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HOW TO COLLECT PENSION AT AIRPORT & RETURN NEXT DAY
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beentheredonethat777



Joined: 27 Jul 2013
Location: AsiaHaven

PostPosted: Fri Aug 09, 2013 6:44 pm    Post subject: Reply with quote

.
Quote:
I'm leaving a day after finishing my fifth and final contract
,

I left the next morning that my contract finished. I collected my CASH with no problems.
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newb



Joined: 27 Aug 2012
Location: Korea

PostPosted: Fri Aug 09, 2013 7:19 pm    Post subject: Reply with quote

beentheredonethat777 wrote:
Quote:
His response was that they cannot drop me from NPS until a day after my contract ends. I'm leaving a day after finishing my fifth and final contract, so I will have to settle for the lump-sum refund into my bank account. Rolling Eyes

^^[/quote]
Quote:
@newbie: This information is correct.
But you really shouldn't have settled a for -lump sum into your bank account. You could have still picked up your cash at the airport.

A. What will happen is , month later, they will send you an email/bill for one month of pension,because pension contributions are always paid one month later. Asking you to please pay your portion as they have paid their part.

NO your employer cannot drop you from pension early.
But you still could have collected your money at the airport. I think you were asking too many questions.

You overcomplicated the process. Don't volunteer a lot of extra information or ask a lot of questions. This always brings a RED FLAG!

Everyone please read this. Do not try to confuse the people at the pension office. FILE FOR YOUR CASH and TELL THEM YOU WILL BE COLLECTING AT THE AIRPORT. DO not create SCENARIOS, TRY to PICK their BRAIN, or think of WHAT IF...Kind of questions.

Did you say, I've never coming back again? If so, you once again volunteered a lot of information.


General Information: You can also take a copy of contract to show completion date also.[/quote]

I didn't tell the pension guy that I opt for bank account deposit, but I just assume that's what will end up happening when I try to get the money at the airport. I still have the paper given to me to file for airport refund.

So are you saying I can still collect the money at the airport without my school dropping me from the pension?
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beentheredonethat777



Joined: 27 Jul 2013
Location: AsiaHaven

PostPosted: Fri Aug 09, 2013 7:45 pm    Post subject: Reply with quote

newb wrote:
beentheredonethat777 wrote:
Quote:
His response was that they cannot drop me from NPS until a day after my contract ends. I'm leaving a day after finishing my fifth and final contract, so I will have to settle for the lump-sum refund into my bank account. Rolling Eyes

^^

Quote:
@newbie: This information is correct.
But you really shouldn't have settled a for -lump sum into your bank account. You could have still picked up your cash at the airport.

A. What will happen is , month later, they will send you an email/bill for one month of pension,because pension contributions are always paid one month later. Asking you to please pay your portion as they have paid their part.

NO your employer cannot drop you from pension early.
But you still could have collected your money at the airport. I think you were asking too many questions.

You overcomplicated the process. Don't volunteer a lot of extra information or ask a lot of questions. This always brings a RED FLAG!

Everyone please read this. Do not try to confuse the people at the pension office. FILE FOR YOUR CASH and TELL THEM YOU WILL BE COLLECTING AT THE AIRPORT. DO not create SCENARIOS, TRY to PICK their BRAIN, or think of WHAT IF...Kind of questions.

Did you say, I've never coming back again? If so, you once again volunteered a lot of information.


General Information: You can also take a copy of contract to show completion date also.[/quote]

I didn't tell the pension guy that I opt for bank account deposit, but I just assume that's what will end up happening when I try to get the money at the airport. I still have the paper given to me to file for airport refund.

Quote:
So are you saying I can still collect the money at the airport without my school dropping me from the pension?
[/quote]

YES, YOU WILL RECEIVE THE MONEY AT THE AIRPORT.99.9% sure. They will not ask you ANY questions. Same for me.
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beentheredonethat777



Joined: 27 Jul 2013
Location: AsiaHaven

PostPosted: Fri Aug 09, 2013 7:49 pm    Post subject: Reply with quote

newb wrote:
beentheredonethat777 wrote:
Quote:
His response was that they cannot drop me from NPS until a day after my contract ends. I'm leaving a day after finishing my fifth and final contract, so I will have to settle for the lump-sum refund into my bank account. Rolling Eyes

^^

Quote:
@newbie: This information is correct.
But you really shouldn't have settled a for -lump sum into your bank account. You could have still picked up your cash at the airport.

A. What will happen is , month later, they will send you an email/bill for one month of pension,because pension contributions are always paid one month later. Asking you to please pay your portion as they have paid their part.

NO your employer cannot drop you from pension early.
But you still could have collected your money at the airport. I think you were asking too many questions.

You overcomplicated the process. Don't volunteer a lot of extra information or ask a lot of questions. This always brings a RED FLAG!

Everyone please read this. Do not try to confuse the people at the pension office. FILE FOR YOUR CASH and TELL THEM YOU WILL BE COLLECTING AT THE AIRPORT. DO not create SCENARIOS, TRY to PICK their BRAIN, or think of WHAT IF...Kind of questions.

Did you say, I've never coming back again? If so, you once again volunteered a lot of information.


General Information: You can also take a copy of contract to show completion date also.[/quote]

I didn't tell the pension guy that I opt for bank account deposit, but I just assume that's what will end up happening when I try to get the money at the airport. I still have the paper given to me to file for airport refund.

Quote:
So are you saying I can still collect the money at the airport without my school dropping me from the pension?
[/quote]

YES, YOU WILL RECEIVE THE MONEY AT THE AIRPORT.99.9% sure. They will not ask you ANY questions. Same for me.
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newb



Joined: 27 Aug 2012
Location: Korea

PostPosted: Fri Aug 09, 2013 8:30 pm    Post subject: Reply with quote

Ok, thank for the vote of confidence minus 0.001%.

While most of my savings are stashed in overseas account, with my final pay, severance, exit allowance, pension, and some money I have in Korean bank account will be in excess of USD50k. I plan to carry the money with me and let the cash sniffing dogs have at it. Razz
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beentheredonethat777



Joined: 27 Jul 2013
Location: AsiaHaven

PostPosted: Fri Aug 09, 2013 8:48 pm    Post subject: Reply with quote

newb wrote:
Ok, thank for the vote of confidence minus 0.001%.

While most of my savings are stashed in overseas account, with my final pay, severance, exit allowance, pension, and some money I have in Korean bank account will be in excess of USD50k. I plan to carry the money with me and let the cash sniffing dogs have at it. Razz



WOW! That's a lot of loot to carry through customs.

Do you have a KEB Global Check card? If you do, this is also an excellent way to get your cash out in any country. I have several bank accounts in Korea. But before I went home, I transferred most to KEB and used GLOBAL VISA check card to withdraw all my funds. It was much safer and easier.


Also accounts in Korea, never close. So, even with a single won in the bank, you can keep an account forever. Just a thought!
My friend's husband is a bank manager. So he gives me tips about banking, etc.
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newb



Joined: 27 Aug 2012
Location: Korea

PostPosted: Fri Aug 09, 2013 10:47 pm    Post subject: Reply with quote

Quote:
WOW! That's a lot of loot to carry through customs.


Well, I have nothing to hide. I earned it legally and I don't feel like allowing banks to make a dime from me with their ridiculous banking fee. I suspect the airport bank (shinhan) that will disperse the pension money will apply ridiculous exchange rate with premium in their favor. So I'll just cut out all middlemen and handle it myself.

If you see a guy at the airport only carrying a small carry-on bag with his pockets bulging out, that'll be me, the newb. Razz
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Good Will Riker



Joined: 25 Dec 2009
Location: South Korea

PostPosted: Sat Aug 10, 2013 1:31 am    Post subject: Reply with quote

Is the pension refund "a one-time process" only?

I have held the same f-series visa for a number of years now and never opted for my refund yet due to this very reason.
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newb



Joined: 27 Aug 2012
Location: Korea

PostPosted: Sat Aug 10, 2013 2:38 am    Post subject: Reply with quote

Good Will Riker wrote:
Is the pension refund "a one-time process" only?

I have held the same f-series visa for a number of years now and never opted for my refund yet due to this very reason.


As far as I know it's not a one-time thing. You can collect the refund as you're leaving the job and Korea, but you can always return for a new job and collect again. And as for the F series visa, I assume it would be the same but don't quote me on it.

As for me, it's the last time thing. Razz
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hogwonguy1979



Joined: 22 Dec 2003
Location: the racoon den

PostPosted: Sat Aug 10, 2013 2:40 am    Post subject: Reply with quote

wings wrote:
Quote:
so I will have to settle for the lump-sum refund into my bank account. Rolling Eyes


After five years here, I'm sure your pension is well over the amount of cash that you are legally allowed to transport (10,000USD).

Some of the sniffer dogs at the airport are not drug sniffer dogs, they are trained to sniff out wads of cash. When my husband and I came to Korea we had a lot of cash with us (but we kept it to 9,000 USD each) for our key money on the apartment we had set up, a few months living expenses etc. We got sniffed by the dogs. If you have over 10,000 you have to declare it and pay tax on it. That would SUCK!


INCORRECT!!!!!!!!!!! as long as you can show where the excess of $10k came from YOU DO NOT HAVE TO PAY US TAX ON IT coming into the country. All customs cares about is where the money came from
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beentheredonethat777



Joined: 27 Jul 2013
Location: AsiaHaven

PostPosted: Sat Aug 10, 2013 7:01 am    Post subject: Reply with quote

Quote:
[quote="newb"][quote="Good Will Riker"]Is the pension refund "a one-time process" only?


No. You can repeat this process every year. Many teachers prefer withdrawing each year. You just never know how the economy/government may suddenly change.

Finish a contract. collect your pension. Start new contract. Finish. Collect pension. Repeat.
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beentheredonethat777



Joined: 27 Jul 2013
Location: AsiaHaven

PostPosted: Fri Aug 16, 2013 7:00 pm    Post subject: Re: HOW TO COLLECT PENSION AT AIRPORT & RETURN NEXT DAY Reply with quote

Quote:



NOTE: This process should be done BEFORE you SWITCH to a D-10 , if you are planning to go that route
.


And BEFORE you FIND a new job! Or else the ARC card will have your NEW job and completion date stamped on it. This is a 8/17/2013 reply to the person who asked me about accepting a NEW job offer and collecting the pension.

IF you have been offered or/ are planning to accept a new job, just wait until you have returned and have your PENSION MONEY in hand, then sign the NEW contract. That's what I did!


You should have 30 days left on your ARC at the end of your current contract, right?
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beentheredonethat777



Joined: 27 Jul 2013
Location: AsiaHaven

PostPosted: Sun Sep 22, 2013 6:17 pm    Post subject: Reply with quote

I am so glad I collected my wad of cash at the airport. Apparently it takes two or three months to receive it the" other" way. In fact, today I received a final pension deposit into my Korean bank account. Wow, that transaction took a long time! I was surprised but happy to get it.

To all teachers who are eligible for a pension refund and are about to finish up your contract, I suggest trying to collect it at the airport prior to your departure. Please read the step by step process and follow along.

You'll be glad you did. Laughing
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Weigookin74



Joined: 26 Oct 2009

PostPosted: Sun Sep 22, 2013 9:28 pm    Post subject: Re: HOW TO COLLECT PENSION AT AIRPORT & RETURN NEXT DAY Reply with quote

beentheredonethat777 wrote:
This is mainly for people who plan to stay in KOREA but need/want their cash! I hope this post helps someone. I did this in July!


Many rumors keep circulating amongst discussion boards and local expat hang-outs about NOT being able to collect pension if not leaving for good.

Here's my STEP BY STEP GUIDE.

1. Within ONE month of your contract end/departure date
PURCHASE A ONE WAY TICKET SOMEWHERE (Japan, Taiwan, USA, Philippines, etc.) KEYWORD: one-way (I MADE MY PURCHASE ONE WEEK BEFORE)

2.VISIT your regional NPS office

3. BRING the following documents with you:

a. PASSPORT (and a copy of first two pages)*
b.COPY OF AIRLINE TICKET(departure date has to be less than a month from the date of the claim) print from online
c.IDENTIFICATION CARD(and a copy)*

d.AN APPLICATION FOR KOREAN BENEFITS (The form is available in the regional offices and on-line.)
e.YOUR LOCAL BANKBOOK(and a copy)*
f. A CERTIFICATE OF EMPLOYMENT

* If you bring a copy of everything, it saves A LOT OF TIME! Otherwise,
they will excuse themselves from your presence to walk to the copier, and wait in line to make copies.


TELL them you want to collect the money at the airport.
They will give you a PENSION RECEIPT with the EXACT amount you will be collecting.

(You will also be providing account info /this is in case you run short on time


The Pension office will give you a map telling/showing you exactly where to go at the airport.

Within TWO hours of your flight's departure you can COLLECT your CASH at SHINHAN BANK.

Take your trip/vacation/holiday, whatever and come back.
(I TRAVELLED IN AND OUT THREE TIMES BEFORE settling into my new job)

TECHNICALLY, you can be gone up to TWO WEEKS before returning(presuming you have time on your ARC) but why chance it?

KEEP YOUR ARC CARD, YOU WILL NEED IT WHEN YOU RETURN.




NOTE: This process should be done BEFORE you SWITCH to a D-10 , if you are planning to go that route
.




This entire process took about THREE minutes at PENSION OFFICE
and about FIVE MINUTES total at AIRPORT. I've been here a long time so I had a good stash of cash in my innocent looking backpack.

OH yeah, you must declare at the NPS which currency you want your cash to be given to you at the airport. I chose Benjamin's.






Addresses and Contact details for the Regional NPS offices can be found on the National Pension Scheme website http://www.nps.or.kr/. Click on English - on the English Page look to the right to the map of Korea, click on Go>> and the list of offices will appear. Click on the one you want and all the contact details will appear.
When visiting the NPS office look for the sign that says "Kuk min yeon geum(국민연금
)[/b]


What does a local bankbook mean? Why would they deposit it into your Korean bank account if you're leaving? That makes no sense. Can you just give them the account information of the bank account in your home country? (I don't have a Canadian bankbook; just account number information.) Money sitting in a Korean account is of no use to me if I'm abroad. I always had assumed they send it to your home country's account.
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beentheredonethat777



Joined: 27 Jul 2013
Location: AsiaHaven

PostPosted: Sun Sep 22, 2013 10:11 pm    Post subject: Re: HOW TO COLLECT PENSION AT AIRPORT & RETURN NEXT DAY Reply with quote

Quote:
What does a local bankbook mean? Why would they deposit it into your Korean bank account if you're leaving? That makes no sense. Can you just give them the account information of the bank account in your home country? (I don't have a Canadian bankbook; just account number information.) Money sitting in a Korean account is of no use to me if I'm abroad. I always had assumed they send it to your home country's account.
[/quote]

I'm sorry, I think you misunderstood this POST. It was written for people who were planning to RETURN to KOREA the next day! There is a different form/process for those who are not coming back. I have no knowledge of this application.
I only have knowledge of the information I originally posted here.

The reason I listed local Korean bankbook was because we'd want our money here with us. When you pick up your money at the airport, they payout all the money that is in your account. But if you are late for plane, etc, they deposit it into which ever account you previously indicated.

In my case, I received an additional pension payment into my account today. (from previous job) Whew! Glad I had indicated my local bank here. If had gone to the states,..oh..well.
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