Q: I am still working and not in receipt of any of he pension but continue to contribute towards the scheme on a monthly basis. Are you able to advise me whether zakat is payable on the NHS pension scheme in specific? الجواب حامدا ومصليا ومسلما ومنه الصدق والصواب A: The NHS Pension Scheme, both pre […]
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Do I need to pay Zakat on my pension each year or when I start receiving it?
Q: Do I need to pay Zakat on my pension each year or when I start receiving it at the age of 55? The pension is two fold. 1) My employer contributes £300 per month towards my chosen pension provider. 2) My annual bonus, rather than paying 40% tax on it, is paid to my […]
Read more...How can I make up for Zakah I didn’t realise I had to pay?
Q: How can I make up for Zakah I didn’t realized I had to pay? My assets have been eligible for Zakah since I joined full time employment and I have been paying Zakah since then; however I have only just realised that I should have also being paying Zakah on my pension, but have […]
Read more...If I have a pension, which I don’t know any details about, do I pay zakah on the contributions and is it considered haram?
Q: If I have a pension, which I don’t know any details about, do I pay zakāh on the contributions and is it considered haram? I work for a big company and when I started in Feb 2009 the company inserted me on a default pension scheme. This would be 3% of my contribution and […]
Read more...Are pensions considered to be a “zakatable” asset?
Q: Are pensions considered to be a “zakātable” asset? الجواب حامدًا و مصليًا و منه الصدق و الصواب A: Final Salary pension schemes are not zakātable assets. Average Salary schemes also follow the same rule. Money Purchase schemes and Private Pension schemes wherein the pension fund is invested on behalf of and sometimes at the […]
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