How to refuse to take Japanese pension

[Tokyo35]

Thanks Tkydon

I will look through those links over the weekend.

Martin

[Tokyo35]

Hi again

Just to wrap up my understanding of my own circumstances:
1. I have only worked in Ireland for about 8 months so it seems to me I do not fit into the pension agreement thing.
2. I will make sure not to be subject to the Exit Tax because I will realize my assets in Japan, pay CGT on them and then leave with cash.

Thank you to all who replied.

Martin

[Wales4rugbyWC23]

Hi again

Just to wrap up my understanding of my own circumstances:
1. I have only worked in Ireland for about 8 months so it seems to me I do not fit into the pension agreement thing.
2. I will make sure not to be subject to the Exit Tax because I will realize my assets in Japan, pay CGT on them and then leave with cash.

Thank you to all who replied.

Martin

It might be worth finding out about your Irish state pension, even if you have only worked for 8 months in Ireland for all your working life. Eight months is almost double the amount that I have worked in the UK and I am paying national insurance contributions for the British state pension. I have been in Japan for 25 years now.

[Tokyo35]

Hi Wales4rugby,

My understanding is that Ireland does not have a system whereby we can pay contributions from outside the country.

As a percentage of the resident population, the number of Irish passport holders living abroad is too high. For the same reason non-residents can't vote in elections or referenda either.

But I will check it out.

Thanks, Martin

[Tkydon]

Hi Wales4rugby,

My understanding is that Ireland does not have a system whereby we can pay contributions from outside the country.

As a percentage of the resident population, the number of Irish passport holders living abroad is too high. For the same reason non-residents can't vote in elections or referenda either.

But I will check it out.

Thanks, Martin

A quick Google Search yields:

https://www.citizensinformation.ie/en/s ... insurance/

https://www.citizensinformation.ie/en/s ... tributory/

https://www.citizensinformation.ie/en/s ... e-classes/

https://www.citizensinformation.ie/en/s ... om-abroad/

https://www.irishstatutebook.ie/eli/201 ... e/en/print

https://www.gov.ie/en/publication/dc791 ... greements/

"Claims under Bilateral Agreements:

A person should normally make a claim for pension in the country of residence. A person living in Ireland should therefore apply for pension to the Department of Social Protection. If the claimant indicates that she or he was insured (or, where relevant, resided ) in a country with which Ireland has a Bilateral Agreement, a claim for pension in that country is initiated by the Department contacting the relevant institution on the claimant's behalf. The date of receipt of the claim and all relevant documentation should be transmitted without delay to the institution of the other country. The same procedure applies in reverse if the claim for pension is made in another country but the person has social insurance contributions in Ireland."

[Tokyo35]

Thanks for that info .. and thanks for digging it out of the links you sent. I guess what I would need to do is to move back to Ireland before I qualify for the pension and then apply there rather than in Japan.

At the moment 1M JPY per year amounts to (only) €6,000 and it is probably going to be worth even less in the future as the yen weakens. I can't see the yen strengthening very much in the long term, although it might in the short term.

Martin

[sutebayashi]

I can't see the yen strengthening very much in the long term, although it might in the short term.

I’m with you there, but we don’t know what is going to happen. The yen might go down, but other currencies may go down even faster making it better in relative terms.

[Tkydon]

Thanks for that info .. and thanks for digging it out of the links you sent. I guess what I would need to do is to move back to Ireland before I qualify for the pension and then apply there rather than in Japan.

At the moment 1M JPY per year amounts to (only) €6,000 and it is probably going to be worth even less in the future as the yen weakens. I can't see the yen strengthening very much in the long term, although it might in the short term.

Martin

Chips make a pile!

A bit from here and a bit from there...

[Tokyo35]

Hello Tkydon,

I agree with you about a bit here and there all adding up, and that is why I have worked hard, saved hard and now have a comfortable nest egg.

I have always had the feeling that I would hardly get anything back from the pension system and should therefore save a (really) substantial portion of my monthly salary. I have considered the pension payments to be like a tax or as an ongoing fee for having gotten PR without being married, without having kids and without having learned to read and write Japanese.

As I said, I have not made any decisions but just wanted to know if I could avoid this hassle in my life when I retire. As RetireJapan said, all I need to do is to do nothing and I can 'refuse' to take the pension. It flies against all common sense but I might just be one in 125,000,000 !

Martin

[captainspoke]

Even if you're completely covered and then some, having a little extra to use in one way or another can be nice.

Pay a few bills, treat someone to something, charity, etc.