[GNC] Pension Fund

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[GNC] Pension Fund

GnuCash - User mailing list
I had created a couple of accounts to track the capital of (and
contributions to) pension funds for myself and my wife.  Now we are
drawing pensions from those funds, but cannot calculate our benefits as
a simple draw-down of the capital.  I don't want or need the capital to
appear in our accounting any longer.  The only information I could find
in the GC documentation about pensions pertains to U.S. tax reporting,
but this is not relevant for me. What is the correct way to handle (i.e.
zero out) these accounts?

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Re: [GNC] Pension Fund

Harry Foerster
I also have asset accounts that tracked both personal and company pension plans. These I have keep and am withdrawing from them and depositing those as income into bank accounts. My personal pension plan is invested in mutual funds and as such have dividends, etc. required to be tracked to keep them current. The company pension plans is also being withdrawn and reducing to zero at which time the income will be designated as coming from an outside source other than the gnucash company pension plan account.

-----Original Message-----
From: gnucash-user [mailto:gnucash-user-bounces+hfoerster=[hidden email]] On Behalf Of rsbrux via gnucash-user
Sent: Thursday, February 14, 2019 9:16 AM
To: rsbrux via gnucash-user
Subject: [GNC] Pension Fund

I had created a couple of accounts to track the capital of (and
contributions to) pension funds for myself and my wife.  Now we are
drawing pensions from those funds, but cannot calculate our benefits as
a simple draw-down of the capital.  I don't want or need the capital to
appear in our accounting any longer.  The only information I could find
in the GC documentation about pensions pertains to U.S. tax reporting,
but this is not relevant for me. What is the correct way to handle (i.e.
zero out) these accounts?

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Re: [GNC] Pension Fund

David Cousens
In reply to this post by GnuCash - User mailing list
Harry

If you no longer want to track the pension fund as an asset then you have to
create a transactions which removes it from your Assets and Equity. E.g.

                                              Debit                  Credit
Equity                                     xxxxx                              
Asset:Pension Fund                                            xxxxx

assuming there are no costs involved that you need to expense.

I originally tracked my pension as non-taxable income but as my fund
provides me with a statement of investment earnings less tax paid on those
earnings, any fees and charges made by the fund and a schedule of pension
payments every 6 months, I continued to track its performance. I am required
to draw a percentage of the fund capital as a pension which varies on an
increasing schedule starting from my retirement date which is a condition of
the tax free status of the pension I receive (all inputs to the fund were
taxed on entry and all earnings are taxed in the hands of the fund
mananger). I can still control the investment mix to a limited extent from a
range of preset options, so I still have some interest in tracking the fund
performance as my pension will cease when the fund balance falls to 0 and I
don't want that to come as too much of a surprise if earlier than originally
planned.

David Cousens



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David Cousens
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