- April 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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### Seeking Advice on Pension Scheme for Father
Hello, I am a 24-year-old female teacher who is passionate about her career despite its challenges. Teaching is my calling, and I truly enjoy making a difference in the lives of my students.
Before becoming a teacher, I briefly worked in a job that offered a pension scheme. Although I only contributed a small portion of my wages at the time (I was only 18), I now have a modest pension from that job. However, I don’t foresee it making a significant impact on my retirement savings.
Given my current financial situation as a new teacher, I have been considering giving this pension to my father to help him out. He could benefit from the additional support now, and I want to ensure that he is taken care of.
In light of this, I am wondering if it is possible to transfer my pension to my father. If so, how can I go about doing this? Are there any pension scheme or bank recommendations that would be suitable for him, as he does not currently have one in place?
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Its your retirement account Based on your age. You’d have to liquidate it, it all becomes tax due plus 10% penalty, and then give the small remainder to your dad.
>is this a thing you can do? And if so how?
Yes, you *can*.
You talk to your employer. You ask for a lump sum. You pay the taxes and penalties. If any remains, you give it to your father.
If you want to know if you *should*, the answer is No.
Bad idea. The fees and tax to break it now would cause it to lose its value.
You’d pay taxes and penalties so this wouldn’t be a wise idea
It sounds like you might be in the UK – if so you might want to mention that to get more relevant advice, or try /r/UKPersonalFinance/
This pension is going to double roughly 4-5 times over the course of the next 40 years… so it’ll def be a big deal when you retire.
And I don’t mean be worth 4-5x, I mean 2x2x2x2x2= 16 to 32 times as much
You can help your dad in so many other more meaningful ways. Save your pension.
You are 24. Your whole life will change in unimaginable ways in the next 60 years. Keep the pension, you might need it.
You’ll have to check pension rules. You may not be able to withdraw early.
If you are, as mentioned, tax penalties can apply.
You may be able to cash it out or roll it to another account (if allowed) as a lump sum. Some plans require an annuity.
So, the best practice is to ask the record keeper what you can do and how to do it.
If he doesn’t have a pension, yours wouldn’t dent his needs either… sorry but it’s the truth.
As others have said. Not a good idea. You worked for that money and could find the pension is an important part of your own retirement.
Let’s be real, if he doesn’t have a pension, your stash wouldn’t even make a dent in covering his needs.
You’re a good kid… was your dad a victim of something terrible? Medical condition he did nothing to cause, that is ruining him financially?
The older generation is supposed to provide for their children, not the other way around, is what I’m getting at.
You’d essentially lose 50% in taxes and penalties.
I think you don’t know the future and that little extra money will be important later on especially if you’re only on a teacher salary right now.
You may find these links helpful:
– [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement)
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
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Put in an etrade ira account and learn about investing. At your age, even a small sum could end up being hundreds of thousands of dollars come retirement time.
More time in pension, more payout. You are taking away from your future retirement.
Admirable idea, but no! I guess they didn’t teach pensions where you went to college?
Collect it yourself and send him a check monthly or quarterly. Easier and less tax/penalty. Are you asking if he can be named a beneficiary if you die? I don’t think so but someone else can confirm.
Withdraw it, flip a house, pay back and let him keep the profit