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Pension: You've got questions, I'll have answers
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banjois



Joined: 14 Nov 2009

PostPosted: Thu Sep 20, 2012 7:44 pm    Post subject: Reply with quote

re: the airport refund, I was talking specifically about getting paid out on your way outta the country at the airport, rather than waiting for a deposit...

Has anybody done this? The NPS website says that you can get it with a ticket to your home country, but I'm curious if you just need a one-way ticket out of Korea.
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yfb



Joined: 29 Jan 2009

PostPosted: Fri Sep 21, 2012 2:15 am    Post subject: Reply with quote

If, after collecting pension once at the end of my old contract, can I collect it again if I return to the country on a new contract and depositing money into my pension fund?
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ajuma



Joined: 18 Feb 2003
Location: Anywere but Seoul!!

PostPosted: Fri Sep 21, 2012 4:43 am    Post subject: Reply with quote

2 questions that I recently asked my employer to find out for me:

How much money is in my pension account?

What happens if I die? Who gets the money? How can I designate who I want the money to go to?


(Ok, question 2 is more than one question!)
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Skippy



Joined: 18 Jan 2003
Location: Daejeon

PostPosted: Fri Sep 21, 2012 5:39 am    Post subject: Reply with quote

ajuma wrote:
2 questions that I recently asked my employer to find out for me:

How much money is in my pension account?


This one can be done over the net. Never done it myself (on my list). Problem is the site is all in Korean. Details on how to do are on this board. Might be a bit dated.
I have heard some people have called up and checked on the balance.


Quote:
What happens if I die? Who gets the money? How can I designate who I want the money to go to?

More likely immediate relations, plus the nature of family.

For this I would check out Sections 4 and 5 of the National Pension Act.

Articles 72 to 76 / Articles 80-81

Quote:
SECTION 4 Survivor Pension

Article 72 (Survivor Pension Beneficiaries)

(1) If a person who falls under any of the following subparagraphs is deceased, a survivor pension shall be paid to his/her surviving family: Provided, That if an insured person whose insurance coverage period is less than one year dies of a disease or injury, the survivor pension shall be paid only where such death is caused by a disease or injury which arose during the insurance coverage period:

1. A beneficiary of an old-age pension;

2. A formerly insured person with an insurance coverage period of ten years or more;

3. A currently insured person;

4. A beneficiary of a disability pension who has a disability in the second degree or higher.

(2) If a formerly insured person whose insurance coverage period is less than ten years dies of a disease or injury which arose during his/her insurance coverage period or of a disease caused by the said injury within two years from the date of the first medical examination performed during his/her insurance coverage period of or within one year after losing his/her insured status, the survivors may be paid the survivor pension: Provided, That where the person in question or survivors have been paid a lump-sum refund pursuant to Article 77, the survivor pension shall not be paid.

Article 73 (Scope of Survivors, etc.)

(1) Survivors entitled to a survivor pension shall be each of the following persons whose livelihood is supported by the currently or formerly insured person at the time the person is deceased. In such cases, the criteria of recognition of a person whose livelihood is supported by the currently or formerly insured person shall be determined by Presidential Decree:

1. Spouse;

2. Child: Provided, That such is limited to a child who is 18 years of age or younger, or a child with a disability in the second degree or higher;

3. Parent (including the parent of a spouse; hereafter the same shall apply in this Section): Provided, That such is limited to a parent who is 60 years of age or older, or a parent with a disability in the second degree or higher;

4. Grandchild: Provided, That such is limited to a grandchild who is 18 years of age or younger, or a grand child with a disability in the second degree or higher;

5. Grandparent (including the grandparent of a spouse; hereafter the same shall apply in this Section): Provided, That such is limited to a grandparent who is 60 years of age or older, or a grand parent with a disability in the second degree or higher.

(2) A survivor pension shall be paid only to the person in the highest priority rank in the order of the subparagraphs of paragraph (1): Provided, That if the right of the survivor in paragraph (1) 1 to receive the survivor pension expires or is suspended, the survivor pension shall be paid to the survivor in subparagraph 2 of the same paragraph.

(3) If two or more survivors in the same priority ranking under paragraph (2) exist, the survivor pension shall be divided and paid out equally and the method for such payment shall be prescribed by Presidential Decree.

Article 74 (Survivor Pension Amount)

A survivor pension amount shall be any of the following amounts depending on the insurance coverage period plus a dependant pension amount: Provided, That a survivor pension amount payable where a beneficiary of an old age pension is deceased shall not exceed the old age pension amount received by the deceased:

1. For an insurance coverage period less than 10 years, an amount equivalent to 400/1000 of the basic pension amount;

2. For an insurance coverage period ranging from 10 to less than 20 years, an amount equivalent to 500/1000 of the basic pension amount;

3. For an insurance coverage period of 20 years or more, an amount equivalent to 600/1000 of the basic pension amount.

Article 75 (Termination of Right to Receive Survivor Pension)

(1) If a beneficiary of a survivor pension falls under any of the following subparagraphs, the right to receive the pension shall terminate:

1. When the beneficiary is deceased;

2. When the beneficiary who is a spouse remarries;

3. When the beneficiary who is a child or grandchild is adopted or whose relationship is terminated;

4. When the beneficiary who is a child or grandchild and does not fall under the category of a disability in the second degree or higher reaches 18 years of age;

5. When the person who acquired the right to receive a pension due to a disability no longer falls under a disability in the second degree or higher.

(2) The right of a parent, grandchild or grandparent to receive a survivor pension shall terminate if a child who was a fetus at the time of death of a currently or formerly insured person is born and thereby acquires the right to receive a survivor pension.

Article 76 (Suspension of Payment of Survivor Pension to Spouse)

(1) With respect to a spouse who is a beneficiary of a survivor pension, the survivor pension shall be paid for three years from the time of attaining the right to receive such pension and then suspended until the spouse reaches 55 years of age: Provided, That if the beneficiary falls under any of the following subparagraphs, the payment of such pension shall not be suspended:

1. Where the beneficiary has a disability of the second degree or higher;

2. Where the beneficiary supports the livelihood of the currently or formerly insured person''s child under 18 years of age or such person''s child with a disability of the second degree or higher;

3. Where the beneficiary is not engaged in income-earning activities prescribed by Presidential Decree.

(2) When the whereabouts of a spouse who is a beneficiary of a survivor pension is unknown for more than one year, the amount of the survivor pension payable to him/her for the period during which his/her whereabouts is unknown shall be suspended at the request of the child who is a survivor.

(3) Where there are two or more beneficiaries of a survivor pension other than the spouse, among which there is a person whose whereabouts is unknown for more than one year, the payment of the survivor pension payable to him/her for the period in which his/her whereabouts is unknown shall be suspended at the request of the other beneficiaries of the survivor pension.

(4) Where the whereabouts of a person to whom the payment of a survivor pension is suspended pursuant to paragraphs (2) and (3) is confirmed, the suspension of the payment shall be removed at the request of the person in question.

Quote:
SECTION 5 Lump-Sum Refunds, etc.


Article 80 (Lump-Sum Death Payment)

(1) When a currently or formerly insured person is deceased without any survivors referred to in Article 73, a lump-sum death payment shall be paid to the deceased's spouse, children, parents, grandchildren, grandparents or siblings: Provided, That the person whose whereabouts is unknown due to being missing, etc. at the time the currently or formerly insured person is deceased, a lump-sum death payment shall not be made; where the deceased has no surviving spouse, children, parents, grandchildren, grandparents and siblings, a lump-sum death payment shall be made to a person who is a collateral blood relative in the fourth degree of relationship, whose livelihood is supported by such currently or formerly insured person. In such cases, the criteria and method to determine if a person is one whose whereabouts is unknown and the criteria to determine if a person is one whose livelihood is supported by the currently or formerly insured person shall be prescribed by Presidential Decree.

(2) A lump-sum death payment under paragraph (1) shall be an amount equivalent to a lump-sum refund payable to the currently or formerly insured person; the amount of the lump-sum death payment shall not exceed four times the larger amount between the amount obtained by converting the last standard monthly income of the currently or formerly insured person who is deceased into the value of the year preceding the year of payment of the lump-sum death payment according to the annual revaluation rate referred to in Article 51 (1) 2 and the amount obtained by averaging the standard monthly incomes for the insurance coverage period which is included mutatis mutandis according to the same subparagraph.

(3) The priority order of the persons to receive a lump-sum death payment under paragraph (1) shall be in the order of the deceased's spouse, children, parents, grandchildren, grandparents, siblings and collateral blood relatives in the fourth degree of relationship. When there are two or more persons in the same priority rank, the payment shall be divided and paid out equally, and the method for such payment shall be determined by Presidential Decree.

Article 81 (Relationship between Survivor Pension Payments and Lump-Sum Death Payments)

With respect to a beneficiary of a survivor pension under Article 73 (1) 2 and 4, when the amount of the survivor pension paid until the right to receive the survivor pension terminates under Article 75 (1) 4 is smaller than the lump-sum death payment under Article 80 (2), the difference shall be paid in lump sum.


YFB's question

Quote:
If, after collecting pension once at the end of my old contract, can I collect it again if I return to the country on a new contract and depositing money into my pension fund?


People have done this before. Gone/cancel visa, time passes, come back/ get new contract. It should do doable to get a lump sum refund AS long as the current visa ends. Problem is thinks get dicey with the timing in between. Add in some of the officials knowledge and attitude towards such moves. Some think NO, others see it as gaming the system. This attitudes and such can prove to be barriers at times.
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Stan Rogers



Joined: 20 Aug 2010

PostPosted: Fri Sep 21, 2012 5:39 am    Post subject: Reply with quote

ajuma wrote:
2 questions that I recently asked my employer to find out for me:

How much money is in my pension account?

What happens if I die? Who gets the money? How can I designate who I want the money to go to?


(Ok, question 2 is more than one question!)


2 very good questions.
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ajuma



Joined: 18 Feb 2003
Location: Anywere but Seoul!!

PostPosted: Fri Sep 21, 2012 5:44 am    Post subject: Reply with quote

I have never been asked to name a beneficiary for my pension and I've been here for 15 years. I'm on my second marriage and would like to have some of the money go to my spouse and some to my kids. I know a lot of teachers in Korea are young with no spouse and no kids. Will their parents be the beneficiary?

How do I designate a beneficiary? No one at my school know the names or addresses of immediate family.

(I'm assuming that the private pension has similar rules as that's what I've been covered under for the past 10 years).
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Skippy



Joined: 18 Jan 2003
Location: Daejeon

PostPosted: Fri Sep 21, 2012 6:23 am    Post subject: Reply with quote

Have you checked the NPS site ajuma? Full of information in English. Plus did you read the info I provided?

Read the Article 73 for who can receive.

This link provides both info for Canadians and survivor benefits and lump sum refund for survivors.

http://forums.eslcafe.com/korea/posting.php?mode=reply&t=223249

For Australians
http://english.nps.or.kr/jsppage/english/agreement/agreement_02_13_03.jsp

For Americans
http://english.nps.or.kr/jsppage/english/agreement/agreement_02_03_03.jsp

Getting the survivors pension and that will take some paperwork on their part to get. I think the pension office will not go out their way to clear things up. You die, they will hold on to the money, until someone who is eligible claims it.

Best thing to do to plan for future is to do it yourself. Do not rely on the pension office or school or others to do the leg work. Provide you school with an Emergency Contact sheet. Fill in the Emergency page in your passport too. Consider even registering with your Embassy. Get a will done. Even just throwing together a basic plan in the case of your demise will helps things along. So you might need to inform significant others or family of your demise, that maybe some money might be due them. There are even websites that will automatically email people on your passing.
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ajuma



Joined: 18 Feb 2003
Location: Anywere but Seoul!!

PostPosted: Fri Sep 21, 2012 6:28 am    Post subject: Reply with quote

Skippy, you asked about what questions that your clients/students might be asked...so I asked!!

Since I'm not a member of the NPS, the answers given here may or may not be true. I'm assuming that they're close so I'll make some arrangements. Thanks!
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Skippy



Joined: 18 Jan 2003
Location: Daejeon

PostPosted: Fri Sep 21, 2012 6:47 am    Post subject: Reply with quote

ajuma wrote:
Skippy, you asked about what questions that your clients/students might be asked...so I asked!!

Since I'm not a member of the NPS, the answers given here may or may not be true. I'm assuming that they're close so I'll make some arrangements. Thanks!


Yep this thread is about pension and questions to ask. Thing is many of them have been answered. Plus when we get the answer, if we do, can take some time. So why not provide answer NOW if possible.


Last edited by Skippy on Thu Oct 03, 2013 2:40 am; edited 1 time in total
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ajuma



Joined: 18 Feb 2003
Location: Anywere but Seoul!!

PostPosted: Fri Sep 21, 2012 7:07 am    Post subject: Reply with quote

Skippy wrote:
ajuma wrote:
Skippy, you asked about what questions that your clients/students might be asked...so I asked!!

Since I'm not a member of the NPS, the answers given here may or may not be true. I'm assuming that they're close so I'll make some arrangements. Thanks!


Yep this thread is about pension and questions to ask. Thing is many of the have been answered. Plus when we get the answer, if we do can take some time. So why not provide answer NOW if possible.


You're right, but I bet at least 70% of teachers in Korea don't know about Dave's or pensions, or the NPS or the private pensions. People will be calling the NPS (or going in person if they're in the area) and asking these questions. That's the point of what you want to teach, right?

Are you going to tell all of your client/students to say "Go to our website."?
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Stan Rogers



Joined: 20 Aug 2010

PostPosted: Fri Sep 21, 2012 7:53 am    Post subject: Reply with quote

ajuma wrote:
I have never been asked to name a beneficiary for my pension and I've been here for 15 years. I'm on my second marriage and would like to have some of the money go to my spouse and some to my kids. I know a lot of teachers in Korea are young with no spouse and no kids. Will their parents be the beneficiary?

How do I designate a beneficiary? No one at my school know the names or addresses of immediate family.

(I'm assuming that the private pension has similar rules as that's what I've been covered under for the past 10 years).


Ajuma I can tell you and everyone who reads this that the teachers private pension plan pays a death benefit of one months salary even if it's a family member. One of my parents (in Canada) passed away a few years back and I was told by a person here on Dave's to look into it. I did and I found I was entitled to one months salary from the pension fund as a death benefit. It paid for my plane ticket home.

I am sorry to anyone here who loses a parent. But if it happens to you and you are in the private teachers pension plan, this lump sum payment is yours. You ask for it through your employer and you should have a death certificate. Get a Korean to help you fill out the form because it's not in English and you won't get it unless you ask.

Koreans just assume we know things like this, but really most of us don't. It's a very considerate benefit and I applaud the Korean Teachers Private Pension Plan for being so thoughtful.
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Skippy



Joined: 18 Jan 2003
Location: Daejeon

PostPosted: Fri Sep 21, 2012 10:30 am    Post subject: Reply with quote

ajuma wrote:

You're right, but I bet at least 70% of teachers in Korea don't know about Dave's or pensions, or the NPS or the private pensions. People will be calling the NPS (or going in person if they're in the area) and asking these questions. That's the point of what you want to teach, right?

Are you going to tell all of your client/students to say "Go to our website."?


70 %. I would say more. Not to get this thread to far off topic. My point to teach is...

The information is out there, you have to look for. Read it. Think about it. It just annoys me, that people do not do the research or try. Some people get lucky and things work out for them. For others, problems come up and they get screwed. Lots of people I see is just ASK and hope someone else will do the work or thinking for them.

If you told someone, that if all they had to do to get 1000 dollars is read a book that is a little technical. Do some paperwork. Careful on some timing in submitting paperwork, the cash is yours. You would think people would jump at the chance to do it. Yet many of the NETs here do not. Lots of people just can not be bothered to do it. Or when they do get bothered, it might be to late or doubly complicated.

Still some of the questions have been answered before. Just want is need is clarification.

Like the one way / two way ticket?
Or the getting multiple refunds?
What is a good time in between getting refund and coming back?
What is the average time for refund?
Does getting a refund actually mean I have to cancel my visa? More so for F-type visa people.

and so on.

It is getting the details. The details that can mean the difference between getting some cash or not.

As to the website (is that question for me?). I do like do that. I like to comment to people check out the website. Well when the website is prudent or useful. You can be amazed what you can find if you look or just try. Like the previous example above with the private pension and the parents death refund. Somebody found something out of a rule, looked into it AND got some money.
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postfundie



Joined: 28 May 2004

PostPosted: Sun Nov 11, 2012 9:14 am    Post subject: Reply with quote

another poster mentioned that, after a certain amount of time (10 years?) your pension money gets 'locked in' until you retire...is there any information on this??
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waynehead



Joined: 18 Apr 2006
Location: Jongno

PostPosted: Sun Nov 11, 2012 6:47 pm    Post subject: Reply with quote

Another poster asked about this, but I didn't see an answer.

I'm an American. Are my pension payments transferrable to Social Security? For example, if I worked here for 10 years then returned home, would Social Security consider me covered for those 10 years (transfer my Korean pension)?
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goreality



Joined: 09 Jul 2009

PostPosted: Sun Nov 11, 2012 11:26 pm    Post subject: Reply with quote

For those who have questions that can be answered by reading the FAQ section of the NPS website....the correct answer to their question is, "Please refer to the FAQ section on the NPS website."
Institutions set up FAQ pages for a reason. I would prefer to keep the management fee of my pension as low as possible, There is no need for waste of time questions. I have no problem with them telling foreigners with typical questions to have a look at the English Website or drop by and pick up a FAQ sheet.
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