Korean Job Discussion Forums

[oldfatfarang]

I have duel citizenship but I can't collect my pension contributions on the passport I'm currently employed on.

Can I change my current nationality (passport) to my other nationality (UK) when I extend my current contract with my present employer (or a new employer)?

I have both passports with me - and my contract expires on 29 Feb 2008.

Any advice appreciated. It breaks my heart to pay pension and not get any of it back.

[MarionG]

ttompatz or someone like that might know the actual answer to your question. My answer is speculation, and goes something like this...I don't see why you can't do this, as there is nothing illegal about it. If immigration or someone else questions you about it, simply tell the truth.

[kiwiana]

I take it you are on the public pension scheme (Gookmin yeon geum), because all teachers on private pension schemes can get the fund back upon departure (regardless of nationality). Private pension schemes are most popular in universities.

I have put money into both schemes while teaching in South Korea. As I understand it the lump sum refund (from the public pension scheme) is only available to Americans, Canadians, and Germans. Australia has just recently come to an agreement with Korea as well.

The only way to get any of your Korean public pension money back (if you are not from one of the four currently eligible countries) is to work in Korea for a minimum of 10 years. And, once you reach the Korean retirement age, the money will be diseminated slowly to you (inflation taken into consideration).

This is the information I was given. If you find it to be inaccurate please let me know,

Regards,


KIWIANA

[normalcyispasse]

I'd venture to say it's impossible. When you were hired, you were hired as a citizen of (X) country. Your official documents and visas here will reflect this. Trying to collect pension as a citizen of (Y) country when you've been registered as a citizen of (X) country is probably going to be fantastically difficult *at best.*

[oldfatfarang]

Thanks for the info. Sorry, I didn't make my self clear. I don't want to be paid pension (as in a pensioner) - I want my Public Pension contributions (and my employers) refunded when I leave for sunnier climes (like USA's, Brits, Can's etcㅇ do). Here's hoping. Keep the advice coming.

[boyne11]

[kiwiana]

To my understanding only Americans, Canadians, Germans and Australians can get a lump sum refund (from the public pension scheme) at the end of working in Korea. I don't think you are eligible.

I spoke to the National Pension (gook min yeon geum) last year about this matter. They explained that only the four countries mentioned above are eligible for a lump sum pension refund.

Does anyone know of any Brits that have recieved this payment? If so, some of my friends will be interested as they are under the same impression as I am.

[boyne11]

I heard a rumor that Brits will be eligible for refund starting 2008.

[seoul101]

boyne11, could you elaborate on where/when you heard that? That would simply be awesome if it were true.

[Leslie Cheswyck]

[soju pizza]

You get your half back regardless though, don't you?

[kiwiana]

"I have duel citizenship..."

HAHAHAHHAHAHAHAHAH, nice one!!

[xtchr]

[kiwiana]

Not at all soju pizza.

If you are not from The USA, Canada, (Germany, Hungry, France), Australia (soon to be included), and, maybe Britain, you won't get any refund of the money you put into the public pension scheme. That cash is gone... unless your counties come to an agreement in the future.

It has to do with the bilateral agreement between the two countries.

Take for example NZ, where no reciprocal relationship currently exists. A Korean expat working in NZ will be deducted money from his or her salary (into a NZ national pension scheme of sorts) and not get a refund upon termination of sojourn. This Korean has contributed to NZ. And, people like myself, contribute to Korea in the same way.

Kinda sucks cause I�d rather spend the cash myself instead of letting my government decide where to put it. But, at the moment, that's the way it is.

This is from the NPS (National Pension scheme) website.
They do not state anything about Aussy's new agreement. Although auzzy's can definitely apply for their refund soon, even if they worked here several years ago and have left the country. This is from a diplomat friend at the Auzzy embassy.

Therefore, It might pay to contact the Embassy of your country for the official word, or alternatively go to an NPS pension office.

Here's the (likely not to be up to date) lump sum refund info from the NPS website:

(go to http://www.nps.or.kr/ and click on 'national pension scheme and foreigners', then read 'foreigners and payment of lump sum refund')

[oldfatfarang]