Pension Release: Pension Guidelines

by Pension Release by Pension Forecast

Donald asks…

I’ve just been re-directed to Answers Guidelines after trying to post a question about RBS?

Error.Why did that happen.I was asking a question about the governments role in RBS and Sir Fred Goodwin’s pension,when I got re-directed to the Answers community Guidelines, BEFORE posting the question.
I didn’t press anything I shouldn’t and can’t quite understand how this happened? What is going on? I’ve always thought Yahoo are *ankers,but this I find SCARY
Any explanations?

Pension Release by Pension Forecast answers:

We’re not supposed to know this but……Yahoo are secretly run by the goverment, and they control everything on the site, and your question was pulled, because they didn’t like it.

Susan asks…

Can you change sum assured on a unit linked pension plan in force for last 2 years where sum assured is now 0?

The new IRDA guidelines make it mandatory to provide life cover for new pension plans.
Is it mandatory for existing plans also?
Even if not, is it possible to get life cover on a pension plan that is in force and that currently has no life cover? If yes, how?

Pension Release by Pension Forecast answers:

Hi Tanay,

They may offer notional sum assured like Rs. 1,000 or so, otherwise they will have to charge risk charges from your investments. Mostly it will be applicable to new as well as existing pension ULIPs.



Joseph asks…

What industries can you find pension plans?

I do know the goverment offers them, however that’s all I know–any more information about them would be nice. I also know that some school systems offer them, however again, I don’t know much else.

What industries, companies, sectors of the government have them, and what are typical guidelines of them (how long do you have to be an employee, what are the benefits, etc).

Pension Release by Pension Forecast answers:

You can find them pretty much across the board in the private sector. Structures differ with the company.

Most plans require “vestment” which can be done in increments (usually years of service). This allows for people that dont stay in jobs for very long to be terminated and have the non-vested portion of their pensions be “split” amongst the employees before them that HAVE become fully “vested”. Its entirely legal, and most commonly seen in ESOP ( employee stock ownership plan) plans…

The benefits are that you get the money put in tax-deferred and dont have to pull it out until you retire, and then it is taxed at the rate available at the time of your retirement. If you are fully vested and leave the company, you can also pull out your money and roll it over to an IRA or 401K that you control, instead of the company.

William asks…

Is my pension considered a seperate item of income that cannot be used to determine additonal taxes on S.S.?

the IRS in Texas- a community property appears they are applying their guidelines for marital property by insisting that my pension be calculated with my husbands social security,His own pension and wages to determine if HIS social security benefits are further taxable.According to publication 555,pages 2,3,4 benefits are taxable to the person whose NAME it is or OWNED by. I take this to mean;HIS social security benefits,His wages and HisPension determines whether His social security benefits are further taxable. I don’t receive social security. I receive a Pension in my NAME which is taxable to me and is not community property for tax purposes just because we share [the same reporting line] on form 1040,16b, and because of where we are domiciled.Being married and filing a joint return in the state of Illinois{non-community proprty state][ permits me to make this adjustment because the social security is not taxable to me. only if spouses totaled income exceeds the limit ..?
Back with good news for me but bad for all of us. ..Just to let you know, found a tax article and got out my copy of the U.S. constitution. to confirm what i thought i had read….. I DID!
typed in:

after studying this article ,especially pg#27 SUBTITLE C, employment taxes,,,,where within hides subtitle A for which the IRS was trying to collect from us on…? Didn’t apply to us.! My worst suspicions were confirmed. Many of us are being lied to. I did locate under the (codes of federal registry the information i was looking for and complained to our congressman. Now I am wondering if the IRS is being used as a possible “vehicle” by which to fund the war. PLEASE read this article, “So ,you want to know the truth about America’s tax laws and tax system ”

Thanks again to all of you for your help but now we all are going to have to figure out what to do with this IRS mess

Pension Release by Pension Forecast answers:

Yes your Pension or other taxable income is used in computing what if any portion of His Social Security benefits are taxable, up to 85% of his SSB can be taxable depending on the TOTAL household income per the worksheet in PUB 915
This is the rules for couples who file Married Filing Jointly.

Add one–half of the total social security you received to all your other income, including any tax exempt interest and other exclusions from income;

Then, compare this total to the base amount for your filing status
The 2006 base amounts are:

$32,000 for married couples filing jointly

See IRS Publication 915

Sandy asks…

Does anyone know the guidelines and timescales for this?

I have been off work for 18 months on long term sick leave. I know its probably dependent on the company but I have heard that after a certain amount of time you can get paid off on medical grounds. I have been paid out on a company pension scheme that pays me part of my salary

Pension Release by Pension Forecast answers:

Not sure what your current position is,i.e. Are you still employed or not. Assuming you are, generally companies will have two routes to dismissing people on medical grounds. The first is usually for when it is likely someone will work again eventually or could do a different role somewhere else and attracts a sum which will be determined by the company rules. The second is when someone will never work again and this usually allows for pension to be taken early in addition to a sum, but the rules will depend on the pension rules for your particular scheme. All of this will be based on medical evidence normally.

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