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K pension refund procedure
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Wed Oct 08, 2008 11:37 pm    Post subject: Reply with quote

DCJames wrote:
ehsann24 wrote:
Guys I have asked this question before and got no answers please help me out. I will leave Korea for good in 3 months and would like to collect my pension. The thing is I am not going back to the states....Im heading to Malaysia to live with my wife(malaysian)and my son.....I do not have an american bank account I only have a bank account in Malaysia.....how will I be able to get my pension back????will they send it to my account in Malaysia???please help me out.,...thanks


Great question. I'm also leaving in a few months and would like to collect my pension for a private university I work for. The problem is I don't have a bank account with an American bank.

I would like to just use my Korean bank account card in the US to collect it, but Korean bank account cards don't all work in foreign countries.


Private university probably also probably means private pension fund rather than the national one.

It will make a difference in how you collect it.

.
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jimmyjames1982



Joined: 13 Nov 2008

PostPosted: Wed Nov 19, 2008 9:46 pm    Post subject: Reply with quote

I am only going to be working until the 6 month mark, I'm going to put my LOR in 30 days before that. Will I be able to collect my pension fund although I will not be completing an entire year? I'm working at a PS.
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Tobias



Joined: 02 Jun 2008

PostPosted: Sun Jan 04, 2009 9:53 pm    Post subject: Heading to the penision office soon Reply with quote

I myself am heading to the pension office soon. I thought I was ready to go, but now this thread has me wondering if I need to get something from the US. I have two bank books, but they've got 'starter checks' in them. The account number is listed on these, but not my name. I think one has a namecard in it for reordering checks later, but that's it. I get my statements from my bank electronically. Will I have to bring something besides the bank books?

Also, will I be required to give my SSN at the office?

If I go to the big office in Seoul, will this office contact my present employer? I may want to sneak out.

Thanks for any info.
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kiwiluvesyew



Joined: 29 Apr 2008

PostPosted: Thu Jan 08, 2009 12:02 pm    Post subject: Reply with quote

where do you go in America once you are back from South Korea to get a pension refund? I've found info on Canada and from within S.K., but I have no idea where to go to start the pension refund or overseas remittance process now that I am back home in Louisville, KY. Do I go to the nearest social security office??? Do I really still need proof that I left S.K. since I am already home?
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Tobias



Joined: 02 Jun 2008

PostPosted: Thu Jan 08, 2009 10:09 pm    Post subject: You could call these people Reply with quote

The first thing I'd do is call the Korean consulate in Chicago and see what they have to say about this. You may need some sort of settlement sheet, which you can probably get from the K pension office in Seoul if you don't have it. They'll probably tell you to take the sheet, which would be sort of like a W-2 form, to an SS office in the USA to set the process in motion.

Let us know what you find out. I'm curious about this as well.
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morph33



Joined: 14 Dec 2008

PostPosted: Fri Jan 30, 2009 3:43 pm    Post subject: national vs. private pension plans.... Reply with quote

so from what i understand from earlier posts is that if you are paying into the national pension plan, but then get a new job that pays into the private pension plan, you should be able to collect the accumulated funds from your national plan.... is this correct??

i'm going to be switching uni jobs (national uni to private uni), and i could really use that cash since my wife and i are looking to get a bigger place..... however, i won't be leaving korea anytime soon.... is it still possible to collect??

any info would be appreciated...

thanks in advance all
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morph33



Joined: 14 Dec 2008

PostPosted: Mon Feb 02, 2009 5:44 am    Post subject: Re: how many pensions can you get? Reply with quote

420bro wrote:
Mr. BlackCat wrote:
So has anyone personally gotten their pension after one year, came back and gotten it again after another year? I got mine after my first year and had to sign something saying I wouldn't be returning to Korea (asked the lady and she said it didn't matter, others told me the same). Now I'm returning for a second year, but I should be able to get the pension again, right? RIGHT!?


Yes, I have. I finished one year and collected my pension with a one-way ticket to Canada. I then came back to Korean 6 months later and started working again for another school. THEN...I collected it again kast month even though I am still staying in Korea.

How you ask?? You are able to collect it any time you stop paying into the NATIONAL Pension Plan. That is, if you leave the country OR start paying into a Private Pension Plan. I just started working for a private university and I no longer pay into the national plan so I was able to collect what I had paid for last year. Anyone can do it as long as you have a form (자직 증명서) stating that your place of employment pays into a private pension plan and not the National one.

The lady at the office told me that this option holds for Koreans and foreigners but as few foreigners pay into private plans most of them just collect it when they are leaving the country.

Hope this helps.



hmmm interesting... i had my wife call the pension office today to ask whether or not i can collect my national pension.... i've been working at a national uni for 2 years now and i'm going to start working at a private uni in march.... after reading the above post, i became excited of the thought of being able to collect right now.... however, according to the lady at the pension office, even though i'm changing from a national uni to a private one and staying in the country, i can't collect my money and instead it will simply carry over....

so how did you end up getting your money??
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Tobias



Joined: 02 Jun 2008

PostPosted: Mon Feb 02, 2009 6:19 pm    Post subject: When you... Reply with quote

You get your money 6-10 weeks after you turn in your ARC. This is after you tell the immi folks "No, I'm not coming back" when you're heading outta Dodge. You hand 'em your ARC, get on the plane, and get your money later. Of course, this is after you've paid a visit to the pension office and given those guys all your home-country bank's details.
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morph33



Joined: 14 Dec 2008

PostPosted: Mon Feb 02, 2009 6:55 pm    Post subject: Reply with quote

i understand the procedure of how to get my money... what i wanna know about is if there is a difference between national and private pension.... according to the lady at the pension office, even though i may be switching pension plans (national to private) i still can't collect what i have paid into for the past 2 years.... i'm not leaving the country, but i could use the cash....

does anyone know about this??
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Omkara



Joined: 18 Feb 2006
Location: USA

PostPosted: Sun Mar 01, 2009 6:06 pm    Post subject: Reply with quote

First, I plan on leaving and then coming back.

So, would leaving the money in the pension fund result in a better interest rate than what I could get in a typical time account?

Also, is it possible to have the money, did I get the refund, into a Korean account? Having the money sent home now would kill all of its value. (I just looked at the conversion: 1562 won to the dollar. Crying or Very sad

(I know that they want me to declare that I don't plan on coming back to Korea. But that is just a formality. I just want to understand my range of options as best I can.)
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machellebelle



Joined: 16 Feb 2008

PostPosted: Mon Mar 02, 2009 5:51 pm    Post subject: Reply with quote

What if I'm unsure if I will be returning? Can/should I still file for it? I'm here on an F-4 so do I need to surrender my ARC?
Also, I've heard that if your employer pays under 4.5%, you can go in, pay your half of the difference and then they're required to pony up the other half. Is this true? and if it is, is there a date by which this has to be done? Thanks Smile
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Omkara



Joined: 18 Feb 2006
Location: USA

PostPosted: Mon Mar 02, 2009 5:56 pm    Post subject: Reply with quote

My understanding at the moment is that there is no interest paid on pension. So, if you could get that money into your control and make it earn interest for you, you'll do better.

But I am unsure of this. There may be some other benefit for keeping it there over time.

Then, you should keep it in won as long as possible to avoid losing on the exchange.
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Tobias



Joined: 02 Jun 2008

PostPosted: Tue Mar 03, 2009 12:27 am    Post subject: Reply with quote

Omkara wrote:
My understanding at the moment is that there is no interest paid on pension....



I was just at the pension office in Masan today, and I learned there IS interest paid on one's pension while it sits in the pension account. It's whatever the market rate is, so at the moment, it's not much. I know my account accumulated maybe 100K in two years.

I also learned while there that pension money is taxed when it's refunded. Not to worry, though. The officer assured me the tax rate is low. He then showed me a settlement sheet...a sheet in which the person paid about 140K won on a 6 million won total. I would qualify that as 'low'.
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Omkara



Joined: 18 Feb 2006
Location: USA

PostPosted: Tue Mar 03, 2009 3:00 am    Post subject: Reply with quote

Thanks. How would one find out what the market interest rate is right now?

I was in the bank today, and I learned that a time deposit account which paid 5.5% last summer is now only paying 3.5%. Is the market rate about the same?
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br_owen



Joined: 10 Jun 2008

PostPosted: Thu Mar 26, 2009 8:49 pm    Post subject: Reply with quote

apologies if this has already been mentioned. But is the pension deal the same for all nationalities? I heard there is a difference for UK passport holders versus Canadian and U.S...

Can everyone re-claim?
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