Check the Method of Receiving Retirement Pension and Amount Received

I will guide you on the method of receiving retirement pension. The retirement pension is a system that helps employees maintain a stable living after retirement, and it has three main types: Defined Contribution (DC), Defined Benefit (DB), and Individual Retirement Pension (IRP). Upon retirement, employees can choose to receive their retirement pension as a lump sum or in the form of annuity payments.

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Methods of Receiving Retirement Pension

Lump-Sum Payment

This method involves receiving the entire accumulated pension at the time of retirement in a single payment. While a lump sum allows for a large amount to be received all at once, the tax benefits may be relatively lower. This option is advantageous when large funds are needed or if there are other investment plans in place.

Pension Payment

This method involves receiving the accumulated pension in installments over a set period. It allows for regular payments, providing stable living expenses. Receiving the pension as an annuity offers greater tax benefits, with pension income tax applied during the payment period. There are two types of pension payment methods: DC type and DB type, and the amount received varies depending on the chosen method.

Mixed Payment

This method involves receiving a portion of the amount as a lump sum, while the remaining amount is received as a pension. It allows for securing funds through the lump sum when needed, while the rest is received as a pension to ensure stable financial management.

Check Retirement Pension Amount

You can check the retirement pension amount on the Integrated Pension Portal. As long as you have a mobile phone capable of identity verification, you can easily check anytime and view your retirement pension balance and payment amount.

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