Japan and the United Kingdom have recently signed a new pension agreement that is set to benefit citizens of both countries. The agreement, which was signed in February 2021, will allow people who have lived and worked in both Japan and the UK to access their state pension entitlements from both countries.
The agreement will help to ensure that individuals who have built up pension entitlements in both countries are not penalized for having worked and paid into pension schemes in different countries. Under the new agreement, people who have lived and worked in Japan and the UK will be able to claim their state pension entitlements both in Japan and the UK, depending on where they are residing at the time.
Previously, people who had lived and worked in both countries would have had to rely on the rules of each country to determine how their pensions would be paid out. This often meant that individuals were not able to receive the full amount of their pension entitlements, or that they faced administrative difficulties in accessing their pension payments from both countries.
The new agreement will make it easier for individuals who have worked in both Japan and the UK to receive the full amount of their state pension entitlements. This will be particularly beneficial for those who have spent a significant amount of time working in both countries and who may otherwise have faced difficulties in accessing their pensions.
It is important to note that the new pension agreement only covers state pensions and does not apply to private pensions or other forms of retirement savings. Individuals who have private pensions or other forms of retirement savings will need to consult with their pension providers to determine how their pensions will be affected by the new agreement.
Overall, the new pension agreement between Japan and the UK is a positive development for individuals who have lived and worked in both countries. It will help to ensure that people are able to access their full state pension entitlements from both countries, and will remove some of the administrative difficulties that individuals may have faced in the past.