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Swampfox10mm
Joined: 24 Mar 2011
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 Posted: Tue Mar 29, 2011 3:17 pm Post subject: |
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All I know is that I left my public school money (national) in.
Last edited by Swampfox10mm on Sun Apr 24, 2011 7:49 am; edited 1 time in total |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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| Posted: Tue Mar 29, 2011 5:26 pm Post subject: |
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| busanmum wrote: |
| PatrickGHBusan wrote: |
| Confirmed when I cashed in my pension in 2008 after 11 years in country. It caps off at 10 for Canadians. |
You mean, when you tried to cash out your pension?
I'm feeling stupid here. I'm Canadian and lets say that I've just started my 10th year of contributions to National Pension. Does this mean if I leave tomorrow, I CANNOT get a cash payout from NPS? Does this mean that I can ONLY transfer the funds over to CPP?
Sorry to be obtuse. I had never heard this before and while my contributions being switched over to CPP wouldn't be a bad thing, hubby and I were sort of half planning on using the pension payout to set us up back home (ie: buy a house or something) should we ever return. Not getting the cash changes things up a bit for our future. Not necessarily in a bad way...just a different way. |
Let me clarify then:
When we decided to settle in Canada in 2008, I had my pension from Korea cashed out and transfered to my account in Canada. I invested the money. |
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busanmum
Joined: 29 Nov 2010
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| Posted: Tue Mar 29, 2011 5:33 pm Post subject: |
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| So, what is the significance of 10 years? You only received 10 years of pension contributions and the 11th year of contributions went towards your CPP? |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Wed Mar 30, 2011 3:50 am Post subject: |
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| No one knows about Americans? If that's the case, I'll leave before I hit the five year mark. |
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PatrickGHBusan
Joined: 24 Jun 2008
Location: Busan (1997-2008) Canada 2008 -
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sojusucks
Joined: 31 May 2008
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| Posted: Wed Mar 30, 2011 1:31 pm Post subject: |
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| Is there a link to the pension agreement with the USA so others can read up on it? |
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busanmum
Joined: 29 Nov 2010
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| Posted: Wed Mar 30, 2011 3:29 pm Post subject: |
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Thanks for the link, Patrick. I had read that, and the more in depth link through the Korean NPS website before posting, but the original question in the post was:
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| Is there a rule with the Korean pension office that any foreigner who works in Korea for more than 5 consecutive years can't withdraw the pension money when they leave Korea? |
Then, after reading all the replies, the gist of what people were saying seemed to be that after you've contributed to KNPS as a Canadian for 10 years, you cannot in fact withdraw the pension money as cash.
Then you came on and said, yes, there's a 10-year limit after which you cannot withdraw the pension cash but I withdrew my pension cash.
Hence, the confusion.
Re-reading the thread and the Canadian gov't info, I think that the answer to the OP's question is: No. There isn't a cut-off time for withdrawing pension funds as cash before leaving Korea...however, if you want your contributions to count towards your CPP you have to have been enrolled in the Korean National Pension Plan for 10+ years.
Right?
And for Americans, here's the link to the agreement between Korea and the US.
http://www.nps.or.kr/jsppage/english/agreement/agreement_02_03_01.jsp |
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hondaicivic
Joined: 01 Jul 2010
Location: Daegu, South Korea
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cedarseoul
Joined: 16 Feb 2008
Location: nowon-gu
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| Posted: Wed Mar 30, 2011 4:07 pm Post subject: |
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The wording on the U.S. agreement is rather unclear. It does seem like 10 years (though I don't understand fully what "totalized" is referring to).
I'm a little unclear as to the timing for these 10-year caps. Are these ten consecutive years? I started paying into pension in 2007, but I cashed out in 2009 when I left Korea and began paying back in when I returned in 2010. Did my clock "reset," or will my ten years be calculated based on the date of my first contribution? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Mar 30, 2011 4:14 pm Post subject: |
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| busanmum wrote: |
| So, what is the significance of 10 years? You only received 10 years of pension contributions and the 11th year of contributions went towards your CPP? |
Under 10 years and you can withdraw your pension as a "cash" refund.
After 10 years (worth of contributions IN the plan) you are "vested" in the plan and have to wait until you actually draw your pension as pension in your senior years.
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shifter2009
Joined: 03 Sep 2006
Location: wisconsin
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| Posted: Wed Mar 30, 2011 4:53 pm Post subject: |
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| ttompatz wrote: |
| busanmum wrote: |
| So, what is the significance of 10 years? You only received 10 years of pension contributions and the 11th year of contributions went towards your CPP? |
Under 10 years and you can withdraw your pension as a "cash" refund.
After 10 years (worth of contributions IN the plan) you are "vested" in the plan and have to wait until you actually draw your pension as pension in your senior years.
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That is consecutive right? |
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busanmum
Joined: 29 Nov 2010
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| Posted: Wed Mar 30, 2011 5:11 pm Post subject: |
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| ttompatz wrote: |
Under 10 years and you can withdraw your pension as a "cash" refund.
After 10 years (worth of contributions IN the plan) you are "vested" in the plan and have to wait until you actually draw your pension as pension in your senior years. |
Thank you, once again, Tom. Do you know if this is also the case with the KTPF? From what I understand, it 'vests' in the 6th year of contributions.
1. Does it also count towards the CPP?
2. Is there a time limit on withdrawing your contributions as cash on the KTPF?
One poster said that all the pension funds are treated the same, but I couldn't find evidence to support that. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Mar 30, 2011 5:47 pm Post subject: |
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| shifter2009 wrote: |
| ttompatz wrote: |
| busanmum wrote: |
| So, what is the significance of 10 years? You only received 10 years of pension contributions and the 11th year of contributions went towards your CPP? |
Under 10 years and you can withdraw your pension as a "cash" refund.
After 10 years (worth of contributions IN the plan) you are "vested" in the plan and have to wait until you actually draw your pension as pension in your senior years.
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That is consecutive right? |
No, 10 years worth of contributions IN the plan (they do NOT have to be consecutive years.
If you work for 9, leave (with the cash withdrawn out of the plan), and return (on a new visa) then the clock starts again.
| busanmum wrote: |
Thank you, once again, Tom. Do you know if this is also the case with the KTPF? From what I understand, it 'vests' in the 6th year of contributions.
1. Does it also count towards the CPP?
2. Is there a time limit on withdrawing your contributions as cash on the KTPF?
One poster said that all the pension funds are treated the same, but I couldn't find evidence to support that. |
Private pension plans have their own rules and are NOT governed by the bilateral treaties or by the NPS.
I know nothing about the specifics of the KTPF.
. |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Wed Mar 30, 2011 5:55 pm Post subject: |
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| ttompatz wrote: |
| busanmum wrote: |
| So, what is the significance of 10 years? You only received 10 years of pension contributions and the 11th year of contributions went towards your CPP? |
Under 10 years and you can withdraw your pension as a "cash" refund.
After 10 years (worth of contributions IN the plan) you are "vested" in the plan and have to wait until you actually draw your pension as pension in your senior years.
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So if I stay more than 10 years, then leave, I withdraw the pension when I'm 65 from the US? It gets transfered over there? |
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shifter2009
Joined: 03 Sep 2006
Location: wisconsin
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| Posted: Wed Mar 30, 2011 6:29 pm Post subject: |
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| ttompatz wrote: |
| shifter2009 wrote: |
| ttompatz wrote: |
| busanmum wrote: |
| So, what is the significance of 10 years? You only received 10 years of pension contributions and the 11th year of contributions went towards your CPP? |
Under 10 years and you can withdraw your pension as a "cash" refund.
After 10 years (worth of contributions IN the plan) you are "vested" in the plan and have to wait until you actually draw your pension as pension in your senior years.
. |
That is consecutive right? |
No, 10 years worth of contributions IN the plan (they do NOT have to be consecutive years.
If you work for 9, leave (with the cash withdrawn out of the plan), and return (on a new visa) then the clock starts again.
| busanmum wrote: |
Thank you, once again, Tom. Do you know if this is also the case with the KTPF? From what I understand, it 'vests' in the 6th year of contributions.
1. Does it also count towards the CPP?
2. Is there a time limit on withdrawing your contributions as cash on the KTPF?
One poster said that all the pension funds are treated the same, but I couldn't find evidence to support that. |
Private pension plans have their own rules and are NOT governed by the bilateral treaties or by the NPS.
I know nothing about the specifics of the KTPF.
. |
Thanks for the info. |
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