RetireJapan

gaijin86 wrote: ↑Fri Sep 27, 2024 8:46 am
I'd be interested in this Class 2, but I think most of us are not eligible (Japan pension).

What do you mean?
Many Brits on here will receive a Japanese pension and a UK state pension after making voluntary NI contributions.

I wish I could have read a thread like this back in the 90s. It might've been worth picking up british citizenship so as to take advantage of this!

captainspoke wrote: ↑Sat Sep 28, 2024 2:57 am I wish I could have read a thread like this back in the 90s. It might've been worth picking up british citizenship so as to take advantage of this!

Don't really need that, just a national insurance number and three years of residency in the UK. There are people on this forum whose Japanese spouses are contributing to the British state pension.

I keep on telling my Aunt who lives in America, who has dual nationality and a national insurance number, she is laughing all the way to the bank because she gets the Triple lock upgrade unlike Brits residing in Canada, Australia or Japan.

beanhead wrote: ↑Fri Sep 27, 2024 11:30 pm

gaijin86 wrote: ↑Fri Sep 27, 2024 8:46 am
I'd be interested in this Class 2, but I think most of us are not eligible (Japan pension).

What do you mean?
Many Brits on here will receive a Japanese pension and a UK state pension after making voluntary NI contributions.

I'd love to receive a UK pension (but a few of us here are not Brits!) (Topic is Japan pension )

The point is

Without more information, it is impossible to know the details, and the devil is always in the detail.

latebloomer wrote: ↑Sat Sep 28, 2024 4:03 am Thank you for your response. I am South African and do not qualify (have to be resident) for an old age pension, which is in any case a negligible amount. We both worked for private restaurants for many years which did not have any retirement benefits. So nothing will be coming from that source.(my husband lived and worked in South Africa)

Thx.

In that case, you might check with the local Pension Office to see if there is any gap in your husband's National Pension Record for which he could pay voluntary contributions?
He would have been able to make Voluntary Contributions from abroad as a Japanese Citizen while he was abroad, but I don't know if they would allow any back contributions.

https://www.nenkin.go.jp/service/scenebetsu/kaigai.html

When you reach 60, continue to make Voluntary Contributions if you can to age 65. See the section o Volutary Contributions

https://www.nenkin.go.jp/international/ ... nsion.html


Then max out on iDeCo for the Tax Deductions / Refunds for both of you, and the best instrument within the iDeCo would may be the All World All Country Index Fund, and Dollar Cost Average that through thick and thin until retirement.
Probably different max for you and your husband - Y23,000 per month for Salary Employee, Y68,000 per month for Self Employed / Unemployed / House-Person, Y12,000 going up to Y20,000 for Private Education Employees... So long as you are paying National Basic Pension Contributions, you can continue to pay in to iDeCo.

Then, take any Tax Refunds at the end of the year and push them directly into NISA Growth Portion (max Y2.4 Million per year) for both of you, and again, the best instrument would probably be the All World All Country Index Fund, and Dollar Cost Average that through thick and thin until retirement.

Then, if you have more capacity (spare funds), do Tsumitate NISA every month (max Y1.2 Million per year or 100k per month) for both of you, and again, the best instrument would probably be the All World All Country Index Fund, and Dollar Cost Average that through thick and thin until retirement.

Then, if you have more capacity (spare funds), max out the Tsumitate NISA with Bonus Contributions for both of you, and again, the best instrument would probably be the All World All Country Index Fund, and Dollar Cost Average that through thick and thin until retirement.

Then, if you have more capacity (spare funds), max out the Growth Portionof NISA for both of you, and again, the best instrument would probably be the All World All Country Index Fund, and Dollar Cost Average that through thick and thin until retirement.

You do not have to pay the max in any of the above. Pay what you can afford.
You cannot back pay iDeCo, you either pay in on the month or loose the chance, but you can Pay into NISA to the max at any time; you can top up Tsumitate NISA with extra Funds as a 'Bonus' Contribution if you have spare capacity within the Y1.2M annual limit, and you can pay in to the Growth Portion any time you like within the Y2.4M annual limit.

That's already a lot, but if you have any more to invest, then regular Investment account, and again, the best instrument would probably be the All World All Country Index Fund, and Dollar Cost Average that through thick and thin until retirement.

https://www.sc.com/sg/stories/dollar-cost-averaging/

I wish I had known all this 10 years ago too...

gaijin86 wrote: ↑Sun Sep 29, 2024 12:35 pm
I'd love to receive a UK pension (but a few of us here are not Brits!) (Topic is Japan pension )

Ah, I see. Yes, need to have lived in the UK / paid national insurance for 3 years in the UK, basically.

Wales4rugbyWC23 wrote: ↑Sat Sep 28, 2024 6:16 am
I keep on telling my Aunt who lives in America, who has dual nationality and a national insurance number, she is laughing all the way to the bank because she gets the Triple lock upgrade unlike Brits residing in Canada, Australia or Japan.

Maybe I’m missing something here, but what special Triple Lock applies to your aunt that is not given to UK citizens living elsewhere in the world? I was under the impression the Triple Lock was applied worldwide to the state pension, not just to those residing in certain countries (the USA?)?

smalldog wrote: ↑Sun Sep 29, 2024 8:02 pm
Maybe I’m missing something here, but what special Triple Lock applies to your aunt that is not given to UK citizens living elsewhere in the world? I was under the impression the Triple Lock was applied worldwide to the state pension, not just to those residing in certain countries (the USA?)?

Managed to find the answer myself with a bit more Googling - we are talking about the triple lock being applied to “after retirement” increases to the pension here - all citizens globally receive the Triple Lock up until that point.

Any insight why the US is a special outlier in this respect?

https://www.pensionsage.com/pa/500000-B ... p-says.php

smalldog wrote: ↑Sun Sep 29, 2024 8:09 pm

smalldog wrote: ↑Sun Sep 29, 2024 8:02 pm
Maybe I’m missing something here, but what special Triple Lock applies to your aunt that is not given to UK citizens living elsewhere in the world? I was under the impression the Triple Lock was applied worldwide to the state pension, not just to those residing in certain countries (the USA?)?

Managed to find the answer myself with a bit more Googling - we are talking about the triple lock being applied to “after retirement” increases to the pension here - all citizens globally receive the Triple Lock up until that point.

Any insight why the US is a special outlier in this respect?

https://www.pensionsage.com/pa/500000-B ... p-says.php

Manifest destiny....

USA, all of the EU and the Philippines resident Brits get the triple lock when retired.

smalldog wrote: ↑Sun Sep 29, 2024 8:09 pm Any insight why the US is a special outlier in this respect?

It depends on the social security agreement between the two countries.

https://www.gov.uk/government/publicati ... te-pension