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hojusaram
Joined: 26 Jan 2003
Location: Kangwon do South korea
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 Posted: Sun Feb 09, 2003 8:45 pm Post subject: Can Aussie's claim back the Pension money? |
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| 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
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| Posted: Mon Feb 10, 2003 12:27 am Post subject: um |
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| 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
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| Posted: Mon Feb 10, 2003 3:40 am Post subject: What ? |
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That made absolutely no sense whatsoever!!
Please Explain!! |
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jamesH
Joined: 22 Jan 2003
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| Posted: Wed Feb 19, 2003 12:12 am Post subject: No Pension refund for Australians by the looks of it.. |
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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
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| Posted: Thu Mar 06, 2003 2:30 pm Post subject: the final news is not good |
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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
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| Posted: Thu Mar 06, 2003 7:52 pm Post subject: |
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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
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| Posted: Sun Mar 09, 2003 12:34 am Post subject: |
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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
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| Posted: Tue Aug 10, 2004 3:37 am Post subject: how about british |
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| im in my second year and was wondering this |
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manlyboy
Joined: 01 Aug 2004
Location: Darwin, Northern Territory, Australia
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| Posted: Tue Aug 10, 2004 9:46 pm Post subject: |
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| Quote: |
how about british
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im in my second year and was wondering this
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From www.efl-law.com/pension.html
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| 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
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| Posted: Thu Mar 08, 2007 10:17 pm Post subject: aussies and the national pension plan |
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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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