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K pension refund procedure
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thoreau



Joined: 21 Jun 2009

PostPosted: Fri May 28, 2010 8:33 am    Post subject: Reply with quote

cangel wrote:
Is it possible to file from outside Korea? If so, how? Thanks for any help you can provide.


I'm trying to do this now. I did all the paperwork in the U.S. and mailed it to Korea. The pension people in Korea said I need to file with the SSA in the U.S.

I can't find the appropriate forms on the SSA site to file for a foreign pension. Anyone have a link?
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greasypeanut



Joined: 28 Apr 2009
Location: songtan

PostPosted: Sun May 30, 2010 6:21 pm    Post subject: Reply with quote

is the pension website working for anyone? or know the number to call to ask them information?

and how soon can i go to an office and submit a request to get my pension? my gepik high school told me i need to wait till after my contract is done because they need to dequalify me first.
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Mirabilis85



Joined: 09 Oct 2008
Location: Seoul

PostPosted: Wed Aug 04, 2010 2:06 am    Post subject: Reply with quote

Does anyone know the tax rate we pay when we take a lump refund? I remember they deducted some money when I withdrew in 2008...
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sketchforsummer



Joined: 11 May 2007

PostPosted: Wed Aug 04, 2010 11:15 pm    Post subject: Reply with quote

[quote="greasypeanut"]and how soon can i go to an office and submit a request to get my pension? my gepik high school told me i need to wait till after my contract is done because they need to dequalify me first.[/quote]

No, you can go no sooner than 30 days before the end of your contract.
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wteaocb



Joined: 15 Nov 2009

PostPosted: Sun Aug 15, 2010 11:19 pm    Post subject: Pension refund? Reply with quote

Hello,

I'm finishing a contract with an employer and leaving Korea in a couple of weeks.

My employer and I have, however, decided to extend my E-2 visa and I'll be signing a new contract and returning to work after 2 weeks or so of being home.

Is it possible for me to apply for a pension refund even though I'll be coming back?

Thanks,
Johnathan
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Sector7G



Joined: 24 May 2008

PostPosted: Mon Aug 16, 2010 12:20 am    Post subject: Re: Pension refund? Reply with quote

wteaocb wrote:



Is it possible for me to apply for a pension refund even though I'll be coming back?

Thanks,
Johnathan


I just did my paperwork at the pension office this morning. The pension lady asked me if I was returning to Korea. I said I have no plans to at this time(true). She said my refund should be sent out around the 15th of September, unless I return to Korea. If I did return before that time she said it would not be sent.

In 2008 I finished my first year on Sept. 1, went home and then returned Oct 15, and had no problem getting it. In fact, if memory serves me right, I was already back in Korea when it was transferred into my US account. However, 2 weeks might be too quick of a turn around time.
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wteaocb



Joined: 15 Nov 2009

PostPosted: Tue Aug 17, 2010 4:20 am    Post subject: Reply with quote

Sector 7G,

Thanks a lot. Maybe I'll get lucky...

Sounds as if you did.
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Sector7G



Joined: 24 May 2008

PostPosted: Tue Aug 17, 2010 6:45 am    Post subject: Reply with quote

wteaocb wrote:
Sector 7G,

Thanks a lot. Maybe I'll get lucky...

Sounds as if you did.


Maybe a little lucky, but I was out of the country for 6 weeks. It was probably already processed before I returned. You said you would only be gone for two weeks or so. That is pretty quick and they may catch on that you are back. But no worries if they do. You will get it all eventually someday.

Good luck anyway!
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madkisso



Joined: 16 Jul 2010

PostPosted: Tue Aug 17, 2010 5:59 pm    Post subject: Reply with quote

Hi,
I know most of this thread is about how to claim your pension, etc, but I was over in the Contract Posting Thread and had a quick question about pensions in general.

Some people had contracts without any mention of a pension and when they asked about it, someone posted that it is an elective benefit. If you are willing to go without it in the contract for some reason, you could. However, I also read a post somewhere in which someone said be careful going without the pension because if your school gets audited, you could end up having to pay?

Could someone clear this up? If you are willing, is it okay to go without the pension in your contract, or will this put you at possible risk? Thanks so much.
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sojusucks



Joined: 31 May 2008

PostPosted: Tue Aug 24, 2010 6:27 am    Post subject: Reply with quote

I believe to get your pension you need to have a plane ticket leaving the country and go to the pension office. They will have you fill out the paperwork.

Does anyone if there is more to this?
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TheUrbanMyth



Joined: 28 Jan 2003
Location: It's not a superiority complex when you really are superior

PostPosted: Tue Aug 24, 2010 6:56 pm    Post subject: Reply with quote

madkisso wrote:
Hi,
I know most of this thread is about how to claim your pension, etc, but I was over in the Contract Posting Thread and had a quick question about pensions in general.

Some people had contracts without any mention of a pension and when they asked about it, someone posted that it is an elective benefit. If you are willing to go without it in the contract for some reason, you could. However, I also read a post somewhere in which someone said be careful going without the pension because if your school gets audited, you could end up having to pay?

Could someone clear this up? If you are willing, is it okay to go without the pension in your contract, or will this put you at possible risk? Thanks so much.


Once and for all it is not an elective benefit. It depends on your country. If your country has a reciprocal agreement with Korea then the pension is not elective. There are however exceptions...if you are over 60 or in a certain occupation then you can't claim pension.

And of all the seven countries that E-2 teachers currently come from only South Africa does not have such an agreement with Korea.
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ReeNah



Joined: 26 Oct 2010

PostPosted: Mon Nov 15, 2010 2:19 am    Post subject: Reply with quote

Hey quick question,

I know for a fact that Americans, British and Canadians get their pension refunded but I also remember reading somewhere Australians get their pension back to. However I haven't been able to clarify. Can anyone give me a definate answer if Australians also get their pension refunded?

Cheers,
ReeNah
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hwarangi



Joined: 17 Nov 2008

PostPosted: Mon Nov 15, 2010 2:27 am    Post subject: Reply with quote

Yes, Australians can.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Mon Nov 15, 2010 3:02 am    Post subject: Reply with quote

ReeNah wrote:
Hey quick question,

I know for a fact that Americans, British and Canadians get their pension refunded but I also remember reading somewhere Australians get their pension back to. However I haven't been able to clarify. Can anyone give me a definate answer if Australians also get their pension refunded?

Cheers,
ReeNah


Currently Canadians, Americans and Australians can get a cash refund when they leave Korea.

Brits (UK passport), NZers and the Irish do NOT get a refund.

SAFERS to not pay into pension (exempted by treaty).

.
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MalFSU1



Joined: 27 Jan 2009

PostPosted: Mon Nov 15, 2010 5:41 pm    Post subject: Reply with quote

Does anyone have a clue whether a person holding a UK passport, but who has an American green card and has paid into U.S. social security can get the pension lump sum?!?! Additionally, he will be returning to America after leaving Korea.
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