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Question about UK Citizens and Korean Pension Deductions

 
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Cohiba



Joined: 01 Feb 2005

PostPosted: Sun Aug 12, 2007 4:35 pm    Post subject: Question about UK Citizens and Korean Pension Deductions Reply with quote

I tried using this site's search function on this before asking this
question. As usual it was totally useless.

I was told today that UK citizen's pension deductions are non-
refundable upon departure from Korea and that the only way to
collect pension payments when you retire is to reside in Korea.


Is this true? If it is, it is a total rip-off.
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rhinocharge64



Joined: 20 Sep 2006

PostPosted: Sun Aug 12, 2007 4:58 pm    Post subject: Reply with quote

No. From what I understand you will be eligible for your contributions either here in Korea or the U.k. So, you'll be about 85 yrs old (probably six feet under) because the British gov. keep upping the retirement age. However, if you retire in Korea (current retirement age is 60) would you get the pension under Korean law, or would it be the British retirement age? I don't know the answer to that. Any offers.


Cheers the Charge.
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tzechuk



Joined: 20 Dec 2004

PostPosted: Sun Aug 12, 2007 11:11 pm    Post subject: Reply with quote

It also depends on where you work. If you work at a place that opts for a private pension, then you can get it when you leave the country.

Otherwise, the government system is what's already been described.
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PeteJB



Joined: 06 Jul 2007

PostPosted: Sun Aug 12, 2007 11:25 pm    Post subject: Reply with quote

Meh, forget pensions in the UK. Get yourself some nice savings sorted Smile
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