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  • FIRST POST
    • Promettwo
    • By Promettwo 10th Nov 19, 9:28 AM
    • 28Posts
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    Promettwo
    Working abroad
    • #1
    • 10th Nov 19, 9:28 AM
    Working abroad 10th Nov 19 at 9:28 AM
    If I go to work abroad (Korea) for say 15/20 years and then decide to return to the UK permanently. what is the best way to secure a retirement pension. Can I make contributions to NI etc. or does it have to be privately financed.

    I would be working for a Korean company
    Last edited by Promettwo; 10-11-2019 at 9:42 AM. Reason: Something missing
Page 1
    • Marine_life
    • By Marine_life 10th Nov 19, 10:32 AM
    • 1,014 Posts
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    Marine_life
    • #2
    • 10th Nov 19, 10:32 AM
    • #2
    • 10th Nov 19, 10:32 AM
    Being a long term employee in Korea you would pay into the local social security system and receive part of your retirement benefit from that scheme (you would also receive a partial benefit from your time in the UK social security system). Given that the Koren system is based on average earnings replacement it might, in any event, be more generous than the UK pension (most OECD pensions are).

    https://www.oecd.org/unitedkingdom/PAG2017-GBR.pdf
    Money won't buy you happiness....but I have never been in a situation where more money made things worse!
    • Joey Soap
    • By Joey Soap 10th Nov 19, 11:26 AM
    • 217 Posts
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    Joey Soap
    • #3
    • 10th Nov 19, 11:26 AM
    • #3
    • 10th Nov 19, 11:26 AM
    Pay voluntary Class Two NICs if you intend to return to the UK to retire would be my #1 piece advice. You need 35 years to get a full UK state pension.
    • bostonerimus
    • By bostonerimus 10th Nov 19, 3:52 PM
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    bostonerimus
    • #4
    • 10th Nov 19, 3:52 PM
    • #4
    • 10th Nov 19, 3:52 PM
    Pay voluntary Class Two NICs if you intend to return to the UK to retire would be my #1 piece advice. You need 35 years to get a full UK state pension.
    Originally posted by Joey Soap
    Pay them even if you don't intend yo retire to the UK as they can be paid to most places in the world. It would be best to retire to a country where the UK will pay you index linked state pension.

    Also look into Korean retirement schemes and how they are taxed in the UK/S.Korean tax treaty.
    Misanthrope in search of similar for mutual loathing
    • unforeseen
    • By unforeseen 10th Nov 19, 4:26 PM
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    unforeseen
    • #5
    • 10th Nov 19, 4:26 PM
    • #5
    • 10th Nov 19, 4:26 PM
    https://www.gov.uk/government/publications/social-security-abroad-ni38

    Korea has a bilateral social security arrangement with the UK
    • bostonerimus
    • By bostonerimus 11th Nov 19, 2:15 AM
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    bostonerimus
    • #6
    • 11th Nov 19, 2:15 AM
    • #6
    • 11th Nov 19, 2:15 AM
    https://www.gov.uk/government/publications/social-security-abroad-ni38

    Korea has a bilateral social security arrangement with the UK
    Originally posted by unforeseen
    But what does that mean? It can mean that a UK company with a Korean subsidiary could employ a UK national and deduct UK NI rather than Korean payroll taxes for some time, or that Korean payroll taxes paid can be used to qualify for UK benefits, but not to calculate the amount of the benefit.

    Class 2 NI is so inexpensive that it's a no brainer to pay it along with Korean taxes. If you do this for long enough you could get two state pensions.

    I just paid my 35th year of NI with the vast majority of them being voluntary Class 2 and I calculate my lifetime contributions have been 6000. I also have 22 years of US social security payments and I will get both state pensions when I reach retirement age. If you are going to be in Korean for an extended period see what paying into both systems might get you.
    Misanthrope in search of similar for mutual loathing
    • ffacoffipawb
    • By ffacoffipawb 11th Nov 19, 5:19 AM
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    ffacoffipawb
    • #7
    • 11th Nov 19, 5:19 AM
    • #7
    • 11th Nov 19, 5:19 AM
    https://www.gov.uk/government/publications/social-security-abroad-ni38

    Korea has a bilateral social security arrangement with the UK
    Originally posted by unforeseen
    Assuming he is talking about South Korea and not the North.
    Retired: Financial Independence achieved in June 2019.

    Cofiwch Dryweryn
    • Promettwo
    • By Promettwo 11th Nov 19, 8:23 AM
    • 28 Posts
    • 1 Thanks
    Promettwo
    • #8
    • 11th Nov 19, 8:23 AM
    • #8
    • 11th Nov 19, 8:23 AM
    Yes. South Korea. Thanks to everyone for the replies
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