Pension transfer after employment and plan change?
928656
That's terrible service from Scot Eq!!\n\nWrite to NPI, and request both a fund value and a transfer value.  The fund value is how much your pension pot is worth if you leave it with them, and the transfer value is how much they'll give to Scot Eq if you transfer it to them.  Compare the 2 - they may not be the same - if not, you need to decide if you think it's worth transferring it (the transfer value is usually lower than the fund value).\n\nYou should ask NPI for the forms required to effect a transfer to another Group Stakeholder Scheme - generally, it's 2 forms - one for you, one for your employer - or it might only be one, for you.  \n\nSend everything you get to Scot Eq, and ask for a transfer in quotation (ie how much they anticipate your fund growing to, if you transfer it them).\n\nIf you're happy with that, complete the forms and get them back to NPI, and they'll transfer the money to Scot Eq.\n\nIf you have access to advice, take it...\n\nBest of luck
825654
A)  One reason why this may have been "the wrong thing to do" is if the termination date of your insurance under employer #1 really isn't November 30th.\n\nTypically, when a person leaves an employer, their coverage under the group policy terminates pursuant to the "Individual Terminations" provision.  The termination may be the date the employer notifies the insurer that you're no longer working there; the date your employment terminates; the first day of the month following your termination; or some other date specified in the contract.  Unfortunately, some employers tell their employees that they have a "30-day grace period" after they leave.  In each and every contract I've ever seen, this isn't the case.\n\nWhy could this be a problem for you?  Because IF insurer # 1 finds out your coverage should have terminated earlier, AND there's no insurance law that prohibits it in your state, it could "retroactively terminate" your coverage, take back the money it paid, and you'll be stuck with the bill.  Some states, such as mine, restrict an insurer's ability to do this.  The problem is, if insurer #1 retroactively denies your claims, you may be beyond insurer #2's timely filing period, which means the claims would be denied.\n\nYou may want to absolutely confirm the termination date under insurer #1 so you can rest easily.\n\nB)  Another reason this may have been incorrect has to do with "Coordination of Benefits" between insurer 1 and insurer 2.  The National Association of Insurance Commissioner's "Model Regulation" regarding COB in your case reads:\n\nSection 5:  Rules for Coordination of Benefits:\n     Subsection D\n          Number (3):  "Active or Inactive Employee:"  The plan that covers a person as an active employee who is neither laid off nor retired is primary.  If the other plan does have this rule; and if, as a result, the plans do not agree on the order of benefits, this rule is ignored."\n\nThat's "insurance-ese" for insurer #1 should have paid as your secondary, since you're no longer covered as an active employee under employer # 1's group policy.  If this is the case and insurer # 1 finds out, it can retroactively deny the claims and take the money back.\n\nLet me know if I can help further.
551889
no, a pension is from a source of employment. \n\nyou will get a pension from the company you were employed by, even if you move to another country. \n\nyou may also be entitled to other benefits, check with your local government office.
775561
It depends on the employees covered, their ages, and the investment performance of the plan.  The money has to be there by retirement age, so the younger employees have lower contributions over a longer period of time, and the money has more opportunity to grow.  Older employees have a higher "normal cost", since there is less time to save for their pensions.\n\nIf the plan investments do better than expected, then employer payments don't have to be as high.  But if the investments don't do as well, the company has to make up the difference over time.\n\nIt's usually free money to the employee - sometimes as much as 25% or more of their salary, but usually about 3-7% of their salary.  Depends on how good the plan is!
125409
If you are still employed by the plan sponsor your withdrawal options may be limited. Read the plan summary you should have received or talk to your HR person. You might be able to take a loan from your account, but it must be repaid within 5 years.\n\nIf the 401k is from a previous employer, then your options are greater. You can roll the account over into a Traditional IRA. This transaction does not trigger any taxation. \nIf you are over 59.5 years old, you can withdraw money from the account. Any amount withdrawn will be taxable to you as income.\nIf you are not over 59.5 and you withdraw money not only will you pay taxes on the amount you withdraw but you will also pay a penalty of 10% of the withdrawn amount.\n\nIf you do not need the money to cover basic living expenses right now, do yourself a favor and roll the money over into an IRA. Work with a financial planner in your area if you would like help deciding upon an appropriate investment strategy.
149213
The Fair Practices Employment Board can help you.  The laws are different in each state, and sometimes local laws.  \n\nMy husband was laid off while he was on vacation.  He came back from our trip, went to work, and found out he didn't work there anymore.\n\nWe are still trying to find out how to get the retirement benefits he earned!!
760643
If you do nothing it'll change in a few weeks time anyway and the money should be reimbursed to you in your wages thereafter. If your worried talk to your HR department or contact the inland revenue.
1180754
depends on what investment options each employer provides.  If you really like the investment options at your preivious employer, you should leave it there.  If you really like the investment options at your new employer your should transfer it over there.  \n\nIf you like neither, you should roll it over to an ira at a big name company like fidelity or vanguard that have a lot of good options.
420173
No, the move has to be incident to changing jobs.  It does not matter what kind of job you are changing from or why.  The job change can be for either or both of you.  Go to the IRS website and search forms and publications for Moving Expenses.
746923
Pension plans are sponsored by the employer. You should contact Raytheon and ask to speak to the plan administrator of the plan in question.\n\nRaytheon Company\n870 Winter Street\nWaltham, MA 02451-1449\nWaltham main switchboard: 781.522.3000\n\nIf the employer no longer exists then the plan may be in the hands of the PBGC and you would instead contact them.\n\nhttp://www.pbgc.gov/
1103584
Contact the employer or the company that administers the plan or the union.\n\nNote that there are 2 types of pensions:\n\nDefined benefit plans guarantee a certain monthly income at retirement based on things like years of service, income while working, etc.  The value of these accounts would be something like if you stop working now and start getting checks at age 65 your monthly payment will be $2,000.\n\nDefined contribution plans are a promise by the employer to put a certain amount into the account.  The monthly checks at retirement depend on how much the account is worth when the payout starts.  These accounts have a cash value so the value would be an actual dollar amount.
931676
Yes, they will you have all the rights to cliam the PF from the company you worked for if not transfered to another PF account maintained by the Govt.\n\nYou can write a letter to settle the PF account held with the PF trust of that former company. Optionally you can ask for transfer certificate which could transfer the Principle and Interest to the new PF account in the current company. In anycase you won't lose anything but be the first one to knock immediately.
1123740
Do you mean a 401K plan?  If so, you can only get from your current company - speak to HR.
428019
One of the most unique questions! Consult some of the local finance and legal experts since local laws sometimes interfere with international law. Although, it should be possible, lots of legal (local and international) formalities, may have to be completed. Probably the BEST thing to do is to consult INSURANCE COMPANY EXECUTIVES; who should be able to give best advise on matters pertaining to PENSION SCHEMES.
268653
Start here, http://www.dol.gov/ebsa/\nAll employee retirement plans have to conform to certain federal guidelines.  They are overseen by the Department of Labor and the IRS.  You can also call 866-444-ebsa.\n\nGood luck!!
275660
yes i would pay, it will affect your pension when you retire otherwise
963780
You need the advice of a Chartered or Certified Accountant who has experience handling ex-pats.\n\nAs for the money you have already received, that is settled.  You will be treated as a sole trader.  You cannot set up a company and transfer the income there after the fact (well, you can, but it would be capital invested and the income would remain taxable to you as a sole trader).  Personally, I always had doubts about the value of consultancies being set up as limited companies.  Most of the time, the tax savings aren't there.  It is really only of benefit if you have major assets to protect in the event of bankruptcy or if your earnings are so high that you want to leave the money in the company (which is probably not the case for a summer contract).  You might prefer to remain a sole trader and pay Class 2 and 4 NIC on your UK source consultancy income.  again though, that might not be worth it.  I have been out of the UK long enough to not know how things are currently on the state pension front.  \n\nBottom line - get advice from someone who can fully consider your situation.  Make sure that person is qualified and experienced in ex-pat taxation.  When it comes to fees, bear in mind that those fees pay for your peace of mind as well as keeping you on the right side of the taxman - something that is hard to do from another country, even in the internet age.