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

Richard92

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If that's possible many retired civil servants could've done that. But its still nice to receive such stipend till death do us apart, and that will be the end.
It is not possible to withdraw your pension at one whole sum because it is paid monthly it is not like your usual service because different method
 

GIFTMICHAEL

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It is not possible to withdraw your pension at one whole sum because it is paid monthly it is not like your usual service because different method
Sure, it is paid in different month can't be possible for once payment, cos its not gratuity. Only gratuity is possible to be paid once in a lifetime.
 
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Richard92

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Sure, it is paid in different month can't be possible for once payment, cos its not gratuity. Only gratuity is possible to be paid once in a lifetime.
It is not possible for you to withdraw your pension and one sum, because it is being paid monthly and cannot be withdrawn at once.
 

GIFTMICHAEL

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It is not possible for you to withdraw your pension and one sum, because it is being paid monthly and cannot be withdrawn at once.
O know it can't be withdrawn once. It is paid on monthly basis. Only gratuity can be claimed to be paid once. Apart from gratuity their is none paid that way.
 

Alexandoy

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It depends on the rules and regulations of the company. Tho they usually pay pension monthly, but if there is a policy where you can collect all at a go, its your choice then
For the companies here there is the so called retirement pay which is a lump sum that is dependent on the number of years that the employee had worked in the company. Under the law the retirement pay is equivalent to 1/2 month salary for every year of service. But in big corporations it is 1 month for every year of service and some companies give even more.
 

Richard92

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For the companies here there is the so called retirement pay which is a lump sum that is dependent on the number of years that the employee had worked in the company. Under the law the retirement pay is equivalent to 1/2 month salary for every year of service. But in big corporations it is 1 month for every year of service and some companies give even more.
It is never possible to carry out this act because it is being paid monthly and cannot be withdraw in your whole sum
 

Bousine123

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Depending on the country you reside currently,you might be able to do so. But in some countries and government agencies, it's strictly forbidden.
 

Reedex

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I don't think it's possible to withdraw all your savings in one lump sum .it's a thing that is paid instalmentally . It's paid like a salary. You would receive the pension payments monthly upon retirement. The pension program could be registered for by private individuals too. It's good to start the pension program early when one is young.
 

BrolySSJ

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Depending on the country you reside currently,you might be able to do so. But in some countries and government agencies, it's strictly forbidden.
I think that it is a good safety net to have because if people are careless with their spending of the pension fund then it could result in there being a lot of poverty in the older populations and this would affect the country negatively as well.
 

Yusuf

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I dont think it's actually possible to get a pension fund in a whole some of money. The least I know Is that they pay pension fund every month by month after retirement of the employee
 

BrolySSJ

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I dont think it's actually possible to get a pension fund in a whole some of money. The least I know Is that they pay pension fund every month by month after retirement of the employee
This is generally the case, however i know that there are some countries that are actually making provision for people to withdraw money from their pension fund in order to help the economy recovery amidst the pandemic.
 

Heatman

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From my experience and understanding on how pension is setup is not something that you can be able to withdraw at once because it's paid on monthly basis.
 

BrolySSJ

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From my experience and understanding on how pension is setup is not something that you can be able to withdraw at once because it's paid on monthly basis.
I think that paying out on a monthly basis is also a very strategic way of doing it because it will prevent people from spending all of their pension funds in a single time period and therefore allows them to live out a comfortable life.
 

Kingstone

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Well, I think it has to do with the company's policies. It could be an installment payment or at the end of retirement. They can even make the options to be decided by the worker. But most times, the installment is often considered by most companies.
 

Kingmarvex

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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 all depends on the pension scheme you are into. Some pension schemes will give you 20%-35% of all your pension savings if you don't have a job anymore for straight 4months
 

BrolySSJ

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Well, I think it has to do with the company's policies. It could be an installment payment or at the end of retirement. They can even make the options to be decided by the worker. But most times, the installment is often considered by most companies.
I don't think that it is dependent on the company because i think that pension is something that is regulated by the government no matter the company that you may be working for before this.
 

Heatman

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I think that paying out on a monthly basis is also a very strategic way of doing it because it will prevent people from spending all of their pension funds in a single time period and therefore allows them to live out a comfortable life.

Exactly, there are so many people will have a very big issue when it comes to saving their money and using it for something good because once they have cash available with them they will squander all of it immediately and be in need of money.
 

BrolySSJ

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Exactly, there are so many people will have a very big issue when it comes to saving their money and using it for something good because once they have cash available with them they will squander all of it immediately and be in need of money.
I agree with you and this is why it is important that people have a financial authority that they are able to have to manage this spending and to provide them with a sort of financial safety net as well.
 

Setho

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There are some pension and insurance schemes that will allow you to do so but then you must have communicated it to them the moment you are creating an account.
 

BrolySSJ

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There are some pension and insurance schemes that will allow you to do so but then you must have communicated it to them the moment you are creating an account.
Communication is very important and putting in a request for this will allow them to also evaluate the need for this money and then they can decide if your request should be approved or not.
 
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