RetireJapan

https://www.bbc.com/news/articles/cewlqxv0n1qo

Let's hope the Triple Lock continues to stay in place, and that any UK government allows us to keep paying in our contributions while living abroad.

12,000 quid is about 2.3m yen, currently.
Combined with a full Japanese 厚生年金 (probably around 1.44m yen per year) that's not bad....

No doubt as Japan's race to the bottom picks up pace in the coming decades, a full UK state pension alone will probably allow one to live decently in Japan....

Good news. Now how do we lock in the pound/yen rates?

Triple lock is unsustainable in the long-term. State pension should only go up with the cost of living.

banders wrote: ↑Wed Sep 04, 2024 12:08 pm On the other hand...

Doing something about this whole debacle would help:
https://www.bbc.com/news/uk-politics-66855830
8m quid x 365 = 2.92bn annually!

beanhead wrote: ↑Wed Sep 04, 2024 12:01 pm Good news. Now how do we lock in the pound/yen rates?

I just hope that when I reach retirement age the pound/yen rate returns back to where it was a few years ago, 255 yen to a pound!
That would afford me a few extra beers per week!

Wales4rugbyWC23 wrote: ↑Wed Sep 04, 2024 12:28 pm Triple lock is unsustainable in the long-term. State pension should only go up with the cost of living.

It would be sustainable if the UK stopped wasting money on foreign aid and other money pits.

Roger Van Zant wrote: ↑Thu Sep 05, 2024 2:20 am

Wales4rugbyWC23 wrote: ↑Wed Sep 04, 2024 12:28 pm Triple lock is unsustainable in the long-term. State pension should only go up with the cost of living.

It would be sustainable if the UK stopped wasting money on foreign aid and other money pits.

No. Not even close. Even if we accept that foreign aid is a waste (which is highly contentious, and I personally disagree with) the amounts spent on foreign aid are not going to touch the sides of the pension funding black hole. Even now, the amount spent on ODA (overseas development assistance) is less than 10% of what is spent on pensions (~ 11bn/annum vs 124bn projected payment in State Pension contributions this year).

The 40 bn a year loss since Brexit sure would have come in handy

Triple lock increases for Brits (or those who’ve worked in UK and have paid/continue to pay NI contributions) are most welcome while we tick along towards retirement. Sadly, those who choose to retire in Japan (which is probably many of us, given that we’re members of this forum!) won’t benefit from the triple lock (assuming it’s still in place then anyway) after we’ve hit UK state retirement age. You have to be in the UK, an EU country, or some countries in the commonwealth, unless there’s a change in the agreement between UK and Japan.