RetireJapan

i see-so the advise posted would be out of date in that case as from 2018 i think..

regarding your hack,sounds a good idea -but wouldnt that mean you would have to pay payments at different rates not at class 2
when you moved back? or could you just not pay for that period and make up the payments when you went abroad again? is that allowed?

bryanc wrote: ↑Tue Oct 26, 2021 4:41 am i see-so the advise posted would be out of date in that case as from 2018 i think..

regarding your hack,sounds a good idea -but wouldnt that mean you would have to pay payments at different rates not at class 2
when you moved back? or could you just not pay for that period and make up the payments when you went abroad again? is that allowed?

No, we get the rate increases automatically up until we reach pensionable age. Our pensions (as nonresidents) are only frozen after we reach pensionable age.

So there is no need to do anything until then. Hopefully the rules will be changed in our favour before that, although I am not holding my breath.

i see.but didnt you write it was frozen when we reached pensionable age?so dont you have to return before that age?
or does it mean that as long as you return after pensionable age you can get the new rate? can you just then leave again at the new rate?

bryanc wrote: ↑Tue Oct 26, 2021 6:00 am i see.but didnt you write it was frozen when we reached pensionable age?so dont you have to return before that age?
or does it mean that as long as you return after pensionable age you can get the new rate? can you just then leave again at the new rate?

The rate is set when you reach pensionable age, so returning before then would make no difference. Your summation above is correct, if for example you start taking pension at 67, the rate is then locked, i.e. you will not benefit from any rise in pension amount. In theory one could become a U.K. resident, say at the age of 72, get paid the current U.K. rate for however long, then come back to Japan and continue receiving that rate, which would again be locked.

thanks..sorry to quibble but do you mean when you reach pension age or when you claim the pension?you seem to be suggesting both. if you delayed claiming the pension, might this also help if you delayed it til after an expected pension increase?

bryanc wrote: ↑Tue Oct 26, 2021 8:10 am thanks..sorry to quibble but do you mean when you reach pension age or when you claim the pension?you seem to be suggesting both. if you delayed claiming the pension, might this also help if you delayed it til after an expected pension increase?

Under the current rules, your pension amount is set when you reach retirement age. You can delay your pension and get more, but the increase is based on the amount set already and you do not get any future increases to the pension amount unless you move back to the UK or one of the countries on the list.

More about it here: https://www.gov.uk/state-pension-if-you ... te-pension

My first instinct was to delay it as much as possible, so till 75 I guess. Then I looked at the condition on my father who is in his early 70s and clearly his mind is a little off, and my current health and I think I'll probably settle for somewhere in the middle. Maybe 70?

I'll have to do the math to be sure, firstly to see how much nenkin I'll actually get, and again how much it'll increase if I delay it.

RetireJapan wrote: ↑Tue Oct 26, 2021 10:33 am

bryanc wrote: ↑Tue Oct 26, 2021 8:10 am thanks..sorry to quibble but do you mean when you reach pension age or when you claim the pension?you seem to be suggesting both. if you delayed claiming the pension, might this also help if you delayed it til after an expected pension increase?

Under the current rules, your pension amount is set when you reach retirement age. You can delay your pension and get more, but the increase is based on the amount set already and you do not get any future increases to the pension amount unless you move back to the UK or one of the countries on the list.

More about it here: https://www.gov.uk/state-pension-if-you ... te-pension

thanks-seems like uk pension age will be 68 in the future-so a long way to go!!! seems to be going up and up! only a matter of time before they do the same thing in japan,perhaps?

bryanc wrote: ↑Fri Oct 29, 2021 4:44 am

RetireJapan wrote: ↑Tue Oct 26, 2021 10:33 am

bryanc wrote: ↑Tue Oct 26, 2021 8:10 am thanks..sorry to quibble but do you mean when you reach pension age or when you claim the pension?you seem to be suggesting both. if you delayed claiming the pension, might this also help if you delayed it til after an expected pension increase?

Under the current rules, your pension amount is set when you reach retirement age. You can delay your pension and get more, but the increase is based on the amount set already and you do not get any future increases to the pension amount unless you move back to the UK or one of the countries on the list.

More about it here: https://www.gov.uk/state-pension-if-you ... te-pension

thanks-seems like uk pension age will be 68 in the future-so a long way to go!!! seems to be going up and up! only a matter of time before they do the same thing in japan,perhaps?

Whilst I agree it's logical the age would rise eventually.. A bit of googling and I can't find any discussion of increasing the age for Japan. Their efforts to increase the working age might reduce the burden coupled with the ability to get a benefit from defering the pension if you work longer. And this is a pension fund after all.

On top of that, never one to rush, you have to wonder how long it would take Japan to gather enough hankos to enact change.

Looking at the UK, whilst timelines have been pulled forward, they were telegraphed well in advance.

https://assets.publishing.service.gov.u ... etable.pdf
Under the Pensions Act 2007 the State Pension age for men and women will increase from 67 to 68 between 2044 and 2046.
There were was talk of that being pulled to 2037 not sure of the status now. But it gives you an idea how long changes could take.

think in 2017 it was proposed to change to 68 in uk but hasnt gone into law yet.matter of time i would assume