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elliot79
Joined: 08 Oct 2010
Location: England
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 Posted: Tue Nov 09, 2010 3:49 am Post subject: GEPIK Pension refunds for Brits and Tax exemption |
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looking through the GEPIK contract i understood that Brits don't get thier pension refunded to them, whereas other nationalities do.
am i interpretign that correctly?
also, would we have to pay tax or are we automatically exempt. I know you get a tax form you need to fill out, but i'm not entirely sure if that's for Americans and Canadians. |
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Murakano
Joined: 10 Sep 2009
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| Posted: Tue Nov 09, 2010 4:48 am Post subject: |
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we don`t get our pension refunded, correct...There is NO agreement between the UK and Korea Governments on pensions (unlike a few other countries like U.S/Canada, even Ireland apparently)
As for the tax question. Yes, the first 2 years are tax free IF you get the certificate of residence from the UK. Tax is fairly minimal here anyway (less than 2.5%) |
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elliot79
Joined: 08 Oct 2010
Location: England
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| Posted: Tue Nov 09, 2010 4:53 am Post subject: |
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thanks hun, so i don't need to fill out nay tax forms for the first 2 years?
with regards to pension, if we don't get a refund, are we still expected to pay for half of it? |
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Murakano
Joined: 10 Sep 2009
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| Posted: Tue Nov 09, 2010 5:00 am Post subject: |
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| elliot79 wrote: |
thanks hun, so i don't need to fill out nay tax forms for the first 2 years?
with regards to pension, if we don't get a refund, are we still expected to pay for half of it? |
depends if your school asks you. My school asked me at first but didn`t follow up.....so I`m not paying anything.
Yes, with public school you have no choice but to pay pension contributions though essentially it`s money thrown away every month....you could get it back in the future if you decide to retire here  ....
(apparently if our Governments come to an agreement in the future it might be possible for it to be claimed back too but don`t quote me on that) |
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elliot79
Joined: 08 Oct 2010
Location: England
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| Posted: Tue Nov 09, 2010 5:07 am Post subject: |
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it's a GEPIK school hun, I'll re-read the whole paperwork again.
so how much pension do you pay each month? |
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Junior
Joined: 18 Nov 2005
Location: the eye
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Nov 09, 2010 5:21 am Post subject: Re: GEPIK Pension refunds for Brits and Tax exemption |
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| elliot79 wrote: |
looking through the GEPIK contract i understood that Brits don't get thier pension refunded to them, whereas other nationalities do.
am i interpretign that correctly?
also, would we have to pay tax or are we automatically exempt. I know you get a tax form you need to fill out, but i'm not entirely sure if that's for Americans and Canadians. |
Under a bilateral treaty between Korea and the UK you do NOT get your pension refunded as cash when you leave. That is only for Canadians, Americans and Australians.
ALL E2s with the EXCEPTION of Canadians are entitled to a 2 year tax exemption (on income taxes) if they work at a public school or publicly funded university but you have to show proof of on-going residence (taxable status) in your home country (not sure what forms you need to provide for UK citizens).
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machina1985
Joined: 25 Oct 2010
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| Posted: Tue Nov 09, 2010 8:23 am Post subject: |
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| Murakano wrote: |
| (unlike a few other countries like U.S/Canada, even Ireland apparently) |
What is the agreement with Ireland?
I'm a British national and also domiciled in the UK, but I do hold Irish Citizenship as well...
Is there any way I could get a better deal using my Irish citizenship - I'm not optimistic as I assume I would probably have to be domiciled in Eire. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Nov 09, 2010 4:11 pm Post subject: |
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| machina1985 wrote: |
| Murakano wrote: |
| (unlike a few other countries like U.S/Canada, even Ireland apparently) |
What is the agreement with Ireland?
I'm a British national and also domiciled in the UK, but I do hold Irish Citizenship as well...
Is there any way I could get a better deal using my Irish citizenship - I'm not optimistic as I assume I would probably have to be domiciled in Eire. |
You can check on the NPS website for any updates but to my knowledge there is currently NO treaty between Korea and Ireland so you don't get a pension refund and can get the tax exemption for 2 years if you work for a PS.
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Capo
Joined: 09 Sep 2007
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| Posted: Wed Nov 10, 2010 5:59 am Post subject: |
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Not Applicable to E2 contracts.
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How to be Exempt from Pension Contributions
(1) Who requires a U.K. Certificate of Coverage?
* An employee who is sent to work in Korea within a certain period (5 years) by an employer
* An employee who is sent to work in Korea within a certain period by the employer and the detached period is extended for a certain period (In this case, mutual consent between two countries is needed)
* A self-employed person who ordinarily resides in the U.K. and works in Korea.
* A person who ordinarily resides in the U.K. and works as a worker in Korea as well as in the U.K.
* A self-employed person who ordinarily resides in the U.K. and works in Korea as well as in the U.K.
* Some workers or members of a crew on a ship or aircraft who can be exempt from Korean National Pension Contributions under the Social Security Agreement between Korea and the U.K.
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the ireland
Joined: 11 May 2008
Location: korea
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| Posted: Wed Nov 10, 2010 6:06 am Post subject: |
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| machina1985 wrote: |
| Murakano wrote: |
| (unlike a few other countries like U.S/Canada, even Ireland apparently) |
What is the agreement with Ireland?
I'm a British national and also domiciled in the UK, but I do hold Irish Citizenship as well...
Is there any way I could get a better deal using my Irish citizenship - I'm not optimistic as I assume I would probably have to be domiciled in Eire. |
you can transfer it to your irish pension but can't take it in cash when you finish. quite annoying as I have about 6million won stuck in there that i'd love to take in cash. |
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elliot79
Joined: 08 Oct 2010
Location: England
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| Posted: Wed Nov 10, 2010 6:12 am Post subject: |
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| what percentage of your salary goes towards the pension each month? |
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Capo
Joined: 09 Sep 2007
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| Posted: Fri Nov 12, 2010 10:15 pm Post subject: |
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| the ireland wrote: |
| machina1985 wrote: |
| Murakano wrote: |
| (unlike a few other countries like U.S/Canada, even Ireland apparently) |
What is the agreement with Ireland?
I'm a British national and also domiciled in the UK, but I do hold Irish Citizenship as well...
Is there any way I could get a better deal using my Irish citizenship - I'm not optimistic as I assume I would probably have to be domiciled in Eire. |
you can transfer it to your irish pension but can't take it in cash when you finish. quite annoying as I have about 6million won stuck in there that i'd love to take in cash. |
You mean that fund being used to repay Irish debts lol. You will have no Irish pension when u retire. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Nov 13, 2010 12:11 am Post subject: |
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| Capo wrote: |
Not Applicable to E2 contracts.
| Quote: |
How to be Exempt from Pension Contributions
(1) Who requires a U.K. Certificate of Coverage?
* An employee who is sent to work in Korea within a certain period (5 years) by an employer
* An employee who is sent to work in Korea within a certain period by the employer and the detached period is extended for a certain period (In this case, mutual consent between two countries is needed)
* A self-employed person who ordinarily resides in the U.K. and works in Korea.
* A person who ordinarily resides in the U.K. and works as a worker in Korea as well as in the U.K.
* A self-employed person who ordinarily resides in the U.K. and works in Korea as well as in the U.K.
* Some workers or members of a crew on a ship or aircraft who can be exempt from Korean National Pension Contributions under the Social Security Agreement between Korea and the U.K.
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If you have an E1, E2 or E7 you CANNOT qualify for those exemptions.
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