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Gideon
Joined: 24 Feb 2004
Location: Seoul
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 Posted: Fri Nov 05, 2010 3:22 am Post subject: 10 years in private pension |
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I will be finishing my 7th year in the private pension and I was wondering if anyone has got to the 10th yr and if there was a substantial bump in their pension. I know it's based mostly on income but just wanted to get a general idea. I also know there is a bump in your overall pension at the 5 year mark but not sure if there is one when u hit 10 yrs.
I also registered an account with the private pension and I could see all my contributions made since I started paying into it. Since I could not see how they calculate my pension I decided to call them up. Suffice to say they were not very helpful. |
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Died By Bear
Joined: 13 Jul 2010
Location: On the big lake they call Gitche Gumee
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| Posted: Fri Nov 05, 2010 4:52 am Post subject: |
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| I would make some time one afternoon and pay them a visit. Even if it costs you some money in time lost from work, it's good to know the answers to the questions from the horses mouth, so to speak. |
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PigeonFart
Joined: 27 Apr 2006
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| Posted: Fri Nov 05, 2010 5:25 am Post subject: |
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| It's highly unlikely they have horses working in the pension office. Even if they did, they probably wouldn't speak English. But good advice though. Pay them a visit. |
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Kwangjuchicken
Joined: 01 Sep 2003
Location: I was abducted by aliens on my way to Korea and forced to be an EFL teacher on this crazy planet.
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| Posted: Fri Nov 05, 2010 6:20 pm Post subject: |
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| PigeonFart wrote: |
| It's highly unlikely they have horses working in the pension office. Even if they did, they probably wouldn't speak English. But good advice though. Pay them a visit. |
Cheju-Do has horses. |
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Summer Wine
Joined: 20 Mar 2005
Location: Next to a River
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| Posted: Fri Nov 05, 2010 7:42 pm Post subject: |
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I wouldn't hold my breath regarding pension.
I had an issue, which required my co-teacher and Principal to confirm with the pension office.
The pension issue for my country means I will never see a dime, unless I have paid into it for over 10 yrs (none of my hagwons ever did - found that out later) and am over 60. (oh they did deduct it from my wages though).
So I asked and found out that even if I did fulfill all those issues, I wouldn't get it as I am not Korean (ethnic).
Maybe someone else will get it, but for me its a drain. Easy money for some I guess when they leave. |
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The Cosmic Hum
Joined: 09 May 2003
Location: Sonic Space
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| Posted: Sat Nov 06, 2010 3:27 am Post subject: Re: 10 years in private pension |
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| Gideon wrote: |
I will be finishing my 7th year in the private pension and I was wondering if anyone has got to the 10th yr and if there was a substantial bump in their pension. I know it's based mostly on income but just wanted to get a general idea. I also know there is a bump in your overall pension at the 5 year mark but not sure if there is one when u hit 10 yrs.
I also registered an account with the private pension and I could see all my contributions made since I started paying into it. Since I could not see how they calculate my pension I decided to call them up. Suffice to say they were not very helpful. |
...actually...there is no bumb at year 5...that is a bit of a misleading factor...at year 5 the school you are working for finally posts their contributions to your pension...so it looks as though it doubles...when in fact they had just been withholding their contribution...which they are entitled to do by law.
As for any other substantial bumbs...each private pension will be administered differently...so you will have to check into the specifics of the one you are in.
The pension office may have a pension calculator where you can check what the future value of your pension will be....ie 10 years...etc.
The one thing you may want to be careful of....and I am not sure of this fact....rather a pension rumour...is that after maintaining a private pension for over 10 years....you can no longer remove those funds when you leave that job...the pension stays there until you are 65....at which point you will receive a pension income.
You may want to check if this is the case with your particular pension....I have heard that it varies....and varies on nationality.
Well...not sure if this helps much...but best of luck figuring it out. |
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Gideon
Joined: 24 Feb 2004
Location: Seoul
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| Posted: Sat Nov 06, 2010 4:09 am Post subject: |
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| Summer Wine wrote: |
I wouldn't hold my breath regarding pension.
I had an issue, which required my co-teacher and Principal to confirm with the pension office.
The pension issue for my country means I will never see a dime, unless I have paid into it for over 10 yrs (none of my hagwons ever did - found that out later) and am over 60. (oh they did deduct it from my wages though).
So I asked and found out that even if I did fulfill all those issues, I wouldn't get it as I am not Korean (ethnic).
Maybe someone else will get it, but for me its a drain. Easy money for some I guess when they leave. |
really sucks your hagwon was cheating you out of your money.
I can log into the private pension website and see my monthly contributions. i can see how much, by whom and the date it was paid in.
i can take out my pension at anytime.. so really no need for me to 'hold my breath'.
i think people really need to check with the pension office to make sure their employers are paying in. |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Sat Nov 06, 2010 4:30 am Post subject: |
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| Gideon wrote: |
I can log into the private pension website and see my monthly contributions. i can see how much, by whom and the date it was paid in.
i think people really need to check with the pension office to make sure their employers are paying in. |
You can do this with the public pension as well on the NPS website. You need to use your online banking digital security certificate to access it. |
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