Korean Job Discussion Forums

winterfall · Joined: 21 May 2009

I had a question about the pension refund. I understand the process of it but, there is a chance I may be in Korea for more than 5 years. To avoid getting vested into the Korean pension scheme.

Is it possible for me to cash out when I go home during winter break? Oddly enough, its cheaper for me to buy 2 one way tickets than it is to just buy a round trip. Think its cause of that tax that Korea puts on outbound international flights.

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

winterfall · Joined: 21 May 2009

ttompatz · Joined: 05 Sep 2005 Location: Kwangju, South Korea

pkjh · Joined: 23 May 2008

winterfall · Joined: 21 May 2009

pkjh · Joined: 23 May 2008

Colorado · Posted: Wed Aug 24, 2011 11:14 pm Post subject:

Where did you hear that you cannot get a refund if you stay for more than 5 years? I believe it is 10 years, not five.

Colorado · Posted: Thu Aug 25, 2011 5:18 pm Post subject:

double post.

Colorado · Posted: Thu Aug 25, 2011 5:28 pm Post subject:

I wrote to the pension office yesterday because of concerns raised in this forum regarding pension refund for Americans aged 60+ and for Americans working in Korea for more than 5 years.

(My email to the pension office:)

Lump sum benefit
I am American, 59 years old. I have been teaching in Korea for more than 5 years and I have been paying into the National pension scheme. I will be retiring and leaving Korea at the end of my contract in March 2012.
I recently heard that persons 60 years old or older cannot recieve a lump sum refund payment for their pension. Is this true? Am I likely to face any difficulties in gaining my lump sum refund?

(Their response this morning:)

Dear sir

Thank you for your inquiry.

You can receive the refund irrespective of the age.

You must first visit one of our regional offices and bring with you several documents. These are: your Alien Registration Card, your passport, an airline ticket to confirm your emigration from Korea (the date of departure must be less than one month from the date of your claim), and a bankbook (or a bank statement, or voided check) for the account to which you wish your refund to be disbursed.

If you have any question, please feel free to contact us.

Sincerely,

National pension international center(Tel: 02-2176-8701)

toddt82 · Joined: 28 May 2009

I had a quick question about cashing out more than once as well. I've looked high and low for a similar question or comment inline with what I'm wondering about, but I haven't exactly found it.

Anyway, I was told that one can only apply for the pension refund once in a lifetime. The person who told me this is a rather dubious character, so I am not so sure it's true. I've found no information suggesting this on any websites, so I don't think it's the case. However, my plan is to leave Korea at the end of February and cash out my pension then. But, I have plans to return and work another contract, and would want to cash out a second time at the end of that contract. But, if it's a one-time thing I would rather save it all and cash it all out at once at the very end. What's the real deal here?

Any insight is greatly appreciated! Thank you!

Wildbore · Joined: 17 Jun 2009

Mr Lee's Monkey · Joined: 24 Oct 2007

I've cashed out three times in the past four years, in between yearly contracts after which I've taken three or four weeks and gone back to the states to visit family. I've even shown round trip tickets between Korea and the states when filing and never had a problem until quite recently. I showed a round trip ticket to Fukuoka and returned to Korea as a tourist last month, but the person at the pension desk would not process the refund this most recent time because I wasn't leaving Korea for good. She insisted that, despite the fact I was returning to Korea from Japan on a tourist visa, I might work and earn money (no way I'd have done that). The international call center was really helpful when I spoke to them about a job for which I was promised pension and health care and not getting either. In the case of not processing the refund this time around, they would only defer to the person in my local office, although they didn't necessarily agree with the interpretation of the rules by the office person I dealt with. Like immigration, in my limited experience, there seems to be wide variation of interpretation and enforcement of the rules among offices and regions. In any case, I have certainly cashed out three times in the past, and it would have been four had I only shown a one way ticket out of Korea this most recent time. The one time only thing is definitely not true.