National/Shigaku Pension - Does this look right?

[HankNeva]

Hi...Thanks to all who have given some details on their contributions and resulting pensions. I will share my info and am curious what people think as my payments are lower than I was quoted. As of last June I had worked for a total of 279 months and contributed a total of 13,000,000 yen. My national monthly payment comes to 30,000 yen and my monthly Shigaku Kyosai Kumia monthly payment is 103,000. Does that seem about right? I started taking the pension from 66.

The reason I ask is that when talking to the Kumia people along the way they estimated 146,000 per month (8 years ago) and 126,000 per month (last year). So it was a surprise to only get 103,000. I'm wondering if it's worth my while to ask them to re-calculate to see if an error was made.

Thanks to those of you who have taken the time to figure these systems out! I will take the step to register on the national nenkin database but that is not really where the problem lies. I'm guessing 30,000 is about right for my 24 years of work here. This seems pretty close to 24/40s of the max 68,000 monthy.

[Zara]

Your pension, with the combined sum of ¥133,000/month, is very similar to my husband's pension after 24 years at the university. It would depend, too, on your salary at the university.

[HankNeva]

Thanks for the reply! Maybe it's not worth my while to check this with the Kumia people.

[Tkydon]

Just check if they have withheld income tax before paying to you.

[HankNeva]

Thanks, Thydon....I notice they are taking almost half of my National pension before it gets to me for the Kaigo Hokken. That is clearly shown to me in a reciept I got by mail. Looking at the receipt from Kyosai Kumia, it says 0 yen withheld so I suppose that means I need to pay income tax on this no this pension next March...adding insult to injury!

[RolandB1]

So basically you’re looking at 130000 yen a month after approximately 25 years of payment. I’ll have about 30 years payment (same pension scheme) by the time I retire and I am a bit shocked at how low this is.

[RetireJapan]

So basically you’re looking at 130000 yen a month after approximately 25 years of payment. I’ll have about 30 years payment (same pension scheme) by the time I retire and I am a bit shocked at how low this is.

Ha, ha, yes. That is one reason this site exists. You'll probably want to save/invest to supplement the basic income floor nenkin provides.

You may also get a 'retirement bonus'. These can be quite substantial after 30 years.

[RolandB1]

Well, as I have posted in the real estate forum, the wife is currently in line to inherit a fair-sized chunk of land which I am guessing we will have to sell some off to supplement our retirement pot. As far as the lump sum is concerned I think that it is the same as severance pay which is half a month's salary for every year of service. 30 years should give me a decent amount I'm hoping.

[HankNeva]

In my case there was a "taishokin" payment of about one month's salary for every year worked. I have heard some places will raise a bit that if you work more than 20 years. You can check that policy with the accounting office or better yet with someone who has recently retired.

[RetireJapan]

In my case there was a "taishokin" payment of about one month's salary for every year worked. I have heard some places will raise a bit that if you work more than 20 years. You can check that policy with the accounting office or better yet with someone who has recently retired.

Yes, employer should be able to provide details on the scheme and how the retirement bonus is calculated. I had ours in my desk drawer for about ten years before I finished work