RetireJapan

Hello,
I have paid private school pension for 7 years.

I am wondering what the pension would be if I stay until I reach the 10 year minimum.

I have met with the private school pension office, but they could not estimate what my future pension might be.

I checked my payment history on nenkin.net but I cannot run any future estimates since I have paid less than 10 years.

Any suggestions?

There is a way to calculate but it is very fiddly. If you pay into kosei nenkin for ten years I would say a pension of 40,000 yen a month would not be completely wrong (it might be more or less, but somewhere in the same ballpark).

I just checked mine again, and based on paying in for 21 years my projected pension is just under 85,000 yen a month.

Kim wrote: ↑Wed Oct 20, 2021 3:56 am Hello,
I have paid private school pension for 7 years.

I am wondering what the pension would be if I stay until I reach the 10 year minimum.

I have met with the private school pension office, but they could not estimate what my future pension might be.

I checked my payment history on nenkin.net but I cannot run any future estimates since I have paid less than 10 years.

Any suggestions?

Japan has agreements with some countries to allow for credits earned overseas, so it isn't exactly 10 years or nothing.

slightly different angle-but can a public school pension be calculated on nenkin net-i thought it couldnt be as pensionnumber is different?

Can I receive the full amount of private school pension back if I leave Japan? I read it is up to 5 years for the public pension but wondered if it is possible to get all of it for private school pensions?

RetireJapan wrote: ↑Wed Oct 20, 2021 4:06 am There is a way to calculate but it is very fiddly. If you pay into kosei nenkin for ten years I would say a pension of 40,000 yen a month would not be completely wrong (it might be more or less, but somewhere in the same ballpark).

thanks, that helps!

bryanc wrote: ↑Wed Oct 20, 2021 6:53 am slightly different angle-but can a public school pension be calculated on nenkin net-i thought it couldnt be as pensionnumber is different?

yes, I could see what I had paid into the private school pension on there but I could not run any simulations.

A ballpark estimation of kosei nenkin benefits is:

Annual pension = 40,000 yen x years of contribution.

This assumes an average monthly remuneration of about 300,000 yen. Earn more or less than this, and the pension benefits will adjust accordingly.

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A more accurate estimate is to calculate (a) + (b) below:

(a) fixed portion
Annual benefit = 1,628 x months of coverage

(b) remuneration-related portion
Annual benefit = average standard monthly remuneration x 0.005481 x number of covered months (April 2003 and later)

So, for 10 years, if average monthly remuneration is 300,000:

(a) = 1628 x 120 = 195,360
(b) = 300,000 x 0.005481 x 120 = 197,316

(a) + (b) is approximately 400,000 yen.

Note though that the precise calculation has extra caveats, eg the multiplication factors may change over time, but the numbers would be in the same ballpark. Contributions before April 2003 have a higher benefit rate, so would change things more significantly.

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If you have PR status, then you probably already qualify to receive a Japanese pension via 7 years of contributions + 3 years of ‘complementary period’, assuming you were out of Japan for 3+ years after reaching 20 years old. See https://retirewiki.jp/wiki/Japanese_pen ... ion_period

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Also, Shigaku Kyosai (Private School Mutual Aid) has a small additional retirement pension. The numbers, however, might be too small to adjust the above ballpark estimates!

Kim wrote: ↑Wed Oct 20, 2021 7:11 am Can I receive the full amount of private school pension back if I leave Japan? I read it is up to 5 years for the public pension but wondered if it is possible to get all of it for private school pensions?

If you leave Japan before making 120 months of contributions to payments you can apply for a refund of up to five years' worth of contributions. This will cancel out all your pension contributions.

Once you have paid 120 months you no longer qualify for a refund and instead will receive a pension in old age (or perhaps merge the Japanese contribution period with your home country's pension if you have that kind of pension treaty).