March 19, 2019, 10:53:49 PM


Author Topic: Getting the Pension  (Read 8031 times)

Offline strawberry

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Re: Getting the Pension
« Reply #20 on: February 17, 2011, 11:52:16 AM »
I .. uhm.. haven't been paying pension... at all.  I'm from SA so we don't have an agreement to get it back.. but my school never mentioned the pension and the only thing being deducted from my salary is my health insurance... Will I get slammed with a 'pension bill' like some people get slammed with tax??  Or what? I never even thought about the pension......... maybe they never applied for me???

Offline DevilMogun

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Re: Getting the Pension
« Reply #21 on: February 17, 2011, 12:01:14 PM »
It seems to me, after a quick look at the pensions website, that we UK nationals pay our pension here and it is treated as equivalent to paying our National Insurance Contributions in the UK, with the same applying to Korean nationals working in the UK and paying UK NI.  It seems that on return to the UK the tax office or whoever runs this stuff may ask you for a document which is evidence that you have paid into a Korean pension scheme.  Your employer should get you one before you leave.

"She lacks the indefinable charm of weakness" Oscar Wilde

Offline pickle

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Re: Getting the Pension
« Reply #22 on: February 17, 2011, 12:19:22 PM »
According to http://wiki.galbijim.com/Korean_pension_plan
Quote
Pension status for citizens of the U.K.

Unlike the US and Canada, Korea and the UK have only agreed to a 'contribution only' convention, at this time. What this means to UK citizens working in Korea, is that your Korean pension contributions can be added to your accruing pension credits in the UK, of which you can begin to receive when you retire in that country.

After being transferred 4 times in the UK, I finally got an update on this, it is NOT TRUE. There is NO agreement between the UK and Korea on pensions. You can call 0845 301 3011 from the UK to check this.

So sadly, if you're from the UK you basically lose the money.

Offline DevilMogun

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Re: Getting the Pension
« Reply #23 on: February 17, 2011, 12:20:52 PM »
Think of it as not having to top up you NI contributions in the future.
"She lacks the indefinable charm of weakness" Oscar Wilde

Offline tomston

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Re: Getting the Pension
« Reply #24 on: February 17, 2011, 12:29:35 PM »
It's definitely wrong, I just called the pension office and asked. There is no way to get anything transferred. If you're ffrom the UK, you lose the money.

Offline adamwatch

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Re: Getting the Pension
« Reply #25 on: February 17, 2011, 12:48:18 PM »
As I understand it, they take your pension money and you get nothing if we are from the Uk. Sounds like thieft to me.

Adam

Offline pickle

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Re: Getting the Pension
« Reply #26 on: February 22, 2011, 09:45:37 AM »
By the way, if anyone's looking for the form, it's here. http://www.nps.or.kr/jsppage/english/agreement/agreement_03_01.jsp I'll also attach it.

Offline chadteacher

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Re: Getting the Pension
« Reply #27 on: February 22, 2011, 09:57:46 AM »
From what I understand, it's possible to apply for this overseas.  As I didn't bring my bankbook from the states, I have no proof of my bank account back home.  Has anyone heard this is possible?

Offline pickle

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Re: Getting the Pension
« Reply #28 on: February 22, 2011, 10:00:35 AM »
Yes, the instructions say to use your passport (with the stamp to prove you left the country) when you apply this way, so it must be possible. Maybe go into the office to get the details, though.

Offline catnz

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Re: Getting the Pension
« Reply #29 on: March 04, 2011, 10:44:50 PM »
One more time. (I have researched this and followed the whole thing for about 3 years now) Brits do not get ANY benefit from pension contribs paid in Korea (either the option of a lump sum refund or credit in the UK). (Nor do Kiwis.) US citizens, Canadians and Australians can get lump sum refunds. South African citizens do not have to pay pension contributions at all. These different conditions are because of the agreements currently in place between the diff governments and Korea.
Is there anyone out there who knows how to start a petition for Brit teachers to sign and/or how to put pressure on the British government to change this situation?