Korean Job Discussion Forums

Isiod · Joined: 11 Jan 2007

I am sure I am not the only one out their with this sitaution. I am a NZer but also have a Bristish passport due to my father.

1. Has anybody tried to send their Korean pension back to the UK if they are only a passport holder?
2. Do you have to set up a pension fund in the UK?
3. Can you then transfer it to NZ?
4. Is it worth the effort?

Any lingering colonials welcome to advise.

Hightop · Joined: 11 Jun 2003

I am in the same boat and have thought about sending it to the UK but I never though to send it from UK to NZ. If anyone knows about this do tell, I have about 12 million reasons why I would like to know.

Isiod · Joined: 11 Jan 2007

I have seen a bunch of sites that claim to transfer pensions from the UK to NZ. Don't quite understand it though.

www.PensionTransfers.co.nz
www.movemypension.co.nz

Not sure if they are cons or not.

air76 · Joined: 13 Nov 2007

As I understand it...the deal that Korea has with the UK is different. The money just goes into your government pension account...you won't be able to get the money sent in cash to a regular bank account like they do to the US or Canada.

I could be wrong, but that's what I read. I am American, but my girlfriend is from NZ so we were looking into it.

morrisonhotel · Joined: 18 Jul 2009 Location: Gyeonggi-do

Can any Brits who have actually transferred their pensions across confirm that you are able to do this? There's far too much hearsay online about this to be absolutely sure one way or the other.

halfmanhalfbiscuit · Joined: 13 Oct 2007 Location: Seoul

Same boat here. I've got, at last check 7 million just sitting with the pension Service and which I presume isn't accruing interest.

blonde researcher · Posted: Wed Nov 25, 2009 1:19 am Post subject:

Brits Irish and Kiwis have to pay the pension but they cannot claim it back or get any refund. Well ...that is, not until a deal is done by your governments to have a reciprical pension scheme. So you will have to wait until you are over 60 and come back to Korea!

South Africans are exempt to pay the pension to start with (lucky eh?) But I'm sure many get it deducted because the employer does not understand the rules

Australians have only just won the right to get the pension returned to them but I dont know the finer details.
The good old Americans and Canadians are the only ones who can actually get any pension payments given back to them, but only when they finish in Korea and go home

So as a kiwi/ UK passport holder - it won't matter which passport you chose as neither will help you to get he pension paid when you would like to.