My company offers a lump sum pension that I am eligible for. Are there tax implications for this when I leave?
362002
You need to choose a custodian for your IRA, and request the employer to have the lump sum transferred to that custodian.  This will take some planning, filling out forms, etc. Check with HR, and of course with other recent retirees.\n\nIf you plan to retire 2 years or so in the future, just file the info away for future reference.  But a layoff could hit sooner, so it's good to be prepared!
225239
Probably not. Some companies will offer a signing bonus, however the relocation assistance is to attract qualified employees from outside the local area. It's probably also a tax write off for the business. Paying you a signing bonus doesn't achieve that and if they give it to you, they'd have to give it to everyone they hired.\n\n You can always ask about it, but if you really want the job, don't push the issue.
411417
The Career Status Bonus is paid in the 15th year of service IF you elect to take a reduced retirement percentage (40% of high-three average at 20 years, increased by 3.5% per year of service beyond 20) with reduced COLA (1% less than other retirees) increases after retirement.\n\nThe bonus is taxable, unless it is received while serving in a combat zone, which further reduces its value.  Most financial planners agree that it is not a good deal for most people.\n\nIgnore the first answer, above.  It's gibberish, probably from a points collector...
453308
I just spoke to the principal of an international school about this last week.  His school has worked out a Roth with an office that is in a U.S. territory nearby.  The tax is prepaid so there's no tax or penalty paid at retirement.  Email a investor in the Mainland to see what they can offer.  Some offices are just ignorant of the law, as most folks are for most things like voting, taxes, shipping things to people who are abroad.  You may want to email an investment group someplace like the Virgin Islands, Guam, Puerto Rico...  They're more familiar with policies and retirement programs for Americans living outside the Mainland.
836184
I presume you're talking about a retirement account (401K or pension) you've got at an employer or perhaps an IRA at some financial instituion and you want to move it somewhere else.\n\nIn order to not have to pay big-time taxes and potentially penalties, your account monies need to be transferred to where you want them to go in a very strictly regulated way.  You'll need to talk to the financial institution where the money is right now and they should have some forms for you to fill out telling them where it needs to go.  Then, they should completely take it from there and the next thing you know, you shoul dbe receiving a notice from the institution you're moving the money to that they've got it there.\n\nIf on the other hand you choose to have them cut you a check that you hand carry or mail to the new institution, the law considers you have realized capital gains and you owe tax on it, even if you pop it right back into the new institution.\n\nThe law pertaining to this is typical pointless Federal bureaucracy that was intended to cvatch a few cheats.  Don't try to buck the law, have your current institution  handle it.
304477
Just fill out the form for lump sum distribution.  Please be aware you might be penalize for early withdraw and also consider the tax consequences.
1123740
Do you mean a 401K plan?  If so, you can only get from your current company - speak to HR.
369277
If the company is still in existence you should be able to call them and request a transfer to a new account (you will need to set a new account up).  Or you get a full distribution, but I don't recommend that, the Federal Withholding Taxes will eat up your money!  Also, if you have a statement from the bank or company that manages the Pension Plan, you may be able to skip contacting your previous employer and just send a transfer request to them.  When you open a new IRA (at the place of your choice, their are many on line places) they should have a form that can be sent to have your old Pension rolled over.  Let me know if you have any additional questions.
275660
yes i would pay, it will affect your pension when you retire otherwise
611435
Your company's 401k plan is a separate entity, apart from the company itself. Whether the new company will continue the plan is a question you need to ask your HR dept (or the new company's HR dept.). There is no requirement that they continue the old plan.\n\nYou should also check the plan's SPD - Summary Plan Description to see what it says.\n\nIn any case, the money would not revert back to the company.
846924
The first thing you should note is that you have an annual personal tax allowance of £5035. This means you do not pay tax on the first £5035 in any tax year. (april-april).\n\nOn the next £2151 you pay tax at a rate of 10%.\n\nBetween  £2151 and £33300 (over the allowance) you pay 22% Tax.\n\nAnything above this you pay 40% tax.\n\nThis means the higher tax band starts at £38,335 (£33,300+£5035). Any income above this will be subject to 40% income tax.\n\nTo complicate matters you pay national insurance at 11% for earnings between £97 and £645pw but this drops to 1% above £645pw.\n\nIf you are close to the higher tax band you may be able to bring yourself back below the band by paying more into your pension. There is no other legitimate way to avoid the 40% demand.\n\nAlso make sure your savings and investments are in tax efficient forms (such as ISAs). This will mean that you don't have to pay tax on your interest.\n\nNote:-\nThis assumes you are below 65 (above 65 your personal allowance increases to £7280).\n\nIncome includes all income including investments (rental income, interest, share dividends etc.) \n\nBe happy with earning a decent wage!
845880
It sounds normal for an average UK company to do that. Some will have policies in place to provide additional income but this is unlikely to kick in after just 6 months.
1126701
Your basic state pension should be below your personal tax allowance and so you shouldn't pay any tax. You should also get a £200 heating allowance that is tax free and doesn't effect benefits like housing benefits and council tax benefits. Maybe, you have a private pension that has took you over the threshold. Income from investments can do the same. If it's investments - you can change them and go for investments that will give you growth as opposed to income. Investments that grow are subject to capital gains tax and you also have a personal allowance for capital gains tax of £8,800 a year. Maybe you could contact age concern and see if they can give you advice - make sure you are getting all your benefits and tax credits and investing in a tax efficient way. the system is unfair - that's why Gordon Brown has very little time to change economic policy to make it better the the old, disabled and chronically sick - or his chances of becoming the next Prime Minister - is no chance. He doesn't look after you and me - we don't vote for him and his corrupt cronies at the General Election. let them enjoy their jags, mansions, mistresses and the gravy train - it will come to a sudden end.
862006
Final salary schemes are hard to come by and it is normally best to keep them as you know exactly what your benefits will be at retirement.  You need to talk to a good independent financial adviser who will research your pension and advise whether it is best to leave it where it is or transfer.  If you switch it to a Personal Pension you then lose the knowledge of what you can expect from that pension at retirement as Personal Pensions are invested on the stock market and dependent on who well the funds are doing.  You can start up a new Personal Pension PLan and start contrbuting thereby increasing your pension for when you are in retirement.  Good website is www.moneyfax.biz
1045693
Since the firm in which you are working does not have more than 20 employees, it is outside the purview of provident fund. So you are not entitled to any PF since it was never deducted from your salary, However you may be eligible for Gratuity.
199653
it becomes your income for that year, so its added to your gorss income for tax purposes. having the employer paying the premiums doesnt make the difference.  was the loan more than the policy? what interest rate was charged on your 'loan'?  once you have the premiums cash in hand i think you should see an investment broker or such and get assistance on socking most of it away in to an rrsp or something so you wont be taxed to siberia on it.
1109074
Yes.  You may also be able to elect a higher pension benefit now that reduces at age 65... not all plans offer this however.\n\nOne benefit of starting to receive your pension now is that it may get you into a retiree medical plan if your company offers it, which could save a lot of money.  But once you elect to start receiving money, you probably can't reverse the decision.