Korean Job Discussion Forums

[Snowflake]

Ok I tried using the sticky on this but no answers so:

I'm trying to wade through the confusion that is the pension plan here and the agreement with the UK. It seems like the question has been asked a few times but there doesn't seem to be one absolute, definite answer.
According to galbijim:
"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."

However, according to the Pension service in England (in an email from them):
"Any contributions you pay in Korea will not be transferred to the United Kingdom Your State Pension will be based on the contributions you have paid or been credited with here."

Can anyone give me a direct answer? I'm paying over 100k a month in pension here and really need to know the situation and whether I should be paying voluntary contributions back in the UK.

Thanks in advance!

[gazz]

As I understand it (I might be wrong) , we have to pay into the pension plan but yet we cannot access it in the UK. This was from a recruitor in the UK though! I will look into it in more detail just before I leave Korea.

I pay about 50,000 won a month into the national pension plan that I will never see again unless I retire in Korea.


Ask for a break down of your payments because I am paying just over or under 100,000 a month for pension contribution + health insurance.

Maybe they haven't made it that clear for you?

[Snowflake]

Thanks for the response - no I'm happy that the amount is right, it was just the agreement with the UK that's puzzling me and I keep getting very different answers!

Not to dismiss your response but does anyone have direct experience of this (i.e not from a recruiter!)