or your basic payment/salary before retirement.
This is compulsory to get that pension month to month. So it means you can not take that monthly pension at Once.

If this is how it is done in Pakistan, then it is a good plan. The first huge sum is a way to help those retiring to settle down on a particular business that they want to do, I guess. Over here in Nigeria, the story is always different and pathetic.
 

Shahzad Ahmad

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Yes it is possible, because the pension rule is changed in April 2015. You can get whole pension in the age of 55 year. But some enough tax implications will be considered to take it according to your company. Charges are different for different departments to get pension at once.
 

WhiteHouse

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Well I don't think so, I think there are layed down laws and procedures concerning it, and you can't receive all at once. It's paid once every month and once a year you have to go to pension office to do a physical test that you are still alive.
 

Taimoor Jutt

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If this is how it is done in Pakistan, then it is a good plan. The first huge sum is a way to help those retiring to settle down on a particular business that they want to do, I guess. Over here in Nigeria, the story is always different and pathetic.
What is the rules in Nigeria abiut Pension? Retirement maximum age? Minimum service after you can retire?
In Pakistan Maximum age is 60 years after that you will not be allowed to job in Government.
Minimum service should be at least 25 years.
After that you will get pension.
 

Kehinde

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It's possible to access a workplace or personal pension much earlier. Once you reach your 55th birthday you can withdraw all of your pension fund.
 

MRizwan530

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Every month when you get your salary there is generally a certain portion that is taken out and that is paid towards your pension fund for when you retire. And this is good and important as it ensures that you have some sort of cash that is stored away from the future when you are not working.

However, the question that I have is - Can you withdraw your pension as one complete sum upon retirement or is it mandatory that it be taken in a month-to-month basis? What id you need more for anyone specific month, can you claim or withdraw more in those months? This is a question that has had me curious for a while and I look forward to seeing your answers.
We can get graduated as one complete sum but after retirement our pension is month to month and also if we have option to get one complete sum we should not accept this offer because every year sell salary and pension increase.
 
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