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  • HappyPlanetAbuser
  • Super Waygook

    • 260

    • May 30, 2019, 11:30:16 pm
    • in my car polluting your air
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Pensions
« on: June 12, 2019, 03:57:59 pm »
Has anyone in Korea given this a second thought?
Are the pension payments comparable to what one would receive working back home? I've been wondering about this several times when discussing pay in Korea and say in NZ for instance.
Who's ready for another 4 years of Trump 2020!


Re: Pensions
« Reply #1 on: June 14, 2019, 10:38:33 am »
As a Brit I'm not entitled to the pension refund but after 10 years of work (which I expect to complete) I'll have a Korean pension waiting for me when I reach the appropriate age. However given the state of the global economy, climate change, and the various unforeseen crises that can happen between now and future decades I've given up relying on it or comparing it to a UK pension. As a complete layman I'm unqualified to make predictions but I wonder if there'll even be government pensions by the time I'm eligible. I've considered making voluntary National Insurance payments back home to contribute but since I'm living abroad long-term I'm exempt from free NHS care even if I pay the NI. Eventually I decided to rely on building my own investments to ensure I can retire with a reasonable income.

tl;dr Considered it but don't trust myself or anyone else to accurately predict the state of pensions that far in the future. I'll cash out if and when I get the opportunity.


  • HappyPlanetAbuser
  • Super Waygook

    • 260

    • May 30, 2019, 11:30:16 pm
    • in my car polluting your air
    more
Re: Pensions
« Reply #2 on: June 14, 2019, 11:06:02 am »
Are you saving up yourself?

I still have 35 years to go I think, but North EU seemed climate wise a more sustainable place to live than a future scorched Korea. Why would you say you would not be entitled to the 120 pounds a week State Pension ?

My worries over my pension was one of my reasons to go back.
Who's ready for another 4 years of Trump 2020!


  • oglop
  • The Legend

    • 2247

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: Pensions
« Reply #3 on: June 14, 2019, 11:14:48 am »
Are you saving up yourself?

I still have 35 years to go I think, but North EU seemed climate wise a more sustainable place to live than a future scorched Korea. Why would you say you would not be entitled to the 120 pounds a week State Pension ?

My worries over my pension was one of my reasons to go back.
you have to make NI payments while living abroad. not sure how many years you need, but if you don't have enough payments, you won't be entitled to basic pension


Re: Pensions
« Reply #4 on: June 14, 2019, 11:22:42 am »
I don't know much about it, but I've been told it's not enough to live off of. Also, the Korean government has seized the pension funds at least one time before, or so I've been told, and I don't think there's anything in place to safeguard it from happening again. This is why I'll definitely be cashing it in first chance I get. I can just use the money in something else that has quite a bit more interest and protection.

I think it's important not to be overly reliant on a single investment, anyway.


  • zola
  • The Legend

    • 2739

    • September 30, 2012, 06:56:11 am
    • Korea
Re: Pensions
« Reply #5 on: June 14, 2019, 11:28:55 am »
In some countries they only allow you to collect one pension. So if you take the Korean one you aren't eligible for your own country's one. Don't know how common that is, but I'd look into it.
Kpip! - Martin 2018


Re: Pensions
« Reply #6 on: June 14, 2019, 11:58:28 am »
In my annual letter from the pension peeps, it says that I'll be able to collect 880 000 won a month when I retire.  That's with over ten years of contributions.  What I can't quite work out is when I leave next year, will that drop because I'm not paying into it?  Like Robin Teacher, I don't quite trust what will happen between now and 2040.  Who knows?


  • stoat
  • Veteran

    • 137

    • March 05, 2019, 06:36:13 pm
    • seoul
Re: Pensions
« Reply #7 on: June 14, 2019, 12:02:04 pm »
Are you saving up yourself?

I still have 35 years to go I think, but North EU seemed climate wise a more sustainable place to live than a future scorched Korea. Why would you say you would not be entitled to the 120 pounds a week State Pension ?

My worries over my pension was one of my reasons to go back.
you have to make NI payments while living abroad. not sure how many years you need, but if you don't have enough payments, you won't be entitled to basic pension

I looked into this recently. You can register online and find out how many years of NI you have paid and what your pension will be when you retire. I found out I'd paid 10 years of NI which means I'm entitled to the minimum pension - about 60 quid a week I think. I also found out how much I'd have to pay to qualify for the standard pension, 130 quid or whatever it is. I gave it some thought and decided I wouldn't bother paying any more in, collect the 60 quid (when I'm about 75 probably) and make my own arrangements for the rest of it. 


  • stoat
  • Veteran

    • 137

    • March 05, 2019, 06:36:13 pm
    • seoul
Re: Pensions
« Reply #8 on: June 14, 2019, 12:08:16 pm »
In my annual letter from the pension peeps, it says that I'll be able to collect 880 000 won a month when I retire.  That's with over ten years of contributions.  What I can't quite work out is when I leave next year, will that drop because I'm not paying into it?  Like Robin Teacher, I don't quite trust what will happen between now and 2040.  Who knows?

I'm guessing that means if you continue to pay in what you pay now until you retire you'll be able to collect 880,000 a month when you retire and not that you would still get that if you stopped paying in tomorrow.


  • Ariadne
  • Adventurer

    • 41

    • January 23, 2017, 06:24:54 pm
    • Gyeongbuk-do
Re: Pensions
« Reply #9 on: June 21, 2019, 03:22:45 pm »
I have a question. If you're on the national pension system for a number of years (working for EPIK or a hagwon), then you switch to a uni job and the Teacher's Pension, do your initial contributions get passed over to your new pension scheme?