Pension lump sum or annuity decision
[DOC File]Decisions at the time of retirement
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Some individuals choose to take a lump sum and invest the money themselves. The advantage of this option is getting everything out of your plan even if you die early in retirement. However, this decision has tax consequences because income tax is paid on the entire lump sum in a single tax year.
[DOC File]PENSION SCHEMES ACT 1993, PART X
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(1) secure a Dependent’s pension through the purchase of a Dependents’ Annuity from an Insurer (that is a pension for the Widow or Widower, and/ or one or more Dependents) or (2) pay a lump sum under Rule 8.9. If the Member does not make a choice under this Rule, the Pre Pension Date Member’s Fund will be used to pay a lump sum. …
[DOCX File]grumpusmaximus.com
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Commercial annuities w/ same monthly payment more expensive than lump sum. Other retirement benefits not part of a lump-sum calculation. Healthcare. Age and family matter. A young vested worker in frozen pension plan vs. inflation. Married or children = annuity survivorship options . Leaving money on the table is the employee's decision ...
[DOC File]Scheme: - Pensions Ombudsman
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In July 1997, Mr Wilson decided to vest his pension, taking a tax free lump sum of £144,000 and an annuity guaranteed for a period of 10 years. Half of the lump sum was given by Mr Wilson to his daughter, Miss Jeanette Wilson. He distributed the other half evenly between the three granddaughters. Mr Wilson died in December 2000.
[DOCX File]Employee Pension and Benefits Outline (Fall 2012)
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Lump sum distribution is taxable immediately in year of receipt. Annuity distribution is taxable in the year received. (If after-tax contributions made, then a portion will be non-taxable see pg. 341-342). Installment payments are taxable in year of receipt. (if after tax-contributions made, then portion non-taxable see pg. 343). Potential ...
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