| View previous topic :: View next topic |
| Author |
Message |
R-Seoul
Joined: 23 Aug 2006
Location: your place
|
 Posted: Wed Nov 28, 2007 6:16 pm Post subject: Reclaiming Pension for UK citizens - again |
 |
|
I know this has been done to death but the search function isn't exactly playing ball.
Can anyone explain how to go about reclaiming pension? Or just link to a thread where this has been discussed?
I'm not even sure if UK citizens can reclaim pension, any Brits care to confirm? |
|
| Back to top |
|
 |
mrsquirrel
Joined: 13 Dec 2006
|
| Posted: Wed Nov 28, 2007 6:17 pm Post subject: |
|
|
| I'm sure it's something like we can have it transferred to the National Insurance fund in the UK or something like that. |
|
| Back to top |
|
|
R-Seoul
Joined: 23 Aug 2006
Location: your place
|
| Posted: Wed Nov 28, 2007 6:23 pm Post subject: |
|
|
| Just done a bit of amateur sleuthing and the sad answer appears to be; No pension refund for UK citizens. Bugger. |
|
| Back to top |
|
|
mrsquirrel
Joined: 13 Dec 2006
|
| Posted: Wed Nov 28, 2007 6:52 pm Post subject: |
|
|
| but it can be contributed towards your UK pension |
|
| Back to top |
|
|
R-Seoul
Joined: 23 Aug 2006
Location: your place
|
| Posted: Wed Nov 28, 2007 7:23 pm Post subject: |
|
|
| Afraid not, no reciprocal agreement between the two governments. |
|
| Back to top |
|
|
mrsquirrel
Joined: 13 Dec 2006
|
| Posted: Wed Nov 28, 2007 7:25 pm Post subject: |
|
|
Look into it,
It has been on here before that you can apply to have it transfered back to the UK pension scheme.
You won't get your hands on it until you are at pension receiving age (if there is still a state pension at that point) |
|
| Back to top |
|
|
laura-and-ryan
Joined: 01 Sep 2007
Location: Bucheon, Orig from Ireland and Canada
|
| Posted: Wed Nov 28, 2007 9:26 pm Post subject: |
|
|
| mrsquirrel wrote: |
Look into it,
It has been on here before that you can apply to have it transfered back to the UK pension scheme.
You won't get your hands on it until you are at pension receiving age (if there is still a state pension at that point) |
BINGO! |
|
| Back to top |
|
|
R-Seoul
Joined: 23 Aug 2006
Location: your place
|
| Posted: Wed Nov 28, 2007 11:16 pm Post subject: |
|
|
| Afraid not, got a colleague to ring the pension office and they confirmed that there is no agreement between the two governments so nothing for us brits... |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Thu Nov 29, 2007 12:41 am Post subject: |
|
|
| R-Seoul wrote: |
| Afraid not, got a colleague to ring the pension office and they confirmed that there is no agreement between the two governments so nothing for us brits... |
I think someone along the line made some small errors.
http://www.nps.or.kr/jsppage/english/agreement/agreement_02_02_01.jsp
There are agreements between the UK and Korea.
They may not be what you want to hear, but there are agreements.
You may or may not be entitled to pension benefits (dependant on how long / much you have paid in). There is NO totalization for lump-sum refunds for UK citizens.
. |
|
| Back to top |
|
|
Don Calliente
Joined: 31 Oct 2007
Location: SEOUL
|
| Posted: Thu Nov 29, 2007 3:21 pm Post subject: Re: Reclaiming Pension for UK citizens - again |
|
|
| R-Seoul wrote: |
I know this has been done to death but the search function isn't exactly playing ball.
Can anyone explain how to go about reclaiming pension? Or just link to a thread where this has been discussed?
I'm not even sure if UK citizens can reclaim pension, any Brits care to confirm? |
Went into the national pension office in Seoul in person few weeks back to find out after conflicting info.
You cannot reclaim a penny of that pension. Our countries do not have a reciprocal agreement.
Money down the F$cking drain pal.... |
|
| Back to top |
|
|
R-Seoul
Joined: 23 Aug 2006
Location: your place
|
| Posted: Thu Nov 29, 2007 5:02 pm Post subject: |
|
|
Well the good news is that I was kind of aware of this before moving to Korea and negotiated a deal with my company that they pay me the equivalent of my pension fee in transport bills (Taxis, T-money etc.) each month.
I just wanted to check if anything had changed since coming here, appears not to be the case. |
|
| Back to top |
|
|
mrsquirrel
Joined: 13 Dec 2006
|
| Posted: Thu Nov 29, 2007 5:04 pm Post subject: |
|
|
| ^^ It's on the UK NI/Tax website. |
|
| Back to top |
|
|
Don Calliente
Joined: 31 Oct 2007
Location: SEOUL
|
| Posted: Thu Nov 29, 2007 5:12 pm Post subject: |
|
|
| mrsquirrel wrote: |
| ^^ It's on the UK NI/Tax website. |
You cannot reclaim the moeny from Korea.
I had it confirmed in person (after suspecting the receprionist didnt know, I asked for the top manager) at the bloody pension office in Seoul. |
|
| Back to top |
|
|
mrsquirrel
Joined: 13 Dec 2006
|
| Posted: Thu Nov 29, 2007 5:25 pm Post subject: |
|
|
I'm not wanting to reclaim the bloody money.
I want it transfered to the UK pension scheme which is what the agreement is about.
| Quote: |
The United Kingdom
Main Contents Guide for Exemption Application FAQ
Main Contents of the Social Security Convention Between Korea and the UK
Convention Administrative Arrangement
01.History of the Convention with the UK 02.Applicable Legislation 03.Personal Scope of this Convention
04.Exemption from Dual Coverage 05.Benefits under this Convention 06.Agencies of this Convention
History of the Convention with the UK
- Mar. 1995 : agreed on negotiating a Social Security Convention between Korea and the UK
- Aug. 1995 : first round of Negotiation Meetings for the Convention in the UK
- Mar. 1996 : second round of Negotiation Meetings for the Convention in Korea
- Aug. 1996 : third round of Negotiation Meetings for the Convention in the UK
- Apr. 1999 : signed the Convention on Social Security between Korea and the UK
- Dec. 1999 : gave written notification to the UK that Korea has complied with all requirements for entry into force of this Convention
- Apr. 2000 : held meetings for the Implementation of the Convention between Agencies of both countries
- May. 2000 : received written notification from the UK that the UK has complied with all requirements for entry into force of this Convention
- Jun. 2000 : signed the Administrative Arrangement of the Convention
- Aug. 2000 : Social Security Convention between Korea and the UK entered into force
Applicable Legislation
With respect to Korea,
(1) the National Pension Law and enforcement rules and regulations
With respect to the UK,
(1) the Social Security Administration Act 1992, the Social Security Contributions and Benefits Act 1992 and
the Social Security (Consequential Provisions) Act 1992
(2) the Social Security Administration (Northern Ireland) Act 1992, the Social Security Contributions and Benefits
(Northern Ireland) Act 1992 and the Social Security (Consequential Provisions) (Northern Ireland) Act 1992
(3) the Social Security Administration Act 1992, the Social Security Contributions and Benefits Act 1992 and
the Social Security (Consequential Provisions) Act 1992 (Acts of Parliament) as those Acts apply to the Isle of
Man by virtue of Orders made, or having effect as if made, under the Social Security Act 1982 (an Act of
Tynwald)
(4) the Social Insurance (Guernsey) Law, 1978
(5) the Social Security (Jersey) Law, 1974, and the legislation which was repealed or consolidated by those
Acts, Laws or Orders or repealed by legislation consolidated by them
Personal Scope of this Convention
This Convention shall apply to any person who is or who has been subject to the legislation of either Korea or the UK, irrespective of his/her nationality. Therefore, any person such as a national of the contracting country, a stateless person, a refugee or a national of a third country who is or has been subject to the legislation of either contracting country shall be covered by this Convention.
※ For more information, you may refer to the section Text of Convention
Exemption from Dual Coverage
① In general, an employee is subject to the legislation of a contracting country in which he/she is employed.
② Where an employee is employed in both countries for the same period, the person is subject to the legislation of a contracting country in which he/she ordinarily resides.
③ A self-employed person is subject to the legislation of a contracting country in which the person ordinarily
resides.
④ Where a person is employed in the territory of one contracting country and is self-employed in the territory of the other country for the same period, he/she is subject to the legislation of a contracting country in which he/she ordinarily resides.
⑤ A detached worker is exempt from coverage under the legislation of the contracting country which he/she is sent to for less than 5 years if he/she is covered under the legislation of his/her home country.
※ For more information, you may refer to the section Convention or Guied for Exemption Application
[ Countries that employees and the self-employed pay their contributions to ]
Type Work Status Coverage
employee employed in the UK
- you are employed and working in the UK the U.K
- you are employed in Korea and sent to work in the UK for less than 5 years Korea
- you are employed in Korea and sent to work in the UK for more than 5 years the U.K
- you are self-employed in Korea ordinarily residing in Korea and you are also
employed in the UK Korea
- you ordinarily reside in Korea but you are employed in both Korea and the UK Korea
employed in Korea
- you are employed and working in Korea Korea
- you are employed in the UK and sent to work in Korea for less than 5 years the U.K
- you are employed in the UK and sent to work in Korea for more than 5 years Korea
- you are self-employed in the UK ordinarily residing in the UK and you are also
employed in Korea the U.K
- you ordinarily reside in the UK but you are employed in both Korea and the UK the U.K
Self-employed Self-employed in the UK
- you ordinarily reside in Korea but are self-employed in the UK Korea
- you ordinarily reside in Korea but are self-employed in both Korea and the UK Korea
- you are employed in Korea ordinarily residing in Korea but are self-employed in
the UK Korea
Self-employed in Korea
- you ordinarily reside in the UK but are self-employed in Korea the U.K
- you ordinarily reside in the UK but are self-employed in both Korea and the UK the U.K
- you are employed in the UK ordinarily residing in the UK but are self-employed
in Korea the U.K
Benefits under this Convention
① Since the Convention on Social Security Between Korea and the UK is a Contributions-only Convention, there
is no provision of Totalization of Periods of Coverage for the entitlement to benefit.
② Therefore, there is no pension benefits under the Convention, whether the payment is granted depends on
the each country's legislation respectively.
③ And a Korean Lump-sum refund is not paid to the nationals of U.K.
※ For more information, you may refer to the section Convention
Agencies of this Convention
As regards Korea,
(1) National Pension Service (NPS)
As regards the UK,
(1) HM Revenue & Customs (National Insurance Contributions)
⇒ www.hmrc.gov.uk/nic |
| 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. |
| Quote: |
Yes, you are right. That is because there is an agreement between the UK and Korea but it is not a "FULL" agreement. There for "lump-sum" refunds are not allowed but it does count toward your future pension. Just make sure to get receipts for either your Employeer or NPS [National Pension Service] prior to leaving Korea since it would be difficult to track down later especially from a foreign country. |
|
|
| Back to top |
|
|
mrsquirrel
Joined: 13 Dec 2006
|
| Posted: Thu Nov 29, 2007 5:43 pm Post subject: |
|
|
| Quote: |
What does Totalization mean?
This means that foreign nationals of one contracting country who are employed in the other contracting country are exempt from making social security contributions to both countries, thereby reducing your out of pocket payments for dual coverage. You may have some credits in Korea and some credits in your country of origin that, taken by themselves,would not equal enough credits for you to be eligible for retirement benefits. Totalization agreements allow you to combine credits from both countries.
Natives of countries who have contributions-only agreements, such as the United Kingdom, will not be required to pay for dual coverage but their credits are not added together to assist in eligibility for retirement benefits. |
|
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
