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fezmond
Joined: 27 Oct 2008
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 Posted: Fri Oct 31, 2008 8:50 am Post subject: UK guys - Pension fund |
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Hi guys
I'm looking at my first contract which has no mention of pension and the tax rate is at 3.3% so i'm lead to believe that my future boss (assuming i accept the job) will class me as an independent contractor.
my query is this - if i am classed as an independent contractor and therefore my boss does not pay into a pension fund, does that mean i won't pay into it either?
i was just wondering as i've been told we're not allowed our pension back at the end of the year for UK citizens - me not paying into it isn't a problem as i'd never be getting it back anyway.
or am i way off the bat here?
cheers |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Oct 31, 2008 5:49 pm Post subject: Re: UK guys - Pension fund |
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| fezmond wrote: |
Hi guys
I'm looking at my first contract which has no mention of pension and the tax rate is at 3.3% so i'm lead to believe that my future boss (assuming i accept the job) will class me as an independent contractor.
my query is this - if i am classed as an independent contractor and therefore my boss does not pay into a pension fund, does that mean i won't pay into it either?
i was just wondering as i've been told we're not allowed our pension back at the end of the year for UK citizens - me not paying into it isn't a problem as i'd never be getting it back anyway.
or am i way off the bat here?
cheers |
You are probably correct with the independent contractor part and also correct with the pension part (unless the NPS audits him - unlikely).
The downside is that you won't have NHIC medical either (despite what the contract says). Medical and pension go hand in hand. (Hope you are indestructible.)
. |
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fezmond
Joined: 27 Oct 2008
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| Posted: Fri Oct 31, 2008 5:56 pm Post subject: Re: UK guys - Pension fund |
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| ttompatz wrote: |
| fezmond wrote: |
Hi guys
I'm looking at my first contract which has no mention of pension and the tax rate is at 3.3% so i'm lead to believe that my future boss (assuming i accept the job) will class me as an independent contractor.
my query is this - if i am classed as an independent contractor and therefore my boss does not pay into a pension fund, does that mean i won't pay into it either?
i was just wondering as i've been told we're not allowed our pension back at the end of the year for UK citizens - me not paying into it isn't a problem as i'd never be getting it back anyway.
or am i way off the bat here?
cheers |
You are probably correct with the independent contractor part and also correct with the pension part (unless the NPS audits him - unlikely).
The downside is that you won't have NHIC medical either (despite what the contract says). Medical and pension go hand in hand. (Hope you are indestructible.)
. |
thanks ttompatz, you're a gent.
i am somewhat indestructible in wales but i'll certainly not risk it in korea. i think i'll happily pay for medical if it means a waste of a pension.
cheers |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Oct 31, 2008 6:14 pm Post subject: Re: UK guys - Pension fund |
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| fezmond wrote: |
thanks ttompatz, you're a gent.
i am somewhat indestructible in wales but i'll certainly not risk it in korea. i think i'll happily pay for medical if it means a waste of a pension.
cheers |
For a newbie worker (salary of 2.2 mil) the net cost (if done legally and properly) due to medical, pension and tax is only 8.8% of gross (assuming NO pension refund).
An option is always travel insurance from your home country if the cost of it is less than the difference in your deductions between independant contractor (3.3%) and employee (8.8%) since there is no pension refund. |
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head-in-the-clouds
Joined: 14 Oct 2008
Location: London for now
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| Posted: Sat Nov 01, 2008 2:07 pm Post subject: Re: UK guys - Pension fund |
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| fezmond wrote: |
Hi guys
I'm looking at my first contract which has no mention of pension and the tax rate is at 3.3% so i'm lead to believe that my future boss (assuming i accept the job) will class me as an independent contractor.
my query is this - if i am classed as an independent contractor and therefore my boss does not pay into a pension fund, does that mean i won't pay into it either?
i was just wondering as i've been told we're not allowed our pension back at the end of the year for UK citizens - me not paying into it isn't a problem as i'd never be getting it back anyway.
or am i way off the bat here?
cheers |
I have the exact same thing and because we dont get it back, i don't care. |
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Whistleblower
Joined: 03 Feb 2007
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| Posted: Sat Nov 01, 2008 4:58 pm Post subject: |
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| UK citizens do get their pension back when they retire. I don't understand why people would willingly neglect their pension in this country, it could help in the future. |
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head-in-the-clouds
Joined: 14 Oct 2008
Location: London for now
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| Posted: Sat Nov 01, 2008 5:01 pm Post subject: |
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| Whistleblower wrote: |
| UK citizens do get their pension back when they retire. I don't understand why people would willingly neglect their pension in this country, it could help in the future. |
Why would i be concerned about �1000 i could get in 35 years, this makes no sense |
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Whistleblower
Joined: 03 Feb 2007
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| Posted: Sat Nov 01, 2008 5:05 pm Post subject: |
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| head-in-the-clouds wrote: |
| Whistleblower wrote: |
| UK citizens do get their pension back when they retire. I don't understand why people would willingly neglect their pension in this country, it could help in the future. |
Why would i be concerned about �1000 i could get in 35 years, this makes no sense |
I keep looking at your avatar (makes me laugh). Anyways, I would rather have some contribution made to my pension than nothing at all. You are wasting valuable pension money but it ain't any skin off my back if you wish to save cash now but not for later. |
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lindihop
Joined: 29 May 2008
Location: South Korea
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| Posted: Sun Nov 02, 2008 7:31 pm Post subject: |
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| Hi Whistleblower. I'm from the UK and posted a similiar thread asking about getting the money back that I had payed into the pension. After a few enquiries it seemed that I can get it credited to my UK pension, although my public school and the Korean Tax Office say no. I've now got receipts from my school showing what I've paid each month for this year. Do I just need to forward these to the relevant government department in the Uk for these contributions to be added to my state pension or is there something more I should be doing? |
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branchsnapper
Joined: 21 Feb 2008
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| Posted: Sun Nov 02, 2008 8:18 pm Post subject: |
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I thought that you have to retire in Korea, or at least be in the country to collect pension. So for most us - taking the possible collapse of the system into account - that is a long shot.
Maybe the wretched govs will sign an agreement some time though? |
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Toon Army
Joined: 12 Mar 2007
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| Posted: Mon Dec 15, 2008 8:47 pm Post subject: |
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| lindihop wrote: |
| Hi Whistleblower. I'm from the UK and posted a similiar thread asking about getting the money back that I had payed into the pension. After a few enquiries it seemed that I can get it credited to my UK pension, although my public school and the Korean Tax Office say no. I've now got receipts from my school showing what I've paid each month for this year. Do I just need to forward these to the relevant government department in the Uk for these contributions to be added to my state pension or is there something more I should be doing? |
Would like to know the answer too
| branchsnapper wrote: |
Would like to know that answer too.
Maybe the wretched govs will sign an agreement some time though? |
any more news on this? Not really expecting though |
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branchsnapper
Joined: 21 Feb 2008
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| Posted: Mon Dec 15, 2008 9:27 pm Post subject: |
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| I heard one rumour that if you leave the country for a long time you lose the pension earned. Don't know if it is true. Sure hope not. |
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valkerie
Joined: 02 Mar 2007
Location: Busan
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| Posted: Tue Dec 16, 2008 4:26 am Post subject: |
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Someone posted about tis a while ago, will look for the link. Basically it is near impossible to transfer to the UK pension, forget why but the poster (who I know and is straight up) looked into it and got the info direct from the UK.
Holding out for a future gov. agreement is the best bet....sasly. |
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Beeyee
Joined: 29 May 2007
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| Posted: Tue Dec 16, 2008 6:13 am Post subject: Re: UK guys - Pension fund |
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| ttompatz wrote: |
| fezmond wrote: |
Hi guys
I'm looking at my first contract which has no mention of pension and the tax rate is at 3.3% so i'm lead to believe that my future boss (assuming i accept the job) will class me as an independent contractor.
my query is this - if i am classed as an independent contractor and therefore my boss does not pay into a pension fund, does that mean i won't pay into it either?
i was just wondering as i've been told we're not allowed our pension back at the end of the year for UK citizens - me not paying into it isn't a problem as i'd never be getting it back anyway.
or am i way off the bat here?
cheers |
You are probably correct with the independent contractor part and also correct with the pension part (unless the NPS audits him - unlikely).
The downside is that you won't have NHIC medical either (despite what the contract says). Medical and pension go hand in hand. (Hope you are indestructible.)
. |
Really? So is my school screwing me? I have medical but dont pay pension...... |
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DeLaRed
Joined: 16 Oct 2008
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| Posted: Tue Dec 16, 2008 7:00 pm Post subject: Re: UK guys - Pension fund |
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| Beeyee wrote: |
| ttompatz wrote: |
| fezmond wrote: |
Hi guys
I'm looking at my first contract which has no mention of pension and the tax rate is at 3.3% so i'm lead to believe that my future boss (assuming i accept the job) will class me as an independent contractor.
my query is this - if i am classed as an independent contractor and therefore my boss does not pay into a pension fund, does that mean i won't pay into it either?
i was just wondering as i've been told we're not allowed our pension back at the end of the year for UK citizens - me not paying into it isn't a problem as i'd never be getting it back anyway.
or am i way off the bat here?
cheers |
You are probably correct with the independent contractor part and also correct with the pension part (unless the NPS audits him - unlikely).
The downside is that you won't have NHIC medical either (despite what the contract says). Medical and pension go hand in hand. (Hope you are indestructible.)
. |
Really? So is my school screwing me? I have medical but dont pay pension...... |
would like to have this confirmed too! |
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