Korean Job Discussion Forums

[bulgogiboy]

My supervisor just sent me an email with some good news:

I'm just giving all UK citizens the the happy news(in case they didn't already know), that the UK and Korea have come to an agreement that all UK citizens living in Korea don't need to make national pension contributions anymore!!

I work in a very big international company over here and there are lots of Brits who weren't happy to be giving their money away for nothing.

That means at least 200-300 quid extra saved per year for the average ESL teacher!

[waggo]

Thanks for letting us know about that one.

Now do we have to alert our relative employers to this or will the non-deduction occur automatically????

[bulgogiboy]

I suppose it depends on your employer.

If I was you I'd tell your employer about it, then he could double check with the pension-office and your deductions would stop.

[eamo]

That is good news if it's true, and I fully believe your post, but I don't fully believe your supervisor got good information in this case.

I'll have to check it out for myself. I really hope your supervisor is right. It saves a bit more than 200-300 per year though. The average teacher on 2.2mill pays around 90,000 per month in pension. That's roughly 1 million per year which converts to about 700 pounds at the moment.

I wonder if a new system will be like the Canadians and Americans.

[ilovebdt]

[SPINOZA]

COOL! Thanks.

Is it cool though? I was looking forward to getting my big bugger of a lump sum when I eventually go 'home', when ever the hell that's gonna be, so what happens to those deductions already made? Refund? I hate raising complicated issues like this with my employers because I often find I have to get the colours and flashcards out.

[Wangja]

There is a downside chaps (and chapesses).

Under the old (present) system, contributions made here counted towards UK contributions.

If now there will be no contribution in Korea, there will be no contribution in UK. So you need to think about making the equivalent payment in UK so that your rights to pension (and health care) are not forfeit.

Contact DHS at their overseas branch in Newcastle - I think. I'll dig out an address if I get time.

Edit - here's the address:-

Department for Work and Pensions
Pensions Service
Tyneview Park,
Whitley Road,
Benton,
Newcastle upon Tyne.
NE98 1BA.
United Kingdom

[SarcasmKills]

[SPINOZA]

[eamo]

[eamo]

[SPINOZA]

[Wangja]

The contributions you make (National Insurance) towards the state pension include also contributions to other benefits, including health care.

There have been cases where returning ex-pats have been denied benefits due to incomplete NI records. That practice is more likely to increase than decrease.

Be careful in deciding not to pay in.

[Wangja]

I looks as if I am wrong about the health care issue. This gives some more information:-

[bulgogiboy]

You were never going to get a lump sum back, as the other poster said, it was money down the pan in terms of cash in hand.

All I can say about the info is I work for a fortune 500 company, who go strictly by the book when it comes to my payments/deductions and they are refunding previous deductions made to me next month so I think the info is accurate. It's possible it's wrong I suppose but I doubt it.

The UK benefits being affected is another story, quite worrying . Though I am a little confused because of all the stories I keep reading, highlighting people like that nutcase Islamic extremist cleric who emigrated to Britain, never worked a day in his life(and presumably didn't make any NI contributuions either) and got every benefit under the sun, including a free car cause he was 'disabled'. Did anyone ever see the program 'wife swap' or 'bed and barnsleys', with the barnsley family? Those two did no work, just sponged off the state with their giant brood of kids and all the benefits you can think of. I suppose actually being resident in the UK might make all the difference?