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Korean Job Discussion Forums
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zappadelta
Joined: 31 Aug 2004
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 Posted: Sun Feb 11, 2007 10:14 pm Post subject: Private Pension |
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I am starting at a university soon that has a private pension plan. I have 3 years worth of pension (about 6 million won) in the government pension plan. Will I get the money back now, since I am switching to private? Anyone had this kind of experience?
I know all the normal rules, like you need to be leaving the country, need the airplane ticket to take to the pension office, etc. But, this is kind of a special case. |
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Hollywoodaction
Joined: 02 Jul 2004
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| Posted: Sun Feb 11, 2007 10:51 pm Post subject: Re: Private Pension |
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| zappadelta wrote: |
I am starting at a university soon that has a private pension plan. I have 3 years worth of pension (about 6 million won) in the government pension plan. Will I get the money back now, since I am switching to private? Anyone had this kind of experience?
I know all the normal rules, like you need to be leaving the country, need the airplane ticket to take to the pension office, etc. But, this is kind of a special case. |
I was told that I can claim both when I leave Korea for good last time I spoke with someone from the pension office. He added that until then, the amount that I will receive as a refund will continue to increase as it accrues interest (something like 4% per year).
PS. http://www.zappa.com/dweezil/gwwyk/index.html |
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Hyeon Een
Joined: 24 Jun 2005
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| Posted: Sun Feb 11, 2007 11:04 pm Post subject: |
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| Can Brits and other nationalities claim back the private pension? I'm moving to a private University and assume there will be a private pension scheme. I can't claim back the national scheme, but I think I read once that I can claim back a private pension. |
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420bro
Joined: 15 Dec 2006
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| Posted: Sun Feb 11, 2007 11:13 pm Post subject: me too! |
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I am in the exact same situation as zappa. I know that my new univ. has a private pension. I read somewhere that this kind of pension is just paid out by the school at the end of the contract (regardless of whether you are leaving Korea or not) and it is not connected to the National plan. I am not sure if this is accurate or not. If this is the case then I imagine (and hope) that the money I have paid into the National plan will just be waiting for me to collect when I finally leave Korea.
One more thing, I claimed my pension once already when I first left Korea a few years ago. I wonder if this will cause any problems when I want to claim it again. Has anyone claimed their pension twice? |
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denverdeath
Joined: 21 May 2005
Location: Boo-sahn
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| Posted: Mon Feb 12, 2007 12:12 am Post subject: |
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If you have these two forms(along with your passport, ARC, bankbook, and SIN/SSN), you can get a lump-sum refund without leaving the country:
1) 재직증명서원본
2) 신규임용자호급산정표 (직인)
One is a letter of employment to verify when you began work at the place with the private pension and the other is a verification that you are enrolled in the private pension program.
http://www.npc.or.kr/eng/enact01.html?code=./enpa/b04.html#05
| Quote: |
Article 67 (Lump-sum Refund)
(1) Lump-sum refund may be paid to a member or former member or their survivors upon his/her request in the event of any one of the following items: (Amended by Law No. 4110, Mar. 31, 1989)
1.When a person with a Insured period of less than 10 years reaches 60 years of age;
2. When a member or former member dies. In the case where a member with a Insured period of more than 10 years dies, this case shall be applied only when Survivor Pension has not been paid under the provision of Article 72-2;
3. When a current or former Insured Person loses his/her nationality or emigrates from the country; (Amended by Law No. 6027, Aug. 12, 1999)
4. When a person becomes a government official, military personnel, private school teacher or an employee of a specially designated post office covered under the Government Employee Pension Act, the Military Personnel Pension Act, the Private School Teachers Pension Act or the Specially Designated Post Office Act, respectively. |
| Quote: |
Article 68 (Return of Lump-sum Refund and Insured period)
(1) When a person who was paid the Lump-sum Refund by provision of Article 67 regains Insured status, he/she may return the Lump-sum Refund plus interest as determined by Presidential Decree to the Corporation.
(2) The Corporation may permit the return of the Lump-sum Refund in installments by the provision of Presidential Decree. In this case, the installments shall include interest with the rate as determined by Presidential Decree.
(3) When a person returns the Lump-sum Refund by the provision of Paragraphs (1) and (2), the period corresponding to the returned Lump-sum Refund shall be counted in the Insured period.
(4) Matters necessary for the return of the Lump-sum Refund, such as application, the method and deadline of return, shall be determined by Presidential Decree. |
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zappadelta
Joined: 31 Aug 2004
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| Posted: Mon Feb 12, 2007 4:59 am Post subject: |
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| denverdeath wrote: |
If you have these two forms(along with your passport, ARC, bankbook, and SIN/SSN), you can get a lump-sum refund without leaving the country:
1) 재직증명서원본
2) 신규임용자호급산정표 (직인)
One is a letter of employment to verify when you began work at the place with the private pension and the other is a verification that you are enrolled in the private pension program.
http://www.npc.or.kr/eng/enact01.html?code=./enpa/b04.html#05
| Quote: |
Article 67 (Lump-sum Refund)
(1) Lump-sum refund may be paid to a member or former member or their survivors upon his/her request in the event of any one of the following items: (Amended by Law No. 4110, Mar. 31, 1989)
1.When a person with a Insured period of less than 10 years reaches 60 years of age;
2. When a member or former member dies. In the case where a member with a Insured period of more than 10 years dies, this case shall be applied only when Survivor Pension has not been paid under the provision of Article 72-2;
3. When a current or former Insured Person loses his/her nationality or emigrates from the country; (Amended by Law No. 6027, Aug. 12, 1999)
4. When a person becomes a government official, military personnel, private school teacher or an employee of a specially designated post office covered under the Government Employee Pension Act, the Military Personnel Pension Act, the Private School Teachers Pension Act or the Specially Designated Post Office Act, respectively. |
| Quote: |
Article 68 (Return of Lump-sum Refund and Insured period)
(1) When a person who was paid the Lump-sum Refund by provision of Article 67 regains Insured status, he/she may return the Lump-sum Refund plus interest as determined by Presidential Decree to the Corporation.
(2) The Corporation may permit the return of the Lump-sum Refund in installments by the provision of Presidential Decree. In this case, the installments shall include interest with the rate as determined by Presidential Decree.
(3) When a person returns the Lump-sum Refund by the provision of Paragraphs (1) and (2), the period corresponding to the returned Lump-sum Refund shall be counted in the Insured period.
(4) Matters necessary for the return of the Lump-sum Refund, such as application, the method and deadline of return, shall be determined by Presidential Decree. |
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Thanks Denver, that's what I was hoping to hear. Hope it works out for me and others. |
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gsxr750r
Joined: 29 Jan 2007
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| Posted: Mon Feb 12, 2007 6:24 am Post subject: |
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I read on another site that you MUST get that lump sum out, because if you go something like 3 years without contributing, you LOSE IT ALL!
Not sure on the dates, but I believe it may be true. Worth checking into! |
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