Pensions and Investments Law
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What Are Pensions and Investments?
“Pensions and investments” refers to money that people usually set aside in preparation for retirement. Often, this is done by setting aside a portion of their monthly paycheck into a pension fund or account. This money then gets dispersed to the person once they retire. The payments are made in monthly amounts rather than in a lump sum payment. Most pension funds are managed directly by the employing company, though sometimes the pension can be handled by another party.
Retirement investments can also refer to investments that are purchased and managed specifically with retirement in mind. As the person retires, they may begin to rely on income from investments rather than a monthly work wage or salary.
Legal Issues to Consider Regarding Retirement Investments
Pensions and retirement investments are often connected with specific types of legal issues. Some of these include:
- Denial of pension benefits
- Pension fraud and other types of investment fraud
- Distribution of pensions upon divorce
- Transferability of personal retirement accounts, especially for family beneficiaries
- Power of attorney may sometimes be necessary, especially if the person is mentally incompetent or has a debilitating condition
One common thing to consider are investment fraud scams in schemes that target a person’s retirement fund. These are sometimes related to other transactions, especially mortgage and home ownership transactions. Some scams may trick the person into handing over some or all of their pensions and retirement funds. These scams often target elderly persons who may not be able to monitor their finances on their own.
What If I Have a Legal Claim Involving Pensions?
Pension claims can often involve many different laws and much paperwork. If you have a claim involving a pension matter, you may wish to take steps such as:
- Gather all documents related to pension payments, such as contracts, payment receipts, and checks. These may be used during the legal process.
- Review your pension plan. In some cases, disputes over pension plans are simply the result of an administrative error. These are often spotted by reviewing the terms and recent payment activity.
- Consult with a lawyer. Pension laws are different in each state and may require legal advising.
Lastly, be on the lookout for fraud or misrepresentation. Instances of fraud may result in civil claims, and can also sometimes involve criminal matters.
Do I Need a Lawyer for Help with Pensions or Investments?
Pension matters are sometimes complicated to handle. It is best if you handle these matters early on. You may wish to hire a lawyer if you need help understanding pension laws and how they work. Your attorney can help you review your pension options and can help you with your retirement plans. Also, if you are involved in any legal disputes or conflicts, your lawyer can provide you with legal representation in court.
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Last Modified: 06-04-2014 11:35 AM PDT
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