SIA Lump Sum Withdrawal

[MickMack]

Dear Gaijin gurus,

In brief I am wondering if the lump sum withdrawal from social security when leaving japan is 100% (give or take a small bit)?

My home country (UK) has a bilateral agreement with J but after making some inquiries I decided I would just pay into the J system. But then I got my paycheck and I admit my feelings toward all those 1 million year old nihonjins I see jogging around my local park at 0.00004kph darkened somewhat.

So I guess I may as well continue paying for the 6 months and then think about changing?

Cheers,
MickMack

PS. I guess this question exists in some form in the forums already, but I couldn't find it

[IparryU]

Dear Gaijin gurus,

In brief I am wondering if the lump sum withdrawal from social security when leaving japan is 100% (give or take a small bit)?

My home country (UK) has a bilateral agreement with J but after making some inquiries I decided I would just pay into the J system.

you should have googled that before your payed into it.

In general:
1. shitty system despite the agreement, google it and read all the hate.
2. a big chunk is taken out if you don't pay into it for long. The money you pay into a national pension system is not for "your" pension, it is for the people soon to retire... That is why the next retirement phase is going to be hurt... not enough working people : retiring people. (google: "Japan Greying Society" for background
3. Eat your loss and don't pay into another country's pension system. You could have set up a pension plan back at home to save you the issues, but we all learn.


Good luck.

[MickMack]

Hi,

Thanks for the reply.

I posted something similar at gaijinpot and managed to find some more definitive info (my hopes of 100% were optimistic) -
http://forum.gaijinpot.com/showthread.php?88840-Another-Lump-Sum-Withdrawal-Question

Also on point 3. do you any more definitive info?

Some people that as an employee of a Japanese company I never had any choice, before leaving I asked my national pension scheme how to opt out and they suggested that people in my situation should just pay into the J system. However, others (like yourself) say I could have opted out.

But, yes as a recent graduate I am a bit naive.

Cheers

[Greji]

Hi,

Thanks for the reply.

I posted something similar at gaijinpot and managed to find some more definitive info (my hopes of 100% were optimistic) -
http://forum.gaijinpot.com/showthread.php?88840-Another-Lump-Sum-Withdrawal-Question

Also on point 3. do you any more definitive info?

Some people that as an employee of a Japanese company I never had any choice, before leaving I asked my national pension scheme how to opt out and they suggested that people in my situation should just pay into the J system. However, others (like yourself) say I could have opted out.

But, yes as a recent graduate I am a bit naive.

Cheers

I would suggest you have your office, or wife/gf guide you to the local pension center, be it a fukushi center, or a section of the city/ward office. The centers are the best for accurate info, but again it depends on your country of origin. If you are from a country with the mutual pact with Japan, you will not lose in the long run as your payments in Japan can and will be credited to your retirement in your own country. If you do not stay in Japan, you would lose some money if you opt out and take a cash settlement when you lose money, although you will retain some retirement credit. Also, the lump sum settlement is seldom 100%, and depends on the time in the system. But, if you're going to be staying in Japan until retirement, there is a benefit, i.e. for a U.S. citizen, you may collect Social Security Retirement money from the US and also a Kokuminnenkin retirement payments from Japan.



I suggest you get all the info before listening to the large chorus of nay sayers, most of whom know nothing more than the other "gripes" they have read about from equally uninformed nits on the internet. My mate from the US retired here, he and his wife draw the monthly stipend in Japan Kokuminnenkin and also both draw monthly stipends in Social Security from the states. The wife who is a Japanese citizen draws US Social Security as his wife and has never worked in the states. But, if you don't apply, you get nothing from either. Also, everybody is always going to bitch about something you've got to pay into for so long without seeing an immediate result.

Most of the real vile gripes/bitches about the Japanese system began during the eikaiwa boom when guys/gals were coming into ride the money wave, objected to paying out anything, be it for retirement, or even health care on the full time jobs. They just wanted to get all their cash and get out of town before sunset without paying for/or into anything (including taxes).

Each person's job and/or situation is usually a bit different, so take the time to find out, and to actually understand the system before you make a decision on it. It's like the ever present visa questions, the opinions that you read on the net are just that, an opinion, or at best, one person's experience. You can't know, or tell if it will apply to your case.....It takes some sorting through, but be sure to check the embassy web site for ex-pats residing in Japan and such sites as here...
JMHO