| View previous topic :: View next topic |
| Author |
Message |
Geoff1111
Joined: 20 Nov 2007
|
 Posted: Fri Apr 11, 2008 11:26 pm Post subject: Canadians and Korean Pension Questions |
 |
|
For Canadians only:
Do we get back 4.5% when we leave Korea or 9%?
Can we get back our pensions more than once?
Finally, if we are married to a Korean can we still get back
our pension money? |
|
| Back to top |
|
 |
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Sat Apr 12, 2008 1:40 am Post subject: Re: Canadians and Korean Pension Questions |
|
|
| Geoff1111 wrote: |
For Canadians only:
Do we get back 4.5% when we leave Korea or 9%?
Can we get back our pensions more than once?
Finally, if we are married to a Korean can we still get back
our pension money? |
1) You get back 9% (your 4.5% + your employer's 4.5%).
2) You can get it more than once as long as you meet the requirements for a refund (each time).
3) Yes, if you are LEAVING the country "permanently" - as in you have a one way ticket home.
4) if you have paid in for a long enough period of time to become "vested" you cannot get a refund but will have to wait and collect it as pension.
. |
|
| Back to top |
|
|
pocariboy73
Joined: 23 Jan 2003
|
| Posted: Sat Apr 12, 2008 2:01 am Post subject: Re: Canadians and Korean Pension Questions |
|
|
| ttompatz wrote: |
| Geoff1111 wrote: |
For Canadians only:
Do we get back 4.5% when we leave Korea or 9%?
Can we get back our pensions more than once?
Finally, if we are married to a Korean can we still get back
our pension money? |
1) You get back 9% (your 4.5% + your employer's 4.5%).
2) You can get it more than once as long as you meet the requirements for a refund (each time).
3) Yes, if you are LEAVING the country "permanently" - as in you have a one way ticket home.
4) if you have paid in for a long enough period of time to become "vested" you cannot get a refund but will have to wait and collect it as pension.
. |
How is "vested" determined? Where in the agreement does it state that? |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Sat Apr 12, 2008 4:57 am Post subject: Re: Canadians and Korean Pension Questions |
|
|
| pocariboy73 wrote: |
| How is "vested" determined? Where in the agreement does it state that? |
10 years of paying into the plan entitles you to draw a pension. |
|
| Back to top |
|
|
pocariboy73
Joined: 23 Jan 2003
|
| Posted: Sat Apr 12, 2008 5:23 am Post subject: Re: Canadians and Korean Pension Questions |
|
|
| ttompatz wrote: |
| pocariboy73 wrote: |
| How is "vested" determined? Where in the agreement does it state that? |
10 years of paying into the plan entitles you to draw a pension. |
Sure, it entitles you to get a pension, however, you can still apply for lump-sum refund. You have a choice. I know the website is confusing, but after speaking with them directly and also getting it in writing, I found out it does not matter how long one stays in Korea, you are still eligible for a lump-sum refund. |
|
| Back to top |
|
|
Kimchieluver
Joined: 02 Mar 2005
|
| Posted: Sat Apr 12, 2008 5:35 am Post subject: Re: Canadians and Korean Pension Questions |
|
|
| pocariboy73 wrote: |
| ttompatz wrote: |
| pocariboy73 wrote: |
| How is "vested" determined? Where in the agreement does it state that? |
10 years of paying into the plan entitles you to draw a pension. |
Sure, it entitles you to get a pension, however, you can still apply for lump-sum refund. You have a choice. I know the website is confusing, but after speaking with them directly and also getting it in writing, I found out it does not matter how long one stays in Korea, you are still eligible for a lump-sum refund. |
I am glad to see you changed your avatar. An extreme change at that , though. |
|
| Back to top |
|
|
KoreanAmbition
Joined: 03 Feb 2008
|
| Posted: Mon Apr 14, 2008 2:08 pm Post subject: |
|
|
So at the end of the first year, I am eligible for my pension.
How do I get it?
If i'm staying a 2nd year does that mean I don't get it?
Does it build in fund or just sit there as cash? Is there a chance the government will screw me out of it? 
Thanks. |
|
| Back to top |
|
|
ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
|
| Posted: Mon Apr 14, 2008 7:36 pm Post subject: |
|
|
| KoreanAmbition wrote: |
So at the end of the first year, I am eligible for my pension.
How do I get it?
If i'm staying a 2nd year does that mean I don't get it?
Does it build in fund or just sit there as cash? Is there a chance the government will screw me out of it?
Thanks. |
You go to the pension office to apply for your refund.
You need your ARC (or ARC number), passport, banking information (to send the refund to) and one way ticket out of the country.
If you are staying a 2nd year it will stay at the pension office until you leave. You do NOT get it paid out each year. It will build over time (but the current growth rates are low).
There is always a chance (however slim) the government will go bankrupt or suffer a war or other catastrophe and you will lose it. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
