Mark asks…
how to avoid £12 charges on my foreign pension?
Pension Forecast answers:
It depends on what the charges are.
Taxes: there is very little you can do. An accountant might be useful but is going to be expensive.
Bank: if your bank charges you to exchange the money, change bank.
I am Italian,I receive a pension from Italy, I pay taxes in Italy and I receive my pension at my “NATIONWIDE Flexy Account” free of charge.
Sandra asks…
I RECEIVE A PENSION. IF I HAVE SOMEONE RENTING A ROOM HOW MUCH CAN I CHARGE BEFORE MY PENSION IS AFFECTED?
I live in Canada and own my home, but I have a student renting a room from me. How much can I charge for this room before my pension income is affected?
Pension Forecast answers:
From the General Tax Guide:
“Old Age Security (OAS) benefits
You may have to repay all or a part of your OAS pension
(line 113) or net federal supplements (line 146) if your net
income before adjustments on line 234 of your return,
minus the amounts on lines 117 and 125, plus any
deduction on line 213 and/or for a repayment of registered
disability savings plans income, on line 232, is more than
$64,718. Complete the chart for line 235 on the Federal
Worksheet in the forms book to calculate how much you
have to repay, even if tax was withheld by Service Canada.”
That’s a lot of rent.
CPP benefits are not affected by income.
Betty asks…
Can the state reduce your pension benefits after one retires?
One of my parents worked for the State of Michigan and has since retired and now draws a pension. The state, however, is passing legislation to implement a 4% charge to remain in the pension plan. Is this even legal? How can the state essentially reduce the deferred compensation of a pension after the work has been done?
Pension Forecast answers:
Unfortunately yes, as you have no signed contract stipulating pension benefits.
The reality is that your parent was PAID for their work, the pension is just a perk/a benefit of long term employment. But you need to realize the receipt there of of said benefits is not a “right” protected by law.
This is happening nationwide, so you are not alone.
Donna asks…
If Charles Rangle is found guilty of the 13 charges against him?
should he be incarcerated and lose his government pension or should he receive a slap on the hands and collect his pension for the rest of his life?
Pension Forecast answers:
If he’s incarcerated and loses his government pension. That would be racist.
Laura asks…
Will it be non – contributory to Mayweather’s pension if he is a prisoner of conscience?
Will Mayweather miss out on King’s Ransom sums of money if he does not fight Pacquiao due to prison if he is charged? And will the fight eventually happen if he is acquitted of whatever it is he has apparently done?
Pension Forecast answers:
Mayweather’s a prisoner of B*tchAssness…
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