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

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.
Exactly, no one wants to die after your first monthly pension that's why we should never want to get all our pension at once because it's like saying that 1 month pension is all you're going to get. Since I don't think it will be possible to negotiate with how much of your entire pension you're going to recieve.
 
Exactly, no one wants to die after your first monthly pension that's why we should never want to get all our pension at once because it's like saying that 1 month pension is all you're going to get. Since I don't think it will be possible to negotiate with how much of your entire pension you're going to recieve.

Now you get my point. Having the full payment at once will result in misuse of funds even when that's not the intention. Any country that pays pensions at lump sum don't wish well for those pensioners because it's like setting a trap for them to fail.
 
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.
For now in my country it's impossible to withdraw your total contribution into pension scheme at once. However, deliberation is on going in that regard where a contributor could withdraw like 50% of his contribution with pension administrator even while in active service.
 
This depends from country to country but in most places you can't do that. Because a pension should be offered to you until the rest of your life. How is the government supposed to know for how long you are going to live in order to give you the pension for the remaining of your life? Maybe only if you have a private pension at some company, they will let you withdraw all of it
 
There are some companies that will not allow you to withdraw your pension even though you have paid all your sum. Some of them will have you to wait for your due time before you can have access to your pension. that is why I always advise people to choose the standard pension scheme that will support their desires and their wants.
 
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.
This is exactly the same case with my country. I keep asking myself why make such policy because I re don't see the need for it. These people are retired and old, why sit on their pension and keep stressing them? Pay them off so they can do something meaningful with the money.
 
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.
Yes,this is true that in government employment you cannot withdraw all your pension at once since it is mandatory that you will be collecting it every month.
In private sectors it will depend on the policies of the company whereby there those pay at once and those that pay monthly
 
Yes,this is true that in government employment you cannot withdraw all your pension at once since it is mandatory that you will be collecting it every month.
In private sectors it will depend on the policies of the company whereby there those pay at once and those that pay monthly
Personally, I see it as a bad policy by the government because they can actually pay off these pensions at once. It's not that the money isn't available to pay them at once but it's just human nature to look for ways to make life difficult for others. They sometimes end up not paying these pension and eat the 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.
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.
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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.
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.
 
For now in my country it's impossible to withdraw your total contribution into pension scheme at once. However, deliberation is on going in that regard where a contributor could withdraw like 50% of his contribution with pension administrator even while in active service.
50% if your pension is a pretty big portion of it. Are there any circumstances that warrant you to be able to do this and is there a hectic procedure that you would need to follow in order to accomplish this as well? The reason that I'm asking is that if you are taking out 50% of your pension there must be a good reason to do so and therefore would you don't need to provide proof of this reason to your company?
 
50% if your pension is a pretty big portion of it. Are there any circumstances that warrant you to be able to do this and is there a hectic procedure that you would need to follow in order to accomplish this as well? The reason that I'm asking is that if you are taking out 50% of your pension there must be a good reason to do so and therefore would you don't need to provide proof of this reason to your company?
If it's possible to pay the 50% of the pension plan to those due for it by the government and their respective workplace, I believe that it's a good idea because it's going to be very useful to those pensioners who are in real need for money. Getting a big chunk of money is far better than getting it in small bits.
 
I think is possible once your pension is paid the money is yours and you are free to withdraw it and do whatever you want you are very free to tap it small small , it's nobody's headache with your property so in my country you are free to withdraw everything and empty your account no problem
 
I can not provide an answer to this your question. This is because I am not experienced in the line of pension. Although back here in my home country, pension is paid on monthly basis not all at once. To me, I feel that should be the best way to pay pension because the monthly pension serves as monthly salary to the retired workers to use in taking care of themselves.
 
If it's possible to pay the 50% of the pension plan to those due for it by the government and their respective workplace, I believe that it's a good idea because it's going to be very useful to those pensioners who are in real need for money. Getting a big chunk of money is far better than getting it in small bits.
Sometimes it definitely is better to get a large portion of the pension fund because you can also use that portion of your pension in order to try and invest in maybe your future endeavour or even a business opportunity that you were considering. Also for some it can be a very important financial safe that they have in order to get them out of a financial situation that may have raised unexpectedly such as unexpected hospital bills.
 
Sometimes it definitely is better to get a large portion of the pension fund because you can also use that portion of your pension in order to try and invest in maybe your future endeavour or even a business opportunity that you were considering. Also for some it can be a very important financial safe that they have in order to get them out of a financial situation that may have raised unexpectedly such as unexpected hospital bills.
Exactly my thoughts because what's the essence of paying them the pension money on monthly basis like they are still in active duty? It really doesn't make any sense to me at all because these people are in serious need for money as they are now staying at home.
 
Exactly my thoughts because what's the essence of paying them the pension money on monthly basis like they are still in active duty? It really doesn't make any sense to me at all because these people are in serious need for money as they are now staying at home.
I think that it is paid out monthly in order to try and manage how it is given to the person to ensure that they do have a constant income source despite not being in the working environment. So fun that way I guess it kind of does make sense and it would be something that can benefit a lot of people and allow them to show that self restraint in their spending as well. Also if I am not mistaken I think that your pension actually grows the longer that you leave it in there. Is this true?
 
In Nigeria mostly some company do not allow that due to the policy they formulate pertaining to pension of their employee, i think is not that common to companies in nigeria to allow their employee to collect all their pension at once.
 
Under guidelines presented in April 2015, when you arrive at the age of 55, you would now be able to take the entire of your annuity pot as money in one go in the event that you wish. Be that as it may on the off chance that you do this, you could wind up with a huge assessment bill and run out of cash in retirement.
 
Why not! I don't see any reason why it is not possible to withdraw all your Pension as a complete money. It is your money from the organization you served for years. Although it still depends on the policy of the organization, may be private or government owned
 

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