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

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
 
Every country has its own policies regarding retirement and pension plan.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 If a company's policy is that pension should be withdrawn monthly till it gets exhausted, then that's how it's going to be and in government sectors you only once withdraw all your pension received in lum sum.
 
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.
It's extremely hard to get a good paying government job even here in my country. Before you can get such a job, you will have to be backed and recommend by someone in the government office already or a politician. You hardly get such job based on merit here.
 
In my country, it's impossible. The government policies as well as the pension regulating policies does not allow for a pensioner to withraw his/her pension fully. It is paid monthly to them. But as a younger person and who is out of job for 4 months, the policy also allows for you to withdraw 25% of your total sum. That is if the individual cannot get another job for a period of 4 months after leaving a previous job.
 
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
Tax can be quite a problem when it comes to pension especially because some countries have such a high tax rate. Therefore, we can reduce the amount significantly from what a person is able to potentially get from their pension and what they are able to live off from the pension value as well. It is good to know that there is a portion of the pension at least that can be withdrawn without having to pay the tax implications that are associate with it.
 
I really can't say whether it's possible in other countries but in my own country, it's impossible. After your retirement, you'll get some huge amount of money which is your GRATUITY and also your pension on monthly basis.
 
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.
 
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.
In my opinion perhaps this will become necessary if you are looking to open up a business using your pension fund that you have. Therefore, you can use the pension fund is almost an initial investment into the business or your initial capital into the business. This will help you to get the business off the ground in the beginning. Another time this could be convenient is if you find a better investment option that you want to put your pension fund into that will get you a greater profit than you are currently seeing.
 
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.
 
That is most likely to be possible it were your own savings or investments. This isn't the same with pensions. You cannot withdraw a huge sum simply because you're entitled to it. In many countries such as Nigeria where I currently live, you cannot be too sure if your pension will even arrive atall. This is a government and situation that you have to know a lot of people in power who can connect you. Without these connections and bribery, you cannot even get atall not talk of withdrawing quarterly or annually.
 
I don't think it's possible in my country, pension money is been paid at the end of every month and I don't think it will be possible to withdraw all your pension money at once
Because many people are also a pensioners, for only one person to withdraw all is pension means some people will not be paid for some months
It will be very hard to do that in my country and I don't even support it.
 
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.
According to my opinion and knowledge pension cannot be withdrawn as a whole or completely at one time because it is in form of episodes and reflects every month pension so it is rather can be withdraw after 5 to 5 months and not more then that.
 
i don't think it's possible, because you can't really know how much you'll be living to calculate the total of what you will be getting, unless you mean withdrawing everything you paid back when you were still in service
 
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 😆

😂 😂 🤣 They won't pay you everything at once because they don't know what is going to happen next. I think that what is important to understand is that whether they pay the pension as a lump sum or not, paying is all that matters. I will prefer getting my pension monthly though.
 
Retirement benefits payment can either be
(1) in form of life time monthly payment that provides you with steady flow of income or
(2) lump-sum payout option.

You can outlive your savings or loose your savings with bad investment if you choose lump-sum payout option
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Retirement benefits payment can either be
(1) in form of life time monthly payment that provides you with steady flow of income or
(2) lump-sum payout option.

You can outlive your savings or loose your savings with bad investment if you choose lump-sum payout option
The monthly payment option offers lifetime steady income which reduces your risk substantially. However, a lump-sum option becomes critical if you are in serious/critical poor health issue or if you have an alternative plan to cover your basic living expenses.
Post automatically merged:

Retirement benefits payment can either be
(1) in form of life time monthly payment that provides you with steady flow of income or
(2) lump-sum payout option.

You can outlive your savings or loose your savings with bad investment if you choose lump-sum payout option
Post automatically merged:


The monthly payment option offers lifetime steady income which reduces your risk substantially. However, a lump-sum option becomes critical if you are in serious/critical poor health issue or if you have an alternative plan to cover your basic living expenses.
When you choose a monthly payment option, your PFA manages your pension and as such you don't have to worry about your investment skill which might deteriorates with age but a lump-sum gives you flexibility on where and how you wish to invest your pension.


In conclusion, lump-sum puts you on the wheel to direct and put your savings to use yourself and the risk is solely yours whole monthly payment option provides you with long term security (a good) plan for those with poor investment skill
 
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😂 😂 🤣 They won't pay you everything at once because they don't know what is going to happen next. I think that what is important to understand is that whether they pay the pension as a lump sum or not, paying is all that matters. I will prefer getting my pension monthly though.
Me too i prefer monthly. But now that i think about it's possible to get your whole pension all at once that is... If you're going to die after the month you get your first pension.. other than that they have no, the more you live the more you get 😆
 
I cannot speak for the policy on other countries. However, in our country, the government allows the retired employee to withdraw the pension in one complete sum so that pensioner can use the money for business or investment and earn a proper living. sadly, a lot of people misuse this money and they end up living rest of the life miserably.
 
Me too i prefer monthly. But now that i think about it's possible to get your whole pension all at once that is... If you're going to die after the month you get your first pension.. other than that they have no, the more you live the more you get 😆

No one would wish to die after the first month of retirement. That's a bad wish and even when you don't die, getting the full pension at the start of your retirement may bring about confusion when you are not fully ready to utilize this huge amount of money.
 
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.
I don't know what happens is other countries and how they pay pensions to their retiree. But I. Pakistan, we have two phases of getting your pension when you get retirement. First phase is, you will get sum of the pension which is a huge amount in millions of rupees which is pakistani currency, and then you get your pension on monthly basis too. So this is how our system of pensions is working.
 
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.
This will be a nice topic if it's possible to withdraw all in one complete payment of pension or if it is possible then how will be the payment procedure it will it be like in the first request? or will it be to wait until the last schedule of payment of the pension?
 

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