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Woden
Joined: 08 Mar 2007
Location: Eurasia
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 Posted: Sat Sep 29, 2007 1:05 am Post subject: I don't pay anything into the pension system... |
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I am in a public school and I don't pay tax. I rec'd my first payslip and it says the only deductions were 51,000 for medical insurance and nothing for pension or tax...
...I thought that I would have to pay into the pension system whether I liked it or not...have they made a mistake? And will they ask for it back in the future? |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Sat Sep 29, 2007 2:00 am Post subject: Re: I don't pay anything into the pension system... |
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| Woden wrote: |
| ...I thought that I would have to pay into the pension system whether I liked it or not... |
You do. Sock away your 4.5% everty month, and when you leave the school file with the Pension office to the get the school's 4.5%. They will make you pay your contributions first before going after the school's. |
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Woden
Joined: 08 Mar 2007
Location: Eurasia
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| Posted: Sat Sep 29, 2007 2:13 am Post subject: Re: I don't pay anything into the pension system... |
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| Young FRANKenstein wrote: |
| Woden wrote: |
| ...I thought that I would have to pay into the pension system whether I liked it or not... |
You do. Sock away your 4.5% everty month, and when you leave the school file with the Pension office to the get the school's 4.5%. They will make you pay your contributions first before going after the school's. |
What would happen if at the end of my contract I left? Would they chase after me for the pension? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Sep 29, 2007 2:53 am Post subject: Re: I don't pay anything into the pension system... |
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| Woden wrote: |
| Young FRANKenstein wrote: |
| Woden wrote: |
| ...I thought that I would have to pay into the pension system whether I liked it or not... |
You do. Sock away your 4.5% everty month, and when you leave the school file with the Pension office to the get the school's 4.5%. They will make you pay your contributions first before going after the school's. |
What would happen if at the end of my contract I left? Would they chase after me for the pension? |
No but you would lose the employers contribution to your pension (4.5% of your salary).
Someone in the admin office made a mistake. |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Sat Sep 29, 2007 11:38 pm Post subject: Re: I don't pay anything into the pension system... |
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| Woden wrote: |
| What would happen if at the end of my contract I left? Would they chase after me for the pension? |
No, but why would you leave without it? It's essentially doubling your money with no effort. If someone's going to throw $1500 my way, I'll take it. |
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Woden
Joined: 08 Mar 2007
Location: Eurasia
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| Posted: Sun Sep 30, 2007 1:12 am Post subject: Re: I don't pay anything into the pension system... |
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| Young FRANKenstein wrote: |
| Woden wrote: |
| What would happen if at the end of my contract I left? Would they chase after me for the pension? |
No, but why would you leave without it? It's essentially doubling your money with no effort. If someone's going to throw $1500 my way, I'll take it. |
I thought if you were from the UK you don't get it back...in fact I am pretty sure that I can't get it back. I have spoken to the UK tax people and it gets put on to my National Insurance contributions when I retire, but I don't get a refund...
...someone correct me if I'm wrong... |
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valkyrian2
Mod Team
Joined: 15 May 2007
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| Posted: Sun Sep 30, 2007 3:15 am Post subject: Re: I don't pay anything into the pension system... |
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| Woden wrote: |
| Young FRANKenstein wrote: |
| Woden wrote: |
| What would happen if at the end of my contract I left? Would they chase after me for the pension? |
No, but why would you leave without it? It's essentially doubling your money with no effort. If someone's going to throw $1500 my way, I'll take it. |
I thought if you were from the UK you don't get it back...in fact I am pretty sure that I can't get it back. I have spoken to the UK tax people and it gets put on to my National Insurance contributions when I retire, but I don't get a refund...
...someone correct me if I'm wrong... |
If you are from the UK you are correct. |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Mon Oct 01, 2007 12:44 am Post subject: Re: I don't pay anything into the pension system... |
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| Woden wrote: |
| I thought if you were from the UK you don't get it back... |
Sure, you get it back, just not as a lump sum like Americanadians. You just have to wait until you actually retire to see the money. |
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