Is it possible to take out two pension funds?

[BrolySSJ]

At the end of the day when it comes to pension the money that is being paid out to you is the money that you have put in, in the first place. If you are looking at it from a company perspective, there is a certain amount that is taken out of your salary every month and is added to your pension fund. However, the question that I have is - can a person choose to take out more than one pension fund?

Is there any law against doing such? I myself have never seen this happen however I have read cases where someone has taken out an individual pension fund for themselves and a family pension fund as well. Is this allowed?

 

[Jonaville1]

I don't really understand your question. Are you saying that it might be possible to have more than one pension fund source? If that is your question, then I don't think it is possible. Think about it, pension is given according to the level of job the person retired from. So that will be the only source of his pension, I don't know about family pension or any other type of pension.

 

[Hammad1245]

At the end of the day when it comes to pension the money that is being paid out to you is the money that you have put in, in the first place. If you are looking at it from a company perspective, there is a certain amount that is taken out of your salary every month and is added to your pension fund. However, the question that I have is - can a person choose to take out more than one pension fund?

Is there any law against doing such? I myself have never seen this happen however I have read cases where someone has taken out an individual pension fund for themselves and a family pension fund as well. Is this allowed?

My friend's father was in army and hr got retired. Now he works as a teacher he gets pension and he is also a government teacher. When he will be retired he may get two pensions. This is surprising to me.

 

[Saba54]

At the end of the day when it comes to pension the money that is being paid out to you is the money that you have put in, in the first place. If you are looking at it from a company perspective, there is a certain amount that is taken out of your salary every month and is added to your pension fund. However, the question that I have is - can a person choose to take out more than one pension fund?

Is there any law against doing such? I myself have never seen this happen however I have read cases where someone has taken out an individual pension fund for themselves and a family pension fund as well. Is this allowed?

I guess no. You can not take out more then 1, a pension fund because its on monthly basis but you can withdraw it aftrr every 5 6 months and not more then that. I said this because my father also have a pension.

 

[Kehinde]

There are no restrictions on the number of different pension schemes that you can belong to, although there are limits on the total amounts that can be contributed across all schemes each year, if you're to receive tax relief on contributions. ... Most personal pensions are flexible and portable.

 

[Nurudeen]

Someone can not take out two pension fund at a time because I believe the second pension fund can't come in the person name and that juts it. This can happen in cases whereby the second owner of the pension fund is dead and the person withdrawing the fund is the next of kin to the owner of the pension fund from there he or she can take two funds at a time

 

[Kaindio Agnes Wanja]

At the end of the day when it comes to pension the money that is being paid out to you is the money that you have put in, in the first place. If you are looking at it from a company perspective, there is a certain amount that is taken out of your salary every month and is added to your pension fund. However, the question that I have is - can a person choose to take out more than one pension fund?

Is there any law against doing such? I myself have never seen this happen however I have read cases where someone has taken out an individual pension fund for themselves and a family pension fund as well. Is this allowed?

No,one can not take two pension funds .
The government doesn't allow such cases that is incase you are a government employed individual .
In that case the government won't pay you pension in two different fields.

 

[chicnthin]

I don't think anyone can take two pensions. In my country, if the pensioner has a child that is still minor, they will only give a pensioner an additional amount for that minor, which is just little amount. I don't think it's possible to get two pension.

 

[Taimoor Jutt]

Usually government gives pension every month. So commonly it is given by govt sector every month. In my country it is mandatory to take pension monthy by month , i never experienced such things that anybody takes 2 months pension or more than this so i do not think so.

 

[Josemendez]

At the end of the day when it comes to pension the money that is being paid out to you is the money that you have put in, in the first place. If you are looking at it from a company perspective, there is a certain amount that is taken out of your salary every month and is added to your pension fund. However, the question that I have is - can a person choose to take out more than one pension fund?

Is there any law against doing such? I myself have never seen this happen however I have read cases where someone has taken out an individual pension fund for themselves and a family pension fund as well. Is this allowed?

Actually , you need to understand that your pension money is different from your gratuity money . The pension money is like the normal salary you receive ,but it is usually lower than the earlier salary. The fact is that the companies do not pay pension. They only pay gratuity from the money they normally remove .

 

[Emma Aneni]

At the end of the day when it comes to pension the money that is being paid out to you is the money that you have put in, in the first place. If you are looking at it from a company perspective, there is a certain amount that is taken out of your salary every month and is added to your pension fund

 

[Richmond funke abosede]

There are no restrictions on the number of different pension schemes that you can belong to, although there are limits on the total amounts that can be contributed across all schemes each year, if you're to receive tax relief on contributions.Most personal pensions are flexible and portable,It's possible to access a workplace or personal pension much earlier. Once you reach your 55th birthday you can withdraw

 

[Ifective]

I do not think so. This is because it is most likely impossible for one to work for two companies at the same time and pension will only be given by the company you work for. So there isn't anyway to get pension in two places except if one is trying to be fraudulent. Pensions are paid once in a lifetime or monthly by a single company

 

[iamgroot]

The questionil is a bit tricky, but i try to answer that according to my understanding. Maybe yes, if someone request you to get their pension fund from them, an authorization letter must be present the moment you get the pension fund and some documents to prove that youre authorize to get the pension of the others.

 

[Erik4150]

I don't think this is possible. You only worked for one company at a time and after retirement you will be getting pension. If you decide to open multiple pension schemes that is possible but taking out more than the stipulated amount you are entitled to every month is not going to happen.

 

[Nma]

In my country it's mostly the government that pay pension to its workers most private sectors do not.... In this case most people in my country are entitled to one source of pension because you can only hold one position as a government worker

 

[Kayzzy3]

At the end of the day when it comes to pension the money that is being paid out to you is the money that you have put in, in the first place. If you are looking at it from a company perspective, there is a certain amount that is taken out of your salary every month and is added to your pension fund. However, the question that I have is - can a person choose to take out more than one pension fund?

Is there any law against doing such? I myself have never seen this happen however I have read cases where someone has taken out an individual pension fund for themselves and a family pension fund as well. Is this allowed?

Consider pension fund especially the contributory pension scheme as investment, there is actually no law anywhere that I know of that's against multiple investment.

The amount or number of pension scheme you can benefit depends on how many you keyed in to during your active service, do 3 and keep your documentation up to date and you can benefit from.

 

[BrolySSJ]

I guess no. You can not take out more then 1, a pension fund because its on monthly basis but you can withdraw it aftrr every 5 6 months and not more then that. I said this because my father also have a pension.

Does this mean that you have the choice when you are withdrawing your pension In terms of whether you do so on monthly basis or perhaps on a bi annual basis as well? Does the time frame that you used to accept your payouts in the pension scheme that you choose affect the growth of the pension in any way into the future? I am not too familiar with pension schemes, and find this very interesting.
[automerge]1611594545[/automerge]

In my country it's mostly the government that pay pension to its workers most private sectors do not.... In this case most people in my country are entitled to one source of pension because you can only hold one position as a government worker

So from a legal standpoint it seems that there is a limit to a single pension and this seems to be the common consensus from all the replies that I have been receiving within this thread. Of course in your case then I am assuming that those that have employment in a private company would then be able to get their own external pension fund from another source for their future plans correct? Are pensions schemes offered by the government or by private companies such as insurance and so forth?

 

[Alexandoy]

You can build a pension fund in private companies that offer a pension package. Of course, you have to be depositing a monthly premium just like paying for an insurance. When you reach the end of the agreed term like you retirement age then you will start receiving the monthly pension or you can opt for the lump sum so you will have a big amount instantly. If you have the spare money in your salary then building up for more than 1 pension plan is good.

 

[Machismo]

I don't think it's possible to be receiving double pension funds monthly. The only way which I think it might be possible is a situation whereby or probably the person worked for a private sector for years before switching to government job.