Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [pension-plan]

33 questions
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4 answers

What's are the differences between "defined contribution" and "defined benefit" pension plans?

I've often heard of these two types of pension plans offered by companies: Defined contribution (DC) Defined benefit (DB) What are they and how do they differ? Is one better than the other?
bms1
12
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2 answers

Will there be enough money in Social Security benefits to cover baby boomer retirement? [US]

This is in a similar vein to this question. Wondering if the American old age benefits program has also taken into account the larger retiring population. Does the plan have enough money to cover retirees? Is the plan using the approach of taxing…
Zephyr
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How should I record the changing value of an investment in accounting software?

I have the following (simplistic) structure set up in GnuCash, but this should apply to other software too: Assets Bank account Pension Income Salary Interest Every month, my salary is split between my bank account and my pension. Both…
alexmuller
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9
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2 answers

Are defined benefit (DB) pension plans guaranteed in the U.S.? What happens if the sponsor company goes bankrupt?

Are defined benefit (DB) pension plans guaranteed in the U.S.? What happens to a DB pension plan and plan benefits if the sponsor company goes bankrupt? Where can somebody find more information on how their DB plan may or may not be protected?
user178
5
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2 answers

Will there be enough money in the Canada Pension Plan (CPP) to cover baby boomer retirement?

As the leading edge of the baby boomer generation edges into retirement age, is there enough funds in the Canada Pension Plan (CPP) to cover the needs of this populous generation? Do special measures need to be taken by the Canadian Government to…
Zephyr
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State pension from UK when a moving back to Spain after working only 10y in UK

I am a Spanish citizen who has been living in UK for the past 7 years. During this period I have always worked here and I haven't received any income from Spain. I have also regularly contributed to a pension scheme that my company has setup and…
opt
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What happens to CPP/EI when you change employer?

What happens to your CPP/EI contributions when you change jobs? Is your portion of the contribution carried over to the new employer? Are there any taxes involved?
Victor123
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Should I have an RRSP on top of a pension?

I am a teacher and automatically contribute into the Teacher's Pension Plan every paycheque. This pension plan is considered to be one of the best in the country. Do I need to have an RRSP as well? Should I be putting extra money away every month…
DazedandConfused
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Making sense out of CPP estimates

I received a reminder from Service Canada regarding my CPP plans. I need help making sense as to what they wrote. I'm trying to pick the best strategy to maximize total income. These are the details: If your pension starts before age 65, it will be…
Yimin Rong
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Best practice on managing multiple pensions

Is it financially better to keep pensions from various employers separate or to merge them with the latest one? If you do merge them, are penalty fees accrued from the previous pension provider? This is specifically for a Retirement Solutions Group…
fortunia88
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How does a defined contribution plan work

How does a defined contribution plan work? You build up the pension fund with contributions throughout your career and then it is up to you to make sure that it lasts you till your death? I am at a job with a defined benefit plan and am being…
Victor123
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Does contributing to company pension take away from RRSP contribution room

My employer offers a defined benefit pension plan, but allows the employee to do additional contributions. Now, if I contribute to my employer pension, does that take away from the RRSP contribution room that I have?
Victor123
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What is the difference between state pension plans and defined contribution plans?

Googling "State pension plan" I get the result as shown here: http://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/index.htm. As described on the webpage, "Once you claim your State Pension, it gives you a regular income for the…
JohnAndrews
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Pension uplift or lifetime ISA

My pension provider, "Teachers Pensions" or TPS allows for 2 pension uplifts: Additional Pension gives members the option to make additional contributions to buy extra annual pension in addition to their main scheme benefits. These are bought in…
lux
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What benefits are there to having a Pension (Retirement Account) In Ireland?

What benefits are there to having a retirement account called a "pension" in Ireland, as opposed to simply making investments of one kind or another for the same purpose? I am not really asking about the payback as such, more about the security and…
byronyasgur
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