- Thread starter catwoman
- Start date
Pension accounts
There no pension funds other than govt schemes (promise now, pay later) or insurance companies (give me money now, maybe get some later) that I know of.
Keep the money in the country of origin, pay the deferred taxes on the contributions and wait for it to mature. Then 'your friend' will enjoy a steady income. Talk to the pension fund about reduced early matured pension, if you need it now.
For more specific information I at the very least need the name of the country of origin.
Keep the money in the country of origin, pay the deferred taxes on the contributions and wait for it to mature. Then 'your friend' will enjoy a steady income. Talk to the pension fund about reduced early matured pension, if you need it now.
For more specific information I at the very least need the name of the country of origin.
You may be thinking about a certificate of deposit and not a pension fund. Either way you can't move it from one country to anther.
Thank you for your replies, the pension is in the uk at the moment, he has been told by his pension adviser in the uk that he is able to transfer the pension to a pension account... in another country, and depending on the rules of that country then be able to withdraw immediately. Therefore he needs to find a pension account in the dr to transfer the money to. We have looked online and seen that the popular have pension accounts, but need more information re this.
Is this a pension like a pension from the US ? Our pensions are from a company, local or federal government. It is rare now to have a pension from a US company but some of them were offering a lump sum of money instead of a guaranteed pension. With a government pension some circumstances you could transfer it while working or a some years of credit but not after you retire.
I would be hesitate about transferring a large some of money to the DR or money that you need to use to live. I would not want to keep the money in pesos.
If you mention the popular pension accounts you have seen online then people here would have a better idea what you are talking about. I don't know about the UK but in the US if I needed the money short term (5 years) until this matured I would borrow money from the US. I would do a home equity loan if I owned a house.
I would be hesitate about transferring a large some of money to the DR or money that you need to use to live. I would not want to keep the money in pesos.
If you mention the popular pension accounts you have seen online then people here would have a better idea what you are talking about. I don't know about the UK but in the US if I needed the money short term (5 years) until this matured I would borrow money from the US. I would do a home equity loan if I owned a house.
There is no joint pension agreement between the UK and the DR so I doubt he could do that here. There is however a company in the UK who can arrange for a pension to be cashed in in the UK. LaingRose Ltd.
If you want more information then pm me.
Matilda
If you want more information then pm me.
Matilda
My 25 years in financial services in the UK and my professional qualifications in that field have taught me that one would require a great deal more information to offer advice on that subject. Anyone who has lived in the DR for more than 6 months would tell you DON'T EVEN THINK ABOUT IT!
In my experience, and HUMBLE OPINION, it would be a possibly fatal mistake to transfer money from England to the DR for ANY reason.
I KNOW he didn't think about high inflation here in the DR EATING his pension?????????
BANKS FAIL here, and there is NO INSURANCE on your loss!
Lets see, would I rather hold English Pounds", or "Dominican Pesos"??????????
"Duuuuuuuuuuhhhhhhhhhhhhh"!!!!!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCC
He must have a sexy "Dominicana" here as his "Financial Advisor"!!!!!!!
I KNOW he didn't think about high inflation here in the DR EATING his pension?????????
BANKS FAIL here, and there is NO INSURANCE on your loss!
Lets see, would I rather hold English Pounds", or "Dominican Pesos"??????????
"Duuuuuuuuuuhhhhhhhhhhhhh"!!!!!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCC
He must have a sexy "Dominicana" here as his "Financial Advisor"!!!!!!!
If he never work here then he doesnt have pension account, the new pension law here every body has an account under his name where receive the money every month from the TSS to your bank.
They have an option where you can deposit aditional money for your retirement, (Voluntary Deposits).
Another problem is that you dont get that money if you are not under the age of retirement, and the way here was make the law you dont get dignity check when you retire.