Simple Q&A - iDeCo

[beanhead]

I decided to set up my iDeco account with SBI the other day. However, each time I'm about to input my bank information, the error message below shows up. I've tried redoing the entire process from the beginning four times already at different times of the day, but with no luck. Does anyone know what I might be doing wrong? Thanks!

掛金引落口座登録のお手続きが中断されました。

お手数ですが最初からやり直して下さい。

You can't apply online. As a non-Japanese resident all of the brokers will require you to fill out paper forms. This should be made clear in the application process. If not, maybe just call them and ask them to send you the forms to fill out by hand.

[ClearAsMud]

According to the forms, it needs to be a "long term" kyosai member for the 12,000 limit to apply. I'm not sure what a long term member is, though.

"Long-term" here is not a reference to length of membership but to length of benefit payments (chōki kyūfu). Mutual-aid societies divide their social-insurance benefits into long-term benefits and short-term benefits. The former include items paid out more or less permanently, most centrally pensions. The latter include all paid-once-and-done benefits, meaning basically health insurance and associated benefits (the PMAC equates short-term benefits with health insurance on this page). Thus, the form is essentially asking your employer to check off which pension category you belong to.