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demi
Joined: 23 Mar 2006
Location: London
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 Posted: Tue Feb 06, 2007 10:13 pm Post subject: Korean pension & the British |
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Just to clarify the issue regarding us Brits and the Korean pension scheme.
My boss just contacted the Korean tax office this afternoon and was told that we can't get the pension back when we leave. She (the Korean) actually said its extremely difficult for us to get it back. I don't understand why they cldn't give a simple yes or no response, but it looks like we lose on this one.
It turns out that i haven't been paying the pension so far (4 months) but have to start paying it from next month. At least I got away with it for a while 
So...how much is this pension rubbish per month? |
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patongpanda
Joined: 06 Feb 2007
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| Posted: Thu Feb 08, 2007 10:54 pm Post subject: |
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I'm British and have been at a public school for three months.
Last months pay was missing a load of money
- I found out they had taken out the pension contributions for the whole time I've been working.
For a salary of 2.3 the pension is 9% but the school pays half.
My handler says I can get the money back when I leave, but looking at the Korean Pension web site it seems it can only be transferred to a UK pension fund. How do I do that ??
I'm not paying any tax though? Is that right? |
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rothkowitz
Joined: 27 Apr 2006
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| Posted: Thu Feb 08, 2007 11:35 pm Post subject: |
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Tax could be done every 3 months.Next pay slip?
I want to find out about the transferring of pension to a UK fund.You certainly don't get a straight refund like NAmericans.(recently got my UK passport) |
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Hyosung650
Joined: 24 Jan 2007
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| Posted: Fri Feb 09, 2007 3:53 am Post subject: |
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| I've never heard anything about getting it transferred to a UK fund. I'll be very interested if you get anywhere with this - keep us posted! |
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Homer
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| Posted: Fri Feb 09, 2007 4:34 am Post subject: |
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The UK and Korea do not have (at least last time I checked) a reciprocal pension deal, hence UK citizens cannot get the pension back from Korea.
As for the OP...if your school did not pay into the pension (and therefore you did not pay either) for a few months, you will not just get away with those few months. They can and often do ask for the missing contributions retroactively....that means if your school (and by extension you) skipped 3 months of pension payments, you will have to pay that into the pension scheme as well as make your now monthly contributions.
As for the amount...I would have to check my last pay slip.... |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Feb 09, 2007 4:58 am Post subject: |
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| Homer wrote: |
The UK and Korea do not have (at least last time I checked) a reciprocal pension deal, hence UK citizens cannot get the pension back from Korea.
As for the OP...if your school did not pay into the pension (and therefore you did not pay either) for a few months, you will not just get away with those few months. They can and often do ask for the missing contributions retroactively....that means if your school (and by extension you) skipped 3 months of pension payments, you will have to pay that into the pension scheme as well as make your now monthly contributions.
As for the amount...I would have to check my last pay slip.... |
Actually.....
The Government of the Republic of Korea and the Government of the United Kingdom of Great Britain and Northern Ireland;
Being resolved to co-operate in the field of social affairs and, in particular, as regards liability for social security contributions;
Wishing to promote the welfare of persons moving between, or working in, their respective territories;
Wishing to ensure that persons from both countries shall enjoy equal rights in respect of matters covered by this Convention under their respective social security legislation; Have agreed as follows:
(full text of the treaty here:)
http://www.nps4u.or.kr/social/main_en.html?code=s_02_02_en.html
The information you seek is in articles 3 and 4,
Last edited by ttompatz on Fri Feb 09, 2007 5:01 am; edited 1 time in total |
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Homer
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| Posted: Fri Feb 09, 2007 5:00 am Post subject: |
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Well thanks tom!
I stand corrected....as I said..last time I checked...
Well done.  |
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butlerian
Joined: 04 Sep 2006
Location: Korea
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| Posted: Fri Feb 09, 2007 5:08 am Post subject: |
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| ttompatz wrote: |
| Homer wrote: |
The UK and Korea do not have (at least last time I checked) a reciprocal pension deal, hence UK citizens cannot get the pension back from Korea.
As for the OP...if your school did not pay into the pension (and therefore you did not pay either) for a few months, you will not just get away with those few months. They can and often do ask for the missing contributions retroactively....that means if your school (and by extension you) skipped 3 months of pension payments, you will have to pay that into the pension scheme as well as make your now monthly contributions.
As for the amount...I would have to check my last pay slip.... |
Actually.....
The Government of the Republic of Korea and the Government of the United Kingdom of Great Britain and Northern Ireland;
Being resolved to co-operate in the field of social affairs and, in particular, as regards liability for social security contributions;
Wishing to promote the welfare of persons moving between, or working in, their respective territories;
Wishing to ensure that persons from both countries shall enjoy equal rights in respect of matters covered by this Convention under their respective social security legislation; Have agreed as follows:
(full text of the treaty here:)
http://www.nps4u.or.kr/social/main_en.html?code=s_02_02_en.html
The information you seek is in articles 3 and 4, |
So, in practice, what can us Britons actually do to ensure our rights are protected? |
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rothkowitz
Joined: 27 Apr 2006
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| Posted: Fri Feb 09, 2007 5:21 am Post subject: |
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I'd best contact the Embassy.
I've worked in Korea 4 years(as a recipient of pension)on and off.
That's about 3-4,000 pounds.
I guess I have that amount sitting in various gu-accounts which I now wish to have transferred if possible.
Has anybody transferred their funds before from Korea to a UK pension fund account? |
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