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mrsquirrel
Joined: 13 Dec 2006
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 Posted: Thu Jan 25, 2007 1:49 am Post subject: UK Citizens and pensions |
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What is the deal with UK citizens and pensions here?
I read somewhere on the forum that it is classed as a national insurance (NI) contribution. Is this true?
Is it easy to get back? |
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ED209
Joined: 17 Oct 2006
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Double07
Joined: 29 Dec 2006
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| Posted: Fri Jan 26, 2007 11:53 am Post subject: |
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The agreement between the UK & South Korea allows you to have your pension contributions that are made in Korea transferred to your UK pension, but thats it.
It doesn't count as NI contributions and you cannot get it refunded like to you can if you live in the USA or Canada.
As far as I am aware if you live outiside the UK for a year then the number of years you need to work to qualify for your pension (state one obviously) decreases by one, same as if you were in full time education in the UK.
Probably all a bit irrelevant as by the time you get to pension age the UK state pension will be worth about as much as a New Labour promise! |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Fri Jan 26, 2007 7:01 pm Post subject: |
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So if I stay out for the planned next 20 years so my student loan is cancelled I could in theory pick up my pension at the same time.
Bonus. |
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semphoon
Joined: 18 Nov 2005
Location: Where Nowon is
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| Posted: Fri Jan 26, 2007 8:16 pm Post subject: |
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Have you heard that if you stay out of the UK for 20 years your student loan gets cancelled?
I have heard it is 4 years or 5. Are you sure its not just a joke? Any proof?
I can imagine all these newly graduated students heading out of the UK and then coming back years later...and stll having the students loan man waiting for them. |
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mrsquirrel
Joined: 13 Dec 2006
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| Posted: Fri Jan 26, 2007 8:31 pm Post subject: |
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Loans are cancelled when you turn 50 if they haven't been paid back or might be 55.
Or if I die. |
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the saint
Joined: 09 Dec 2003
Location: not there yet...
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| Posted: Sat Jan 27, 2007 6:22 pm Post subject: |
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| Double07 wrote: |
| The agreement between the UK & South Korea allows you to have your pension contributions that are made in Korea transferred to your UK pension, but thats it. |
er... are you entirely sure about that? Can you provide a link to online info? I work for the British Council who are, obviously, quite familiar with both the Korean and the UK side of things. I had our finance officer look into this from both the UK and Korean side by talking to the Korean pension people and she came back with a very definite "no" i.e. your Korean pension is money down the drain. I'd be very interested to hear otherwise as I've been here three years and have paid not too small an amount.
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It doesn't count as NI contributions and you cannot get it refunded like to you can if you live in the USA or Canada. |
okay... I don't get this. Earlier you said that K pension can be transferred to UK pension. Are you talking NI conts towards your state pension or are you talking UK private pension (which of course you can't have legally if you are living overseas)?
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As far as I am aware if you live outiside the UK for a year then the number of years you need to work to qualify for your pension (state one obviously) decreases by one, same as if you were in full time education in the UK. |
again, I'd appreciate details of this as I've been out of the UK for 9 years and this is the first I've heard despite lengthy enquiries and reading through a whole ton of their literature. The only way I know to get qualifying years is to pay for them. If I'm wrong please tell me now 
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Probably all a bit irrelevant as by the time you get to pension age the UK state pension will be worth about as much as a New Labour promise! |
yes true... but... NI contributions go to much more than simply a pension. Two examples: if I ended up next week back in the UK, I could sign on and immediately claim the dole. Not sure that's the case if you haven't been paying vol contributions as I have. Secondly and much more importantly for me, if I die, my wife gets a widow's pension from here to eternity. It may be small, but it's something for her.
As I said, more details to clarify the confusion would be great |
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SPINOZA
Joined: 10 Jun 2005
Location: $eoul
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SPINOZA
Joined: 10 Jun 2005
Location: $eoul
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| Posted: Sun Feb 04, 2007 3:05 am Post subject: |
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BTW
I couldn't find stuff re the above on the Student Loans Co website. Anyone got any other sources? I very much doubt they write off the debt after just five years out of GB......although of course hope it's true!  |
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Boodleheimer
Joined: 10 Mar 2006
Location: working undercover for the Man
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| Posted: Sun Feb 04, 2007 3:14 am Post subject: |
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| does this also mean that the UK is aware of how much money you make? (and the taxman is ready to pounce on you?) |
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