| View previous topic :: View next topic |
| Author |
Message |
Anda
Joined: 16 Jan 2003
Location: South Korea
|
 Posted: Tue Sep 23, 2003 3:38 pm Post subject: Can Australians / New Zealands Get The Pension Refunded Yet? |
 |
|
I'm interested to know the latest, is there anyone out three that knows the current setup?
Last edited by Anda on Tue Sep 23, 2003 5:36 pm; edited 1 time in total |
|
| Back to top |
|
 |
waterbaby
Joined: 01 Feb 2003
Location: Baking Gord a Cheescake pie
|
| Posted: Tue Sep 23, 2003 4:22 pm Post subject: |
|
|
Anda, I looked into this a little while ago. No, we don't have a reciprocal agreement with Korea. Look at EFL-Law. http://www.efl-law.com/faqanswers_au.html
| Quote: |
Response from Australian Embassy
Date. February 19th 2003.
Dear efl-law.com,
I am sorry that the information you have been receiving has been confusing to say the least. ! I have just received a copy of the emails - the answer you are seeking is simply that at this time there is no/no existing agreement between Australia and Korea for pension or superannuation schemes. Even though last year when Minister Mark Vaile was visiting here there were discussions about setting one in place - this has not happened even with representations from our Ambassador.
We will advise all Australians when this situation changes,
Yours sincerely,
Australian Embassy
Seoul
|
|
|
| Back to top |
|
|
Anda
Joined: 16 Jan 2003
Location: South Korea
|
| Posted: Tue Sep 23, 2003 4:49 pm Post subject: Um |
|
|
| Thanks very much for answering Waterbaby. It is as I expected worst luck. I've got over 7,000,000 in my pension fund so it would have been nice to get at this stage. |
|
| Back to top |
|
|
Sarah-in-Korea
Joined: 20 Aug 2003
|
| Posted: Tue Sep 23, 2003 4:57 pm Post subject: |
|
|
Ooh, ooh! 
Does anyone know about NZers?? |
|
| Back to top |
|
|
Sweet Zombie Jesus
Joined: 14 Sep 2003
|
| Posted: Tue Sep 23, 2003 5:56 pm Post subject: |
|
|
| Quote: |
In April 2002 the Korean Government agreed in-principle to pay refunds of pension scheme contributions to Australians working in Korea upon departure, reciprocating Australian measures which allow Koreans (and other foreign nationals) to receive a lump-sum refund of superannuation contributions when they depart Australia.
Korea subsequently said in July 2002 that it would not be able to pay these refunds because of differences between the Korean and Australian social security systems. |
Why don't these "differences" stop Australia refunding the same to Korean's working here?  |
|
| Back to top |
|
|
BTM
Joined: 20 Jan 2003
Location: Back in the saddle.
|
| Posted: Tue Sep 23, 2003 6:59 pm Post subject: |
|
|
I've worked a total of almost 4 years in Australia, in two stints, paying superannuation (pension) each time, as has my wife for more than 2 years (the second time I was there).
Neither Canadians nor Koreans are allowed to cash out their super on departure from Australia. This is certain, unless the rules have changed since August 2001.
(I'm not sure where the zombie jesus is getting his info, but I am sure that it is incorrect, or was incorrect 2 years ago.) |
|
| Back to top |
|
|
Sweet Zombie Jesus
Joined: 14 Sep 2003
|
| Posted: Tue Sep 23, 2003 7:42 pm Post subject: |
|
|
| The info I quoted was on the Australian Embassy in Korea's website. I guess their info could be wrong. |
|
| Back to top |
|
|
BTM
Joined: 20 Jan 2003
Location: Back in the saddle.
|
| Posted: Wed Sep 24, 2003 12:50 am Post subject: |
|
|
| Quote: |
| In April 2002 the Korean Government agreed in-principle to pay refunds of pension scheme contributions to Australians working in Korea upon departure, reciprocating Australian measures which allow Koreans (and other foreign nationals) to receive a lump-sum refund of superannuation contributions when they depart Australia. |
Yep, there it is in black and white. Interesting...Everyone -- everyone! -- I spoke to, and every document I saw in Oz (and believe me, I researched the crap out of this), including the super funds themselves, said otherwise, in plain English, when we left Oz last time.
All I can assume is that the rules have changed, which is hopefully retroactive, 'cause we have a massive buttload of money sitting there in Oz doing nothing. This is good news, if true, for me at least. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
