Incomplete retirement pensions: how to recover lost money?
Posted by yourlostsuper on November 30th, 2019
Three in ten retirees do not receive the full pension to which they are entitled. To make a claim, you must first make a polite appeal by writing to the cashier that is difficult. One-third of ex-employees do not receive their full pension. At age 70, when they are no longer working at all, some simply forgot to declare a job for which they contributed. Before the age of 40, they often have a salary that they have not received for a very long time, but these are the same rights they lose for their pension. Here is mentioning How To Find And Consolidate Your Lost Super.
Track your second pillar: When a second pillar employee finish his gainful activity or changes his employer, the capital saved through monthly savings contributions cannot no longer be kept with the employer's pension fund. This capital - called exit benefit - must be transferred to the new employer's fund or be paid into a so-called vested benefits account. If the insured person does not enter another pension institution, he must indicate to his current pension fund where the funds will be paid and in what form: account or policy. If this is not the case, the pension institution shall pay - at the earliest six months, but at the latest two years after the end of activity of the employee.
Tips to boost your retirement
Past and future reforms have reduced the pensions of compulsory schemes a little more each time. Any supplement is good to take. Tips to Turbo Boost Your Retirement.
- Retire a paid professional activity: The law has gradually lifted the constraints. You can retire to receive a salary without limit of amount and particular constraints. However, the salary received will not produce additional fees and will be subject to contributions. The optimal solution is to work under a different status than that of an employee, because it makes it possible to contribute to a new pension plan that will generate rights. Alternative to the continuation of work beyond the legal retirement age: the combination of employment and retirement is often more advantageous.
- Opt for a phased retirement: If you work part-time, if you are 60 and the number of quarters required, you can, since February 1, continue working and collect a portion of your retirement pension. When you leave, the total amount collected will be higher because you will have accumulated pension entitlements during this period.
- Screen your career records: Your Early Access To Your Superannuation will depend on contributions made during your working life. To make sure you do not lose any of your rights, review your "status reports", which are now sent every five years. Armed with your pay slips if you are an employee or the status of your contributions if you are self-employed, check that all your payments have been considered. The errors are far from being exceptional: bad identification or badly listed periods, especially if you have changed employer or status, invalidated quarters while you have paid regular contributions ... As soon as you detect one of these errors , make it rectifier as soon as possible: it's easier to do it before retirement.
