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nationals10
Joined: 27 May 2009
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 Posted: Tue Jul 09, 2013 5:47 pm Post subject: When should I apply to get my pension back? |
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I'm finishing my contract this August, and am flying home
at the end of August and coming back in September
to take care of housing matters, finance, and packing
and leaving in November.
I'm wondering when is the appropriate time to
get the national pension back?
Is it when I leave Korea for good,
or could I get it back when I finish my job here in August
and leave in November for good? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jul 09, 2013 6:14 pm Post subject: Re: When should I apply to get my pension back? |
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| nationals10 wrote: |
I'm finishing my contract this August, and am flying home
at the end of August and coming back in September
to take care of housing matters, finance, and packing
and leaving in November.
I'm wondering when is the appropriate time to
get the national pension back?
Is it when I leave Korea for good,
or could I get it back when I finish my job here in August
and leave in November for good? |
If your contract is finished (turning in your ARC) you can apply 30 days prior.
If you are returning on your E2, D10 or F-visa you can't get it until you are leaving and canceling your status of sojourn.
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nationals10
Joined: 27 May 2009
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| Posted: Tue Jul 09, 2013 6:26 pm Post subject: |
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I have an F4, so does that mean I have to turn in my ARC
when I apply for pension 30 days before? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jul 09, 2013 6:35 pm Post subject: |
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| nationals10 wrote: |
I have an F4, so does that mean I have to turn in my ARC
when I apply for pension 30 days before? |
You have to turn in your ARC when you leave if you want the pension to be refunded. As long as your status of sojourn remains valid you cannot get a refund under the terms of the treaty.
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Scorpion
Joined: 15 Apr 2012
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| Posted: Tue Jul 09, 2013 11:09 pm Post subject: |
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I thought the rules had changed, and we could no longer get the lump-sum payment (when leaving Korea) unless we'd worked here for ten consecutive years?
Did I hear wrong? |
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Porksta
Joined: 05 May 2011
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| Posted: Tue Jul 09, 2013 11:53 pm Post subject: |
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| I believe after 10 years you are no longer allowed to pay into your pension. |
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spaceman82
Joined: 01 Dec 2009
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| Posted: Wed Jul 10, 2013 12:21 am Post subject: |
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| ttompatz wrote: |
| nationals10 wrote: |
I have an F4, so does that mean I have to turn in my ARC
when I apply for pension 30 days before? |
You have to turn in your ARC when you leave if you want the pension to be refunded. As long as your status of sojourn remains valid you cannot get a refund under the terms of the treaty.
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Do you happen to have any more information about this? I was told by a pension office employee recently that there was no connection between one's visa status and their ability to receive a pension refund, as long as they presented an outbound flight ticket and could have their employer verify that they would no longer be working in Korea. |
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YTMND
Joined: 16 Jan 2012
Location: You're the man now dog!!
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| Posted: Wed Jul 10, 2013 1:14 am Post subject: |
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| Quote: |
coming back in September
to take care of housing matters |
Why would someone do this? Explanation please.
You lose 2 airfare flights.
I don't see the reason. Settle your rock and roll "rigamarole" and then leave.
So, what is your story? |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Wed Jul 10, 2013 1:26 am Post subject: |
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| Scorpion wrote: |
I thought the rules had changed, and we could no longer get the lump-sum payment (when leaving Korea) unless we'd worked here for ten consecutive years?
Did I hear wrong? |
You've got it backwards. Paying in for 10 years (for Canucks anyway & I believe for Americans & maybe some others too) means you cannot get the lump-sum payout.
Consecutive or not, doesnt matter. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Wed Jul 10, 2013 1:28 am Post subject: |
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| Porksta wrote: |
| I believe after 10 years you are no longer allowed to pay into your pension. |
Laughably wrong. |
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Scorpion
Joined: 15 Apr 2012
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| Posted: Wed Jul 10, 2013 11:14 pm Post subject: |
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| schwa wrote: |
| Scorpion wrote: |
I thought the rules had changed, and we could no longer get the lump-sum payment (when leaving Korea) unless we'd worked here for ten consecutive years?
Did I hear wrong? |
You've got it backwards. Paying in for 10 years (for Canucks anyway & I believe for Americans & maybe some others too) means you cannot get the lump-sum payout.
Consecutive or not, doesnt matter. |
Thank you. I have another question. If you have already cashed out your pension and left the country, then later came back...does the 'ten year' thing start again at zero? Or, are the years for which one has already been paid still considered part of the ten years? |
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