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Korean Job Discussion Forums
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cazzy3
Joined: 07 May 2008
Location: kangwon-do
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 Posted: Fri Dec 02, 2011 7:09 am Post subject: Pension question for over two years. |
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Hey all,
Under the pension system, I know many people collect their pension after two years upon giving up their visa. My question relates to the long term. I'm on an F-2 visa, been here 5 years, and plan to stay for quite a while. However, if my family and I choose to go back to America for few years, can I get a portion of my pension and keep the rest as a balance until I 'retire'?
Also, does the money remain safe while I'm overseas, i.e. if/when we come back will it be available upon retirement? I'd appreciate any advice on the subject. Thanks. |
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Julius
Joined: 27 Jul 2006
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| Posted: Fri Dec 02, 2011 9:28 am Post subject: Re: Pension question for over two years. |
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| cazzy3 wrote: |
Hey all,
Under the pension system, I know many people collect their pension after two years upon giving up their visa. My question relates to the long term. I'm on an F-2 visa, been here 5 years, and plan to stay for quite a while. However, if my family and I choose to go back to America for few years, can I get a portion of my pension and keep the rest as a balance until I 'retire'?
Also, does the money remain safe while I'm overseas, i.e. if/when we come back will it be available upon retirement? I'd appreciate any advice on the subject. Thanks. |
You're in luck, Americans can recieve the full balance of their pension after giving up their visa. You have to apply obviously but they will take only a month or so to get it to you.
Not so for Uk citizens unfortunately, we'd have to actually retire in korea to see our contributions back. |
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r122925
Joined: 02 Jun 2011
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| Posted: Fri Dec 02, 2011 10:02 am Post subject: Re: Pension question for over two years. |
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| cazzy3 wrote: |
Hey all,
Under the pension system, I know many people collect their pension after two years upon giving up their visa. My question relates to the long term. I'm on an F-2 visa, been here 5 years, and plan to stay for quite a while. However, if my family and I choose to go back to America for few years, can I get a portion of my pension and keep the rest as a balance until I 'retire'?
Also, does the money remain safe while I'm overseas, i.e. if/when we come back will it be available upon retirement? I'd appreciate any advice on the subject. Thanks. |
You can receive your pension when you leave Korea. You must cancel your visa in order to do so. This shouldn't be a problem for you. Since you plan to leave Korea for more than a year your F-2 wouldn't remain valid anyway. And since you're married, applying for a new F-2 in the future shouldn't be a problem.
However, you can't withdraw just a portion of the money. You have to take the entire balance or nothing at all. If you choose not to take the money when you leave it will remain safe in Korea and will still be here when you return. Also, if you leave and then later decide not to return to Korea it is possible to apply for the pension refund overseas through the local Korean Embassy/Consulate. |
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