Withdrawals from the RSA can only be made upon retirement. However, where an employee makes additional or voluntary lump sum contributions into the RSA, he can withdraw such money before retirement or attainment of the age of 50 years.
Is it possible to withdraw your pension as one complete sum?
- Thread starter BrolySSJ
- Start date
Short answer, no. Pension is a fund that has been saved up for retirement in a specified period and is meant to be released gradually after retirement most cases, monthly but your company most times can arrange a lump sum and pay the rest gradually
I believe you can withdraw your pension fund at once but depend on the pension company that you registered with. Like the one am is own by bank and you can withdraw your money at once . Some pension company have different policies so it depends on the policy you assign with them.
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The government pension is received monthly and there is no way to receive it as a full sum. Older adults who have worked in private companies and therefore have saved their pension funds in a company, may have the option of mutual agreement, when it corresponds to them according to their agreements.
Well it depend on the type of pension plan agreed by you and the pension house. In Nigeria there are some pension plans that allows you to withdraw all your pension funds at once. So yes you can withdraw your pension as one whole sum.
Under flexible rules introduced in April 2015 you can now use your pension pot to take out cash as and when you need it. However, there are tax implications and a risk that your money could run out.
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I don't think it is possible to withdraw all your pension at once. In my country atleast. You will get it from month to month. This is to make sure you are getting a monthly pay to survive and will not starve since you've retired from active service
It all depends on the aggrement policy that was signed at the start of the pension contribution. But in my own advise it is not good to withdraw it at once. It is a dangerous thing to do considering the fact that you might be ripped of this money and nothing to fall back to.
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.
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Well it depends on the policy of the company you worked for or the government policy of the country.
But in my country you won't be allowed to withdraw it in a whole sum.
But I don't think it is reasonable to withdraw your pension money all at once.
But in my country you won't be allowed to withdraw it in a whole sum.
But I don't think it is reasonable to withdraw your pension money all at once.
As a pensioner and you can't withdraw your funds a complete sum. pension fund is designed for you to withdraw monthly basis, it is not designed for it to be withdraw in a whole sun because of that you are required to receive or collect your pension fund monthly.
there are procedures for withdrawing if pension fund, I don't think is something you can withdraw at once. Some pay monthly or quarterly or yearly.
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In my country it is not possible to withdraw all your pension at once. To get your pension is always very hard because it takes long time to get to you due to verification and paper work to be done before getting it. The funds is always paid gradually till the person dies. I don’t know for other country but for my country you ca by get all at once.
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
Yes it's possible to withdraw your pension funds as one complete sum. The pensioner might decide to save the money into another account for reasons best known to him or her. It could be for easy assess and it could be for profit reasons or for safety reasons.
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When you are enrolling for a pension scheme, there are some companies that gives you the option to just collect all your pension at once and this is a particular good thing for people who want to start a business after retirement with their pension money. If that is what you wan then you should ask the company if they provide such.
Well i don't think this is possible especially when it is not in the policy of your pension managers. There are ways you can get bulk money which is through gratuity. When you receive gratuity the money comes in bulk to enable plan for any investment of your choice or business as the case may be.
I do not think so that we can withdrawal our pension in once. It is mandatory to take pension every month. And this is the rules of government or some companies who give you pension in every month. So it is not in my country too.
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Of course, we can get our pension after retirement at one time because during job we get salary monthly and after when our job are retired we get pension and the money of pension we can start a good business and enjoy the remaining life with gratefully. If you start business after retirement so you should take your pension at once time.
Concerning if it is possible to withdraw your pension as one complete sum. Well, in my country, I don't think a pensioner can collect in one complete sum in the government sector, the reason might be due to corruption or other means, but I think it is likely possible to have all in one sum if there policy says so or agrees to that
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