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

[Lyrrex]

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.

 

[Taimoor Jutt]

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.

Yes every country has its own rules and regulations, in Pakistan this pension system is better than some other countries,
They give pension to every month till death, even after death his pension will be given to his Wife. This is very best rule in Government job in Pakistan.

 

[Sammyesx]

It is not possible, pension cannot be paid once, it is a monthly payment except you are taking about gratuity, gratuity is paid once, and is majorly government organizations that pays it, and the worker must have worked for a particular period of time.

 

[Rashid]

No in my country no body can take or withdraw his altogether pension after retirement.
It is mandatory to take pension per month. In my country government employee get gratuity and then monthly pension till death and even after his death his wife can enjoy by this pension.

 

[Lyrrex]

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.

 

[Kamon c4]

This can only be possible if you use a private pension company. Public servants can’t withdraw their pension contributions until after retirement. Also retirees don’t receive pensions at once, they’re paid either monthly or annually. Most pension companies follow the salary schedule for payments of pensions

 

[Jonaville]

In my country, pensioner can choose how they want there pension funds. For thos who will like to venture into a business or invest, they might decide to collect the money as a whole. Others will like to receive it by fractions every month. It all depends on which one you prefer.

 

[Highflyer]

When you open your pension pot you can usually choose to take some of the money in the pot as a cash lump sum. ... As from April 2015, it will be possible to take your entire pension pot as a cash sum but you should be aware of the tax treatment.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.

 

[Heatman]

Well, I think everything all boards down to how the state or the private sector where the person worked operates their pension plan. They are pay all at once, it will communicated, if not the same information will be made public but in most cases, they don't pay all pension money at once.

 

[BrolySSJ]

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.

This is an excellent point that you have raised here. Your pension does tend to grow over time and in this case it will help you with future financial decisions that you have to make and also future financial Commitments that you may have. I think that the main reason that people would be interested in withdrawing it as one lump sum is if they find a better investment option that they want to get into, however at the same time ensuring that you can only withdraw it on a month-to-month basis does save these people from being scammed in the future would over the top investment options that are not actually true.

 

[Shivay]

Yes, I am from Inida and to get pension, you need to do a government job for at least 19 years or more. After that when you retire , you have a choice to get your pension every month or take it as a complete sum of 1 - 2 crores.

 

[Nurudeen]

That is the rules for pension and you can't take out huge out of money from your salary after retirement and it's even during the retirement that you will need the money most. So the best thing for you is to stick to the rules of the public service and pension fund and I know it will pay you if you are patient enough

 

[EMMANUEL]

Accessing pension funds
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. You can take up to 25% as a lump sum without paying tax, and will be charged at your usual rate for any subsequent withdrawals

 

[Keibah]

I think this would depend on the policies of the organization or the government. I don't think I've ever seen a situation like that with the government but perhaps with a private organization that actually takes out money for pension, perhaps something can be worked out.

 

[Ryeetar]

No I don't think it possible, pension is what the government has agreed to be paying you after been laid off from work. Pension is meant to be paid monthly, withdrawal of your money at once would render you broke most especially when you didnt invest your money.

 

[Heatman]

Yes, I am from Inida and to get pension, you need to do a government job for at least 19 years or more. After that when you retire , you have a choice to get your pension every month or take it as a complete sum of 1 - 2 crores.

It's not only when you are employed by the government that you are going to paid pension when you retire. There are some big private companies that also have it in their business policy to also pay their staff decent pension when they also retire.

 

[Kehinde]

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.

 

[Rainlover207]

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 basicpayment/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.

 

[Shoaib5600]

If you are a government job holder then you did not to allow get all mony at once. But private companies can allow you to get all mony. It depends on employer. Government give you mony after month.

 

[Shivay]

It's not only when you are employed by the government that you are going to paid pension when you retire. There are some big private companies that also have it in their business policy to also pay their staff decent pension when they also retire.

Okay , I got it , actually in india there are not so many big companies in my area Haryana , Delhi and Punjab But the pension is given . The only difference is that the amount of money in pension of government job is much more than the big companies. That is why in india, everybody wants the government job which is very tough.