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K pension refund procedure
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fromtheuk



Joined: 31 Mar 2007

PostPosted: Thu Mar 26, 2009 8:54 pm    Post subject: Reply with quote

Brits cannot reclaim the pension they've payed. There is some vague agreement, which suggests when you retire in Britain, credits from the pension payed in Korea can be transferred to the UK.

How it works and whether it actually ever takes place, is another story. Laughing
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br_owen



Joined: 10 Jun 2008

PostPosted: Thu Mar 26, 2009 9:03 pm    Post subject: Reply with quote

Thanks for the swift reply. That's crap though! Do you know why this is the case? What happens to the money? Any way of scamming it?!
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Davew125



Joined: 11 Mar 2007

PostPosted: Thu Mar 26, 2009 9:18 pm    Post subject: Reply with quote

br_owen wrote:
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?


I posted a question on their website the other day it went like this -

"I am a UK national who is currently working as an English Teacher in Korea. I have been working here for over a year and have just started a new contract. I am concerned about my pension contributions. I am aware that i am not eligible for a lump sum refund when i leave so it seems strange that i am paying into a system that i will never be able to use. Is it possible for my contributions in Korea to be sent directly to the UK national pension service so that i am keeping up with my contributions there?"

the reply was

"This is in response to your question. We informed you of our law and the social security convention between Korean and UK in the previous answer. Pease refer to our previous response.



You said that it is strange that you are paying into a system that you will never be able to use. However, the truth is that you are entitled to every Korean benefit if you satisfy our regulation other than lump-sum refund benefit that is based on the principle of reciprocity. Korean nationals are treated in UK in light of NI taxes same as UK nationals are in Korea in a view of Korean National Pension. Let us make clear one more time that Korean national pension contributions are tantamount to UK NI taxes.



As we mentioned in the previous answer also, the social security convention between the two countries does not provides any thing about the exchange of coverage between the two countries. You are not the person under the convention because you are employed in Korea. The Korean law, not UK law, solely applies to you. We are sorry to say that we cannot argue the Korean law as you know. Thank you."


I'm not overly sure what this means but i think it says that we can't get any money back but if we want to work in korea until we reach retirement age then we can claim the same amount as Koreans.
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br_owen



Joined: 10 Jun 2008

PostPosted: Thu Mar 26, 2009 9:50 pm    Post subject: Reply with quote

haha - yeah, i'm not sure i understand that either. It is ridiculous though...
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SherryTeacher



Joined: 03 Dec 2005

PostPosted: Sat May 30, 2009 4:39 pm    Post subject: Collecting Korean Pension Reply with quote

1. Is there an expiration on collection pension contributions?

I worked in Korea for 5 years, never knew about collecting pension, and went home for 2 years. Now I am back. Am I still able to collection my contributions?

2. Do you have to be completing a contract, and not just leaving the country on a short vacation in the middle of your contract?
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cruisemonkey



Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.

PostPosted: Sat May 30, 2009 5:39 pm    Post subject: Re: Collecting Korean Pension Reply with quote

SherryTeacher wrote:
1. Is there an expiration on collection pension contributions?

Usually when you die... unless you have dependent survivors (and have not taken a lump-sum refund).

SherryTeacher wrote:
I worked in Korea for 5 years, never knew about collecting pension, and went home for 2 years. Now I am back. Am I still able to collection my contributions?

Yes... assuming you're from the right country; and you ever 'payed in' i.e. your contributions were not stolen by your 'boss'.

SherryTeacher wrote:
2. Do you have to be completing a contract, and not just leaving the country on a short vacation in the middle of your contract?

You do not have to have completed anything (except the paperwork) Wink ; and must be leaving K-land 'permanently'... even if only for the time it takes to enter another country (as evidenced by a passenger contract with a common carrier). So... the answer is - no. You can't collect a lump-sum pension refund if you're going on vacation and returning on the same visa.
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cruisemonkey



Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.

PostPosted: Sat May 30, 2009 9:02 pm    Post subject: Reply with quote

Davew125 wrote:
I'm not overly sure what this means but i think it says that we can't get any money back but if we want to work in korea until we reach retirement age then we can claim the same amount as Koreans.

Bingo! As a U.K. national, you are elegible for all NPC benefits: old age, disability & survivor... except a lump-sum refund. It's based on the principle of reciprocity - Korean nationals paying into the U.K. pension scheme cannot collect a lump-sum refund either.
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Iamronin11



Joined: 17 May 2009

PostPosted: Sat May 30, 2009 10:15 pm    Post subject: Reply with quote

superacidjax wrote:

Regarding the pension.. while it's true hourly employees don't get it, it isn't necessarily the law as hourly employees are classified as independent contractors. So, yes, no pension is possibly a sticking point for some, but in reality, the pension portion contributed by the employer is only 4.5%. If you're a Canadian citizen, you can't get that back (a total of 9%, 4.5% contributed by each party.) Americans and perhaps some of the other countries are eligible to have that amount refunded at the end of each year due to a diplomatic agreement allowing such.. Canadians (at least as of 2008) are SOL. They "contribute" 4.5% of their salary and it is effectively an additional tax.


This guy is claiming that Canadians cant get a pension refund? WTF is this true?
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cruisemonkey



Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.

PostPosted: Sat May 30, 2009 10:40 pm    Post subject: Reply with quote

Iamronin11 wrote:
This guy is claiming that Canadians cant get a pension refund? WTF is this true?

No. Don't worry. I don't know what planet superacidjax lives on... but it's not earth.
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penguin



Joined: 16 Aug 2003

PostPosted: Sun May 31, 2009 6:36 pm    Post subject: Re: how many pensions can you get? Reply with quote

morph33 wrote:
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??


This is unfortunately NO LONGER true. After the summer of 2007 (not sure of the exact date), even if you switch from National Pension to private pension (Korea Teacher's pension), you have to wait until you leave the country for good.

I switched jobs and pensions in spring 2007 and got my lump sum refund. My husband just tried a couple of weeks ago - that's when we found out the rules had changed... No refund Sad
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MollyBloom



Joined: 21 Jul 2006
Location: James Joyce's pants

PostPosted: Sat Jun 20, 2009 9:52 am    Post subject: Reply with quote

Where on the website is the place to log in and check your pension balance? Can't find it...

http://www.nps.or.kr/jsppage/english/scheme/scheme_01.jsp

EDIT: Just found this from another poster:

There is actually a way to check your pension balance online. The NPS site to access this feature is in Korean, however. You will need your ARC number and e-certificate(the certificate used for banking and other online financial transactions) to check.

1. Go to http://www.nps.or.kr/.
2. Close to the top of the page, you'll see a blue circle with a little girl. To the right of the girl, you will "조회" Next to "조회" click on the "보험료 남부내역" link.
3. On the next page, enter in your ARC number and e-certificate window asking for your e-cert password will apear. Type in your password and click "ok."
4. You may get an error page. Just click on "계속하기" if this error box appears.
5. You'll see the amount under "금액" underneath "남부한 연금보험료".

Now you can check to see if your employer has actually been paying your pension without having to make a visit to the NPS office or asking your boss.
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travelnguy



Joined: 27 Sep 2007

PostPosted: Sun Jun 21, 2009 6:09 pm    Post subject: Reply with quote

MollyBloom wrote:


1. Go to http://www.nps.or.kr/.
2. Close to the top of the page, you'll see a blue circle with a little girl. To the right of the girl, you will "조회" Next to "조회" click on the "보험료 남부내역" link.
3. On the next page, enter in your ARC number and e-certificate window asking for your e-cert password will apear. Type in your password and click "ok."
4. You may get an error page. Just click on "계속하기" if this error box appears.
5. You'll see the amount under "금액" underneath "남부한 연금보험료".

Now you can check to see if your employer has actually been paying your pension without having to make a visit to the NPS office or asking your boss.


Did this work for anyone? I didn't see a blue circle with a little girl. I did go through the website and I did find 보험료 남부내역, but I couldn't log in. I never got the e-certificate password portion.
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relaxed111



Joined: 26 Feb 2006

PostPosted: Sun Jun 21, 2009 7:45 pm    Post subject: Reply with quote

Okay,
I am Canadian, while here for 4 years, on the pension for two years now at my public school, and have signed for a third year.
I am planning to head to Auckland Univeristy in New Zealand to do a certificate in teaching in March/10.
I want to of course apply for my pension before I leave, but...I do not have a Canadian bank anymore. And, do not have a New Zealand one, and of course my Korean bank cards do not work overseas.
So...can I still get my money? How?
Can I get a New Zealand bank account before I get there?
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MollyBloom



Joined: 21 Jul 2006
Location: James Joyce's pants

PostPosted: Sun Jun 21, 2009 8:54 pm    Post subject: Reply with quote

Can someone give an updated list of all the docs we need to bring to the Pension Office?
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Tobias



Joined: 02 Jun 2008

PostPosted: Sun Jun 21, 2009 9:11 pm    Post subject: Reply with quote

1. ARC
2. Plane ticket
3. Target bank information
4. Calculations of what your refund should be
5. Pay stubs in case you need to cross check figures

I had to fill out a form that was front and back, and that was it. My target bank account was inside Korea, so it took only about 3 weeks for it to be deposited there. It takes a bit longer if you're having your refund deposited into an account back in your home country.

You should bring your passport as well, just in case it's wanted.
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