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Cohiba

Joined: 01 Feb 2005
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Posted: Sun Aug 12, 2007 4:35 pm Post subject: Question about UK Citizens and Korean Pension Deductions |
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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
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Posted: Sun Aug 12, 2007 4:58 pm Post subject: |
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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
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Posted: Sun Aug 12, 2007 11:11 pm Post subject: |
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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
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Posted: Sun Aug 12, 2007 11:25 pm Post subject: |
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Meh, forget pensions in the UK. Get yourself some nice savings sorted  |
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