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Can I get pension after 5 years?

 
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napoleon8



Joined: 18 May 2003

PostPosted: Thu Nov 02, 2017 5:13 am    Post subject: Can I get pension after 5 years? Reply with quote

I left Korea in 2006 without getting my pension. I know I should have taken it out. It's a long story. Forget it. Now I am planning to apply for a lump-sum payment, but I came across this NPS flyer, which says something about an expiration after 5 years. What? I paid into this. It's mine. Would I really lose the funds I deposited from my own paycheck? I'm calling the English phone number tomorrow morning. I'm outside Korea right now, not sure if it matters. I'm American.
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napoleon8



Joined: 18 May 2003

PostPosted: Thu Nov 02, 2017 4:11 pm    Post subject: Reply with quote

I just got off the phone with the pension office. They told me that since I have been gone for 11 years, I cannot receive any of my pension money (which they verified exists) until I am 60 years old. Okay, it's retirement money, so I can deal with that. I just wonder if I were in Korea, and went to the pension office, if they would give it to me if I showed them a plane ticket.
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denverdeath



Joined: 21 May 2005
Location: Boo-sahn

PostPosted: Tue Nov 07, 2017 5:35 am    Post subject: Reply with quote

napoleon8 wrote:
I just got off the phone with the pension office. They told me that since I have been gone for 11 years, I cannot receive any of my pension money (which they verified exists) until I am 60 years old. Okay, it's retirement money, so I can deal with that. I just wonder if I were in Korea, and went to the pension office, if they would give it to me if I showed them a plane ticket.



Have you been gone 11 yrs, or paid in 11 yrs? If u only paid in 5, u shouldve applied for it when leaving. Ur case is a strange one, and i really dont know all the intricacies of the nps scheme. 10+ yrs, u dont get a lumpsum refund is all i know. If it's been sitting there for 10+ yrs, ur likely NOT gonna get a lumpsum refund. I think the rep is right.
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napoleon8



Joined: 18 May 2003

PostPosted: Tue Nov 07, 2017 5:42 am    Post subject: Reply with quote

denverdeath wrote:

Have you been gone 11 yrs, or paid in 11 yrs?

I've been gone 11 yrs. I know, it's a strange case.
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denverdeath



Joined: 21 May 2005
Location: Boo-sahn

PostPosted: Tue Nov 07, 2017 6:09 am    Post subject: Reply with quote

napoleon8 wrote:
denverdeath wrote:

Have you been gone 11 yrs, or paid in 11 yrs?

I've been gone 11 yrs. I know, it's a strange case.


Not 10+ yrs paid in, right?
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napoleon8



Joined: 18 May 2003

PostPosted: Thu Nov 09, 2017 9:23 am    Post subject: Reply with quote

denverdeath wrote:
napoleon8 wrote:
denverdeath wrote:

Have you been gone 11 yrs, or paid in 11 yrs?

I've been gone 11 yrs. I know, it's a strange case.

Not 10+ yrs paid in, right?

That's right, just a few months from the one hagwon that actually paid.
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PRagic



Joined: 24 Feb 2006

PostPosted: Tue Nov 14, 2017 10:34 pm    Post subject: Reply with quote

You'll receive the money you put into the pension system while you were here plus a miniscule amount of accrued interest when you hit retirement age. You will not receive a 'pension' unless you and your employer participate for 10 years minimum.
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