employer pension plan

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tamilkuravan
Member since: Jun 05

Posts: 5775
Location: God's own country
Post ID: #PID

Posted on: 16-06-15 01:08:53

Go ahead.
You will get your principle amount plus interest, minus any withholding charges.
My brother was in this scheme when he was with a software company in Canada. On his return to India (resignation), he was allowed to withdraw the entire amount.
5% withholding tax was held. It was refunded after his tax return for that year (pro rata).

Murali

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Full House
Member since: Oct 12

Posts: 2677
Location:
Post ID: #PID

Posted on: 16-06-15 01:24:26

Quote:
Originally posted by montrealEEE

The name of the fund is fidelity clear path 2050
Great west life is managing it. Soon they will be moved to sunlife because of some policy of my company

After reading thoroughly the booklet I can't find any information about the vesting period so I assume that there's no vesting period.

I can live with the penalty as long I get my principal amount back.

----

Here is a subject matter on vesting. It is worth reading to get an idea what I meant by the term VESTING. Some time later, when you get the report from the Pension Society that you belong, you will come to know more and if you can reverse engineer the Statement, you can also get to know the full system. That is for another day.

FH.

https://en.wikipedia.org/wiki/Vesting

montrealEEE
Member since: May 15

Posts: 28
Location:
Post ID: #PID

Posted on: 26-07-15 17:44:14

Hi FH,

I got a confirmation from the HR that there is no vesting period. When I decide to leave today, I get my contribution as well as the employer contribution in full (ofcourse based on the market value)

The fund is managed by Sunlife.

Gives me some peace of mind now !!

Full House
Member since: Oct 12

Posts: 2677
Location:
Post ID: #PID

Posted on: 26-07-15 18:17:06

Thanks for the information. That should do it.

FH.

tamilkuravan
Member since: Jun 05

Posts: 5775
Location: God's own country
Post ID: #PID

Posted on: 27-07-15 05:39:18

I got a confirmation from the HR that there is no vesting period. When I decide to leave today, I get my contribution as well as the employer contribution in full (ofcourse based on the market value)

Check again.
If you resign, you may get only your part back. The employer's will go to him.

That is the normal rule in many IT companies.

Just double check to give you satisfaction.

Murali

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Contributors: Full House(5) montrealEEE(4) tamilkuravan(3)

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