Korean Job Discussion Forums

[mrsquirrel]

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?

[ED209]

http://wiki.galbijim.com/Korean_pension_plan

And some gibberish from

http://www.nps4u.or.kr/social/index_en.html

[Double07]

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!

[mrsquirrel]

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.

[semphoon]

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.

[mrsquirrel]

Loans are cancelled when you turn 50 if they haven't been paid back or might be 55.

Or if I die.

[the saint]

[SPINOZA]

National Insurance Contributions Office - Agreement Between the United Kingdom and the Republic of Korea on Social Security

[SPINOZA]

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!

[Boodleheimer]

does this also mean that the UK is aware of how much money you make? (and the taxman is ready to pounce on you?)

[butlerian]

Cancellation

While you are of working age, you will be expected to make repayments until you have paid off all that you owe. The amount of time this takes will depend on your income during your working life. Once you reach the age of 65 your loan will be cancelled - even if you have not paid it all off. Of course, if your income never rises above the threshold before you reach the age of 65, you will not have to make any repayments.

Your loan will be cancelled if you die. It will not be passed on to anybody else. Your loan will also be cancelled if you become permanently disabled.

[mrsquirrel]

[Maz]

Re: Student Loan....

I have heard that it's canceled after 7 years out of the country.

OR

With 3 years 'service' teaching in UK state schools!

[plato's republic]

On a somewhat similar note, I was told a few years back that once you return to the UK and get a job there, the taxman will come knocking expecting you to pay tax on your overseas earnings regardless of whether you've already paid tax in the country/countries you were previously living/working in. Can anyone else confirm this?

[Boodleheimer]

i thought that the US was the only country retarded enough to tax citizen who are already being taxed by other governments.

can anybody confirm plato's republic's story?

edit: oops, citizen citizens