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Woden
Joined: 08 Mar 2007
Location: Eurasia
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 Posted: Wed Apr 18, 2007 6:51 am Post subject: UK Pensions/National Insurance |
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If you are from UK and are/were thinking about making voluntary contributions in order to qualify for a full state pension in the future, you might not need to bother...
http://www.dwp.gov.uk/mediacentre/pressreleases/2007/jan/nat-05-07-160107.asp
...it looks pretty likely that the number of years of payment needed to qualify will be lowered to 30 and this means it would be pointless to make voluntary contributions unless you are planning to be out of the country for 10+ years.
Hope this helps anyone who was considering voluntary contributions as I was. |
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SPINOZA
Joined: 10 Jun 2005
Location: $eoul
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| Posted: Wed Apr 18, 2007 3:56 pm Post subject: |
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| Since pension payments in Korea essentially are UK national insurance payments, thanks to the treaty between the two countries, why would one make voluntary contributions anyway? |
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essexboy
Joined: 11 Jun 2006
Location: close to orgasm
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| Posted: Wed Apr 18, 2007 8:30 pm Post subject: |
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| i leave in 3 weeks and i am completely gutted to find that we get nothing back, contrast to Americans and Canadians who will probably get another 500 big ones more than me at the end from the pension they have been paying. |
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Woden
Joined: 08 Mar 2007
Location: Eurasia
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| Posted: Thu Apr 19, 2007 12:28 am Post subject: |
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| SPINOZA wrote: |
| Since pension payments in Korea essentially are UK national insurance payments, thanks to the treaty between the two countries, why would one make voluntary contributions anyway? |
Do you know the procedure for reclaiming pensions payments? In a nutshell it involves the UK government applying to the ROK at the time of your retirement, which could be anything up to 50 years in the future and even the bloke in the Department of Work and Pensions said it would be foolish to assume that the agreement, let alone the state of ROK, would still exist in 50 years.
Because of the high likelihood of the agreement not existing in 50 years time I considered the voluntary contributions, and thus I found the information I posted.
People who haven't actually looked into how the Reciprocal Agreement works assume that once you get back to the UK you can claim what you have paid to the ROK - this is not correct. It is only once you reach retirement that a claim is put in on your behalf to ROK and if this is granted you it is benefited to your National Insurance payments. |
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pieman1981
Joined: 19 May 2006
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| Posted: Thu Apr 19, 2007 6:25 pm Post subject: |
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| I have heard that us brits can get our Korean pension transferred to a English pension when we leave. Does anyone have any idea how to do this? I have never had a proper job in England before, does this mean I have no pension plan? |
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Woden
Joined: 08 Mar 2007
Location: Eurasia
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| Posted: Thu Apr 19, 2007 9:20 pm Post subject: |
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| pieman1981 wrote: |
| I have heard that us brits can get our Korean pension transferred to a English pension when we leave. Does anyone have any idea how to do this? I have never had a proper job in England before, does this mean I have no pension plan? |
When you reach retirement age the DWP will send you a form on which it will ask if you have ever worked abroad. You fill in the dates and places of work and then the DWP applies to your former country of residence to have the payments transferred to your UK National Insurance 'account'.
There is absolutely nothing you can do about it until you reach retirement age so just give the DWP a ring when you reach 65 (probably 70 by then) and ask them. Currently you need 44 years of continuous payments to qualify for a full state pension, however, this looks like being lowered to 30 in the near future. |
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