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Can Aussie's claim back the Pension money?
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hojusaram



Joined: 26 Jan 2003
Location: Kangwon do South korea

PostPosted: Sun Feb 09, 2003 8:45 pm    Post subject: Can Aussie's claim back the Pension money? Reply with quote

I have heard that we nowcan claim back our pension money from the Korean Government can anyone clarify this for me and how to do it if anyone knows for sure?
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Anda



Joined: 16 Jan 2003
Location: South Korea

PostPosted: Mon Feb 10, 2003 12:27 am    Post subject: um Reply with quote

Try posting on Daves yellow board as the expert Carrawa posts there!!!!!
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hojusaram



Joined: 26 Jan 2003
Location: Kangwon do South korea

PostPosted: Mon Feb 10, 2003 3:40 am    Post subject: What ? Reply with quote

That made absolutely no sense whatsoever!!
Please Explain!!
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jamesH



Joined: 22 Jan 2003

PostPosted: Wed Feb 19, 2003 12:12 am    Post subject: No Pension refund for Australians by the looks of it.. Reply with quote

The sad news for Aussies can be read at

http://efl-law.com/faqanswers.htm

and go to point 5. click Aussies..... and read the bad news........
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jamesH



Joined: 22 Jan 2003

PostPosted: Thu Mar 06, 2003 2:30 pm    Post subject: the final news is not good Reply with quote

I have just read the letter read the letter from the letter from the Australian government regarding Aussie pension refunds. (see link above)
I think most Aussies who have been here two years or more like me would be pretty livid to see the answer. Seems the Korean government machine likes to help everyone but Australians in this case.
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kiwifruit



Joined: 26 Jan 2003
Location: my apartment

PostPosted: Thu Mar 06, 2003 7:52 pm    Post subject: Reply with quote

i think it depends on if Korea has a reciprocal agreement with your country. It is not simply down to how they feel about your country.

Canada has an agreement with Korea.

My country (new zealand) does not. Therefore we can't get any back. This may change with all the Koreans moving to NZ and probably aussie too, but it may take time. There are also a lot of us living here now as well. 2000 kiwis at last count according to the NZ ambassador. I think there must be twice that many aussies if not a lot more.I doubt we will still be around though for any changes.

kf
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Been Here Years



Joined: 01 Feb 2003
Location: Seoul

PostPosted: Sun Mar 09, 2003 12:34 am    Post subject: Reply with quote

What makes me mad is that Koreans can receive their contributions plus their employer contributions plus interest when they reach retirement age. The problem seems to be semantics - pension versus superanuation. What we do here in Korea is the same as our super at home but Koreans don't have both and call this pension. Pensions are only paid to Australian nationals.
The Korean fund does pay out to Australians after they reach 60 years regardless of whether they are working or not and they no longer make contributions. This will continue to be paid into Australian accounts back home too.
The final correspondence dated March 3rd says that lump sums are paid after 60 years of age but this is not being done as of today. They still only pay monthly amounts.
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philinkorea



Joined: 27 Jan 2003

PostPosted: Tue Aug 10, 2004 3:37 am    Post subject: how about british Reply with quote

im in my second year and was wondering this
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manlyboy



Joined: 01 Aug 2004
Location: Darwin, Northern Territory, Australia

PostPosted: Tue Aug 10, 2004 9:46 pm    Post subject: Reply with quote

Quote:
how about british

--------------------------------------------------------------------------------

im in my second year and was wondering this


From www.efl-law.com/pension.html

Quote:
Under the National Pension Act, a lump-sum refund may only be paid to non-Korean nationals if they are nationals of countries with social security systems that pay corresponding contribution refunds to Korean nationals or if provided for by an agreement. All foreigners are eligible for a lump sum refund of Premiums paid, if they are from countries that have 'totalization agreements' with Korea, and if the foreigner leaves Korea or meet other eligibility requirements, (N.B. Australians do not) The United States and Canada have negotiated totalization agreements with Korea. The U.K. has negotiated a contribution only agreement. This means that a foreigner from the U.K. who is employed in Korea may benefit from the elimination of dual coverage, but will not get a lump sum refund. In Korea the refund is processed by the National Pension Corporation, in Canada by the Human Resources Development Org', in the U.S. by the Social Security Administration. If you submit your application in your home country, that agency will forward it to Korea. Many teachers do apply in Korea before leaving the country and arrange the refund as well. Countries such as New Zealand, Australia and South Africa have not signed any agreement therefore citizens from these countries cannot claim any refund or reciprocal payments after paying Korean Pension tax.
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Wen660



Joined: 06 Nov 2006

PostPosted: Thu Mar 08, 2007 10:17 pm    Post subject: aussies and the national pension plan Reply with quote

Good news for all Aussies out there. The Australian and Korean Governments FINALLY signed a social security agreement in December 2006, ensuring that Australians contributing to the Korean National Pension Plan will be able to obtain refunds of their contributions when they leave the country. HOWEVER, the agreement will not come into effect until July 1, 2008. Refunds will be retrospective, though. The text of the agreement can be found at:
http://www.facsia.gov.au/internet/facsinternet.nsf/international/agreements-korea.htm
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Michelle



Joined: 18 May 2003

PostPosted: Tue Mar 27, 2007 10:07 pm    Post subject: Re: aussies and the national pension plan Reply with quote

Wen660 wrote:
Good news for all Aussies out there. The Australian and Korean Governments FINALLY signed a social security agreement in December 2006, ensuring that Australians contributing to the Korean National Pension Plan will be able to obtain refunds of their contributions when they leave the country. HOWEVER, the agreement will not come into effect until July 1, 2008. Refunds will be retrospective, though. The text of the agreement can be found at:
http://www.facsia.gov.au/internet/facsinternet.nsf/international/agreements-korea.htm



Ahh SAA! Just in time for me starting my job. I started uni in March, does this mean I can claim it all back before I go?

Yay!! Very Happy
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Tue Mar 27, 2007 10:59 pm    Post subject: Re: aussies and the national pension plan Reply with quote

Michelle wrote:
Wen660 wrote:
Good news for all Aussies out there. The Australian and Korean Governments FINALLY signed a social security agreement in December 2006, ensuring that Australians contributing to the Korean National Pension Plan will be able to obtain refunds of their contributions when they leave the country. HOWEVER, the agreement will not come into effect until July 1, 2008. Refunds will be retrospective, though. The text of the agreement can be found at:
http://www.facsia.gov.au/internet/facsinternet.nsf/international/agreements-korea.htm



Ahh SAA! Just in time for me starting my job. I started uni in March, does this mean I can claim it all back before I go?

Yay!! Very Happy


Check to see if your uni is on the national plan or a private one.

Private universities were allowed to use a private pension plan (provided that they made matching contributions and it met or exceeded the standards of the nationl one).

If you are at a public uni then you should be on the national plan.
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glimmer



Joined: 01 Feb 2008

PostPosted: Wed May 21, 2008 6:24 am    Post subject: [post deleted] Reply with quote

[post deleted]
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garygoodbloke



Joined: 15 Jan 2007
Location: Sydney, Australia

PostPosted: Wed Sep 17, 2008 1:09 am    Post subject: What's going on? Reply with quote

Ok guys, I went to the Korean consulate in Sydney and asked them what the deal is.

The lady tried to fob me off and this was after I'd called that morning and she gave me the number to a phone that never answered.

She called someone and passed on the news that E-2 VISAs don't get the pension back, only E10s or E9s or something similar. Have any other Aussies got their pensions back? Is she right? Has anyone else tried? I'm posting this on all boards where the question has been raised.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Wed Sep 17, 2008 3:50 am    Post subject: Re: What's going on? Reply with quote

garygoodbloke wrote:
Ok guys, I went to the Korean consulate in Sydney and asked them what the deal is.

The lady tried to fob me off and this was after I'd called that morning and she gave me the number to a phone that never answered.

She called someone and passed on the news that E-2 VISAs don't get the pension back, only E10s or E9s or something similar. Have any other Aussies got their pensions back? Is she right? Has anyone else tried? I'm posting this on all boards where the question has been raised.


You would get a more accurate answer from the NPS than you would from a consular officer.

http://www.nps.or.kr/jsppage/english/main.jsp
http://www.facsia.gov.au/internet/facsinternet.nsf/international/agreements-korea.htm
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