Korean Job Discussion Forums

[xtchr]

Hi fellow NZers,

I think it's really crap that we pay pension and don't get a penny of it back when we leave. I was expecting that when Australia signed a reciprocal agreement with Korea that NZ would follow soon after, but it doesn't seem to have happened.
Anyway, I'm hoping to have free time at work in the next few weeks so have decided to do an email blitz of M.P.s to alert them to this (not expecting too much to happen but I figure it can't hurt... - if it happens it will probably come into effect after I'm gone, oh well, nevermind).

But, I've been so long out of the loop that I don't even know whose responsibility this would be - Ministry of Foreign Affairs and Trade, or Taxes, or Employment, or Social Welfare, or Oldies, or what?
Any ideas?
Cheers

[icicle]

Having read up on the Australian / Korean agreement on this (as an Australian) ... It will be who ever is responsible for Social Security (/Pension/Super) issues in New Zealand ...

[Rusty Shackleford]

Agreed. I wasn't going to get too bummed about it, just write it off till retirement time. Trouble is you have to retire in SK to claim it(fat chance).

Don't sweat it too much, no reason why it won't happen in the future. That being the case, it shouldn't be too difficult to get it refunded at that time.

Maybe I will fire off some e-mails too. Probably not much point during election year, all the pols being out kissn' ass and all.

[blackjack]

I called up the NZ IRD and they said that is completely up to the korean side of things, but it sounded more like a brush off

I had a look on kiwisaver and found this page

http://www.kiwisaver.govt.nz/being/spec-circs/

about half way done is this little gem

Note:

If you decide to return to New Zealand you:
can rejoin KiwiSaver if you're eligible, but you won't receive another $1,000 kick-start
may be able to apply to your overseas superannuation or pension scheme to transfer your funds to KiwiSaver.

[Cornfed]

Does it really matter? By the time we turn 65, if we make it that long, the current financial system will be a distant memory. In the meantime, "your" pension funds are just more money for the parasitical usury sector. The best thing you could do is not sign up for kiwisaver or any equivalent.

[talltony4]

I read the page on the NZ embassy site that said it all worked out anyway, because koreans in NZ were paying for NZers pensions, while NZers were paying for korean pensions.

It makes sense to me, and it saves me getting upset because <whine> my hagwon didn't pay my pension <whine>.

Blackjack's point was interesting though, I wonder if we could put our korean pension into kiwisaver?

[Rusty Shackleford]

Cornfed; are you a Muslim or something? Who the crap says 'usury' except for religious types? Any way thanks for your well reasoned (read paranoid), well evidenced(idiot) comment(rant).

What do you have against KiwiSaver? I think it's an incredibly stupid idea also but it doesn't stop me from taking advantage of it. I've heard it referred to as a solution looking for an answer. Also distorts incentives to invest. What do you have against it? And indeed any form of saving? As your post seems to indicate.

[DaffyD73]

Two points to mull over.

1) kiwisaver is a scheme designed to bridge between public pension and private super. Having said this is is designed more as a one way bridge once you sign up and lock in the 4% of salary ( if working inNZ) and when enough people do this and do not take the contributions holidays then the govt will all of a sudden say hey people are saving for thier own retirement and then the pension will be canned or seriously reduced- and in effect the burden transfered from Govt to individual. The carrot attached to this is th employer contributions of 4% ( hey save 4% and we will make your boss pay you an extra 4% - they neglect to say your boss won't fancy giving you a raise too often and when he does the Employer contributions will be taken into account)

having said 1) there is 2) The govt will give you 1000, plus 1020 per year if you contribute that much. Also if you do not have a house as yet then start up Kiwisaver and wait 3 years you have a chance of getting some extra cash out of the govt. If they don't i believe you can take out your contributions and use towards your deposit - putting you back to the govt's1000 kickstart level.

Personally I joined up when i was back there but i was not working so at present i am my own contributor - ie i deposit some lump sums in.
Now at present i have only put 1000 in of my own so i'm at 2000 value ish, and waiting to see what the govt does with this tax credit as the wording is "employee contributions up to 1020" employee denotes job - and the IRD knows i don't have a job as my tax is non existant so i don't know if i will get this, but getting the 1000 KS and being ablke to whip out my 1000 when i buy a house made me think hey why not risk it and see what they do

[DaffyD73]

Two points to mull over.

1) kiwisaver is a scheme designed to bridge between public pension and private super. Having said this is is designed more as a one way bridge once you sign up and lock in the 4% of salary ( if working inNZ) and when enough people do this and do not take the contributions holidays then the govt will all of a sudden say hey people are saving for thier own retirement and then the pension will be canned or seriously reduced- and in effect the burden transfered from Govt to individual. The carrot attached to this is th employer contributions of 4% ( hey save 4% and we will make your boss pay you an extra 4% - they neglect to say your boss won't fancy giving you a raise too often and when he does the Employer contributions will be taken into account)

having said 1) there is 2) The govt will give you 1000, plus 1020 per year if you contribute that much. Also if you do not have a house as yet then start up Kiwisaver and wait 3 years you have a chance of getting some extra cash out of the govt. If they don't i believe you can take out your contributions and use towards your deposit - putting you back to the govt's1000 kickstart level.

Personally I joined up when i was back there but i was not working so at present i am my own contributor - ie i deposit some lump sums in.
Now at present i have only put 1000 in of my own so i'm at 2000 value ish, and waiting to see what the govt does with this tax credit as the wording is "employee contributions up to 1020" employee denotes job - and the IRD knows i don't have a job as my tax is non existant so i don't know if i will get this, but getting the 1000 KS and being ablke to whip out my 1000 when i buy a house made me think hey why not risk it and see what they do

[Rusty Shackleford]

Daffy. I'm in the same boat as you. Just putting in $1040 a year to get the credits. On 1. I would happily provide for myself in retirement in return for an equal cut in taxes.

In fact I would provide my own health, education, pay a toll for the roads I use, raise my own kids. The list goes on, basically do all the things that the Government takes on itself to do when it really should butt out.

[big_fella1]

Why don't you kiwis take Aussie citizenship, as we are arranging on mass for the Australian All Blacks

[Rusty Shackleford]

[big_fella1]

Rusty the other problem I am ashamed to say is the Waitangi Treaty, Australia will disgracefully never extend Waitangi rights to the Aboriginals. Currency union makes sense between us and all the pacific nations but Fiji is annoyed with both of us at the moment!

[Rusty Shackleford]

I wouldn't support extending currency union to the P.Is unless they had democratically elected govts (Tonga I'm looking in your direction and Fiji of course).

Economically viable plans never win popular support for the same reason we are both still "Dominions" of Mother England.

[dirty_scraps83]