Korean Job Discussion Forums

[hugekebab]

Hi,

I am moving from one uni job to another.

Should I cash in my pension at my current uni (this is my preference) or would it be better to transfer it over to my next uni?

Would it cause any problems if I cashed it (my uni will put in the request when I finish here and it will take time to process, in the meanwhile I'm concerned my current uni may not be allowed to set up another scheme.)

Any advice appreciated.

Ta.

[Starbucks]

I would cash it asap because you never know what might happen.
That would be like having a cheque in hand and not cashing it in and taking the chance of having the cheque bounce because of NSF or it being cancelled by employer

[marlow]

Cash it in. Invest it. Better yours than not yours. Laws could change, anything could happen.

[bassexpander]

I would consider whether or not you are fully vested in the program or not.

With our private pension, we are not fully vested until 5 years of work. If you take it out now, and have been there less than 5, you might lose the years you have so far and have to start over. Being fully vested means you get 100% of what was put in. Pull it out years before that, and you'll lose a certain percentage. The percentage goes up depending how long you have worked there (or in my case, here).

I guess it really depends if they are on the same private pension plan as your old school, and how it will effect the percentage of return if you pull out now, and if you are allowed to count both jobs toward being vested.

Start asking some questions at the offices that handle this.

Depending on how long you've been in it, you could lose hundreds of thousands, or probably millions of won if you make the wrong choice.

[anynag]

That would depend on how long you have been paying into the fund and what your plans are for staying in Korea. If you wait until the five year mark (of contributing to the fund regardless of employer) to withdraw some or all of your pension, the process is complicated, and you may have to wait until retirement age to collect it all. Up to five years in, you can withdraw all of the funds but you can't be working for a contributing (private) university at the time (e.g., leaving your school/Korea for good, or in between contracts).

[DCJames]

Take it out and blow it on expensive toys.

[bassexpander]

[kalbi]

The best bet is going out to Yoido and talking directly with the private pension people. there is a gentleman there who speaks English quite well.

My understanding is that you can take the lumpsum up to year number 19.

Also... there was one guy I know who left, withdrew his money and came back. Upon his return, he was required to pay back all that he had withdrew in order to be eligible to continue in the system. THus, if you withdraw it, keep it nearby.

Next, if all all possible with private pension, try to get you contribution up to at least 5 years. The matching rate goes up quite a bit at that point.

Finally, the national pension and the private teacher's pension now has some sort of reciprocity. Know the facts before making that decision.

Best of luck!!!

[fishy]

I sat through a presentation by the pension folks a few years ago, and I think you have up to 2 years to buy yourself back into the system. But as the previous poster recommended, just call them and ask your questions. I had a different question a few months ago, and I got a fellow from the pension office with really good English to help me out.