Is it possible to take out two pension funds?

[BrolySSJ]

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.

Perhaps if you did have to work in a government sector and then move to a private sector that you will then have to cancel one of your pension funds or schemes. Maybe there is an option that you can use to transfer between the pension schemes in order to try and prevent having two accounts are opened simultaneously.

 

[Machismo]

Perhaps if you did have to work in a government sector and then move to a private sector that you will then have to cancel one of your pension funds or schemes. Maybe there is an option that you can use to transfer between the pension schemes in order to try and prevent having two accounts are opened simultaneously.

Depending, it's either the contributions is merged or it's paid separately. Though I can't really say much about how the system works, probably it could be transferred like you said. Who knows?

 

[BrolySSJ]

Depending, it's either the contributions is merged or it's paid separately. Though I can't really say much about how the system works, probably it could be transferred like you said. Who knows?

I would assume that to a large extent it would have to be transferred from one fund to the other because otherwise if there are 2 funds that are still active at the same time they might even start paying out at the same time as well. So in order to prevent them from paying out at the same time and ensuring that you have a constant supply of pension fund then I am sure that you would need to consolidate them into a single account. This would make sense.

 

[Kamon c4]

You can make pension contributions to different Pension companies. There’s no law that against this move. Though this will have a huge effect on your monthly income. A government worker can have a pension package with the government and still have other contributions package with other pension companies

 

[Usama Iqbal]

I don't think that someone can take out two pension fund at a time. In my country government pay pension to his worker in the start of time. It is only possible if you work after retirement at any private sector that offer you pension after retirement. Otherwise it is not possible.

 

[BrolySSJ]

I don't think that someone can take out two pension fund at a time. In my country government pay pension to his worker in the start of time. It is only possible if you work after retirement at any private sector that offer you pension after retirement. Otherwise it is not possible.

Is there such a concept with having a pension after your retirement as well? It was my understanding that a pension is for your retirement in the first place. So wouldn't a pension only come to into effect after you retired. In this case even if you are still working within the private sector during this time you will not be eligible for the pension fund that you have because you do have a source of income. Would this not be the case or am I understanding it wrong?

 

[Patrik]

possible but i believe in the private sector, for example, when you were still working, you could pay special agencies that don't belong to governments for pension, but public ones, i don't think you will be able to do it

 

[Thosynho]

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 don't think it's possible to run more than one pension administrator. Well I am too sure if there is any law against this but in my opinion and experience, it's illegal and quite impossible. Before you register with any pension administrator your work details will be requested and most administrators request for introduction letter from your employer.

 

[BrolySSJ]

I don't think it's possible to run more than one pension administrator. Well I am too sure if there is any law against this but in my opinion and experience, it's illegal and quite impossible. Before you register with any pension administrator your work details will be requested and most administrators request for introduction letter from your employer.

So does this mean that if you had to switch companies or switch employers at any point throughout your career that your pension from the first company would then be carried over into the second company? Especially if it is a pension fund that is set up by the company, do you then withdraw the pension fund that you put into the first company and include that in your second pension fund? There must be some way to bridge the gap between the two.

 

[Ojonuyo]

Taking out more than one pension at a time? Well, I do not think it is possible to achieve that objectives. Although the pension money is the money you have put in during your years of service, but, do not forget it is under the supervision of a stipulated body to pay you your pension. Hence, you would have to abide by the rules and regulations of that body if you want to get your pension.

 

[Robrown83]

Your question is so complicated because it is difficult to understand but if it is can someone withdraw from two pension fund? Yes it is possible. Incase you are working in a company and you have a pension fund and your husband also working in another company also has pension fund eventually your husband died and use you as his next of kiln, you are entitle to withdraw his pension fund which doesn't affect your own not to be withdrawn by yourself also.

 

[BrolySSJ]

Your question is so complicated because it is difficult to understand but if it is can someone withdraw from two pension fund? Yes it is possible. Incase you are working in a company and you have a pension fund and your husband also working in another company also has pension fund eventually your husband died and use you as his next of kiln, you are entitle to withdraw his pension fund which doesn't affect your own not to be withdrawn by yourself also.

This is very interesting to know that it is possibel and this answer differs from much of the responses that I have been getting on this thread until now. So in a way from what I can tell it seems that when you take out a pension fund there is also a will that is written where the funds can be paid out to someone else in the case of death of the pensioner. This is a way to ensure that their families are taken care off from this pension even if anything unfortunate had to happen to them.

 

[Robrown83]

This is very interesting to know that it is possibel and this answer differs from much of the responses that I have been getting on this thread until now. So in a way from what I can tell it seems that when you take out a pension fund there is also a will that is written where the funds can be paid out to someone else in the case of death of the pensioner. This is a way to ensure that their families are taken care off from this pension even if anything unfortunate had to happen to them.

Yes, the family are entitle to it so far the dead person filled it in the pension fund form his next of kin and in the law of my country the next of kin our authorize right to get the fund even including gratuity.

 

[BrolySSJ]

Yes, the family are entitle to it so far the dead person filled it in the pension fund form his next of kin and in the law of my country the next of kin our authorize right to get the fund even including gratuity.

This is great to hear. When the money is paid out to the next of Kin, is there a certain level of taxation that will be paid on the pension fund as it is being paid out? I would assume that such a pay out would be coupled with taxes, however I have also seen that there are some cases where countries state that there is a payout of 75% of the pension fund without taxes. Is this the case in your country too?

 

[HIFSA LAHORI]

Rules are vary in different countries.... As I know that Pakistani pensioners has this opportunity. My mother takes two pension funds from different government department. But one of the pension is from my father because my mother is widow and father's pension given to my mother. Second pension is her own because she was also a government servant.

 

[Sanusi]

Am not getting your question well you said is it possible to withdraw two pension once? to me i don't think is possible because every month a specific amount is being deducted from your account so its not possible.

 

[Smithkid]

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

 

[Frank]

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 don't think it is allowed for one to take out pension for another. It is more like a personal fund, but there is a provision when the pensioner dies and the next of kin can pick up the funds for them. Aside from that, I don't think there is anything possible about picking funds for another.

 

[Sariana23]

This I have asked myself, and the thread is very interesting. I work in a government entity and therefore the pension corresponds to me, now, if I want to, I think I can pay a monthly payment in an insurance company for years as a private pension, and when the time comes I will be able to receive these payments as a pension in the time that is stipulated, either monthly or in the agreement that arrives.

 

[Josephjossy]

You can't be paid your pension two times in a month, it's always paid at the end of each month, if you received your pension two times in a month then it must be a system error which will be reverse later