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lost at sea
Joined: 27 Nov 2009
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 Posted: Fri Jan 29, 2010 8:42 am Post subject: Pension question |
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I have been working for a year and a half and I have not left the country to have my pension pay returned. Can I leave after 2 years and still recieve my pension return?
I read about a 2 year limit, but unsure if that was tax related or pension related.
Thanks |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Jan 29, 2010 6:34 pm Post subject: Re: Pension question |
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| lost at sea wrote: |
I have been working for a year and a half and I have not left the country to have my pension pay returned. Can I leave after 2 years and still relieve my pension return?
I read about a 2 year limit, but unsure if that was tax related or pension related.
Thanks |
Your "pension" remains with the national pension office. There is no limit on when you can withdraw it (as long as you are from a qualified country AND you are leaving the country).
There is a 10 year limit for contributions. After 10 years you are vested and can pull a pension rather than just a withdrawal.
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lost at sea
Joined: 27 Nov 2009
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| Posted: Fri Jan 29, 2010 6:40 pm Post subject: |
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Thanks! I think I confused tax and pension or something. It's good to know  |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sat Jan 30, 2010 3:04 pm Post subject: |
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| It's not all that generous. At our income level, the current payment is a bit over W300,000 a month. On the other hand, that should pay the food bill each month. |
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hamie
Joined: 27 Nov 2009
Location: The middle of nowhere Korea
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| Posted: Sat Jan 30, 2010 3:20 pm Post subject: |
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As someone from New Zealand it might as well be just a higher tax rate. I wont be seeing any of it  |
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ytuque
Joined: 29 Jan 2008
Location: I drink therefore I am!
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| Posted: Sat Jan 30, 2010 5:56 pm Post subject: Re: Pension question |
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| ttompatz wrote: |
| lost at sea wrote: |
I have been working for a year and a half and I have not left the country to have my pension pay returned. Can I leave after 2 years and still relieve my pension return?
I read about a 2 year limit, but unsure if that was tax related or pension related.
Thanks |
Your "pension" remains with the national pension office. There is no limit on when you can withdraw it (as long as you are from a qualified country AND you are leaving the country).
There is a 10 year limit for contributions. After 10 years you are vested and can pull a pension rather than just a withdrawal.
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Do you know what kind of return can you expect on individual and employer's contributions to the fund if you decide to pull the money out?
Last edited by ytuque on Sat Jan 30, 2010 5:59 pm; edited 1 time in total |
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ytuque
Joined: 29 Jan 2008
Location: I drink therefore I am!
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| Posted: Sat Jan 30, 2010 5:58 pm Post subject: |
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| Ya-ta Boy wrote: |
| It's not all that generous. At our income level, the current payment is a bit over W300,000 a month. On the other hand, that should pay the food bill each month. |
I talked to an American retired here after 20 years of working in S. Korea. He gets 300k per month which started at age 62. It is also jumps to 600k per month if he is below some level of monthly income. |
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