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Dev
Joined: 18 Apr 2006
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 Posted: Tue Sep 19, 2006 6:18 pm Post subject: Can you get a pension refund during mid-contract? |
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| If you're definitely not into staying in Korea forever, then maybe you could tell them and get the money. Has anyone ever done this during mid contract without resigning? |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Tue Sep 19, 2006 6:57 pm Post subject: |
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You can only get your refund after you've left (though you have to apply before you leave). Why would you need it mid-contract?
KPRROK |
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ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
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| Posted: Tue Sep 19, 2006 7:07 pm Post subject: |
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| But then you would be losing all the pension money from the last 6 months. Anyways, when you apply for it, you need to either be out of the country or show your plane ticket to prove you are leaving. |
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Novernae
Joined: 02 Mar 2005
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| Posted: Tue Sep 19, 2006 7:39 pm Post subject: Re: Can you get a pension refund during mid-contract? |
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| Dev wrote: |
| If you're definitely not into staying in Korea forever, then maybe you could tell them and get the money. Has anyone ever done this during mid contract without resigning? |
Tell who what? |
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Dev
Joined: 18 Apr 2006
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| Posted: Tue Sep 19, 2006 8:01 pm Post subject: |
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| kprrok wrote: |
You can only get your refund after you've left (though you have to apply before you leave). Why would you need it mid-contract?
KPRROK |
Why let the gov. keep your money? Wouldn't you rather have it in your bank account now? Frankly I don't like the gov. keeping my money. Screw pension plans. Manage your own money for your future. |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Wed Sep 20, 2006 1:26 am Post subject: |
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| kprrok wrote: |
You can only get your refund after you've left (though you have to apply before you leave). Why would you need it mid-contract?
KPRROK |
This isn't actually correct. If you go to the pension office website there are 2 different forms you can print out to get your pension back. One for if you are in Korea and about to leave, and the other is for if you have already left Korea and are applying for it from overseas somewhere.. |
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kprrok
Joined: 06 Apr 2004
Location: KC
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| Posted: Wed Sep 20, 2006 1:53 am Post subject: |
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| BigBuds wrote: |
| This isn't actually correct. If you go to the pension office website there are 2 different forms you can print out to get your pension back. One for if you are in Korea and about to leave, and the other is for if you have already left Korea and are applying for it from overseas somewhere.. |
Yeah, I realised that, but didn't really felt it made much of a difference so I didn't change it. My guess is that 999 out of 1000 teachers will apply while still in the country, so it wasn't a big deal.
But you are right.
KPRROK |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Wed Sep 20, 2006 3:01 am Post subject: |
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No worries kprrok.
Just thought I'd put it up as many people complain about misinformation on this site.
You're right though, most teachers will apply for it before they leave.
Take care,
BigBuds. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Wed Sep 20, 2006 3:14 am Post subject: |
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Waiting till youre back home to apply can have negative consequences. Someone on this forum reported that the Canadian govt takes more than a year to process a claim.
To the OP: Opting out early makes no sense, even if you could. Every contribution is matched by your employer. Does your bank pay 100% interest? |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Wed Sep 20, 2006 3:29 am Post subject: |
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| schwa wrote: |
| Waiting till youre back home to apply can have negative consequences. Someone on this forum reported that the Canadian govt takes more than a year to process a claim. |
I think someone was pulling your leg there.
It has nothing to do with the Canadian gov't. It takes about 3 weeks to be processed here by the Korean pension office, then they directly deposit it into your bank account. The only way the Canadian gov't would be involved, would be if you decided to have it added to your Canadian pension fund, and then it wouldn't matter if it took a year, that is unless you're about to retire and need it but I doubt there are many people in that situation here. |
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pocariboy73
Joined: 23 Jan 2003
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| Posted: Wed Sep 20, 2006 4:08 am Post subject: |
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| Is it possible to apply for the pension in Korea BUT the plane ticket shows a return date to Korea on it? |
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BigBuds
Joined: 15 Sep 2005
Location: Changwon
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| Posted: Wed Sep 20, 2006 4:15 am Post subject: |
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Unfortunately not.
You must be leaving Korea for good or at least for a very long time. If you apply for it and get it, then return to Korea shortlty afterward, the pension office will ask for back payments when you start your new job and paying pension again. If you don't make back payments they will automatically garnish your monthly salary to make up for the back payments. |
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Poktanju
Mod Team
Joined: 15 Jun 2005
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| Posted: Wed Sep 20, 2006 4:58 am Post subject: |
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| BigBuds wrote: |
| kprrok wrote: |
You can only get your refund after you've left (though you have to apply before you leave). Why would you need it mid-contract?
KPRROK |
This isn't actually correct. If you go to the pension office website there are 2 different forms you can print out to get your pension back. One for if you are in Korea and about to leave, and the other is for if you have already left Korea and are applying for it from overseas somewhere.. |
What is the process for applying for the refund from overseas? That question seems to come up now and then and doesn't seem to get answered very clearly on here. |
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aek541
Joined: 07 Aug 2006
Location: Anyang Si, South Korea
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| Posted: Wed Sep 20, 2006 5:28 am Post subject: |
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| Someone told me that you can only withdrawl your pension once and thats it. I'm confused.......maybe this person was telling me a fib. But If I'm planning on returning to Korea to teach..............would it be beneficial to take the money out....or just leave it there? |
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Atassi
Joined: 14 Feb 2006
Location: 평택
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| Posted: Wed Sep 20, 2006 5:13 pm Post subject: |
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| Quote: |
| Someone told me that you can only withdrawl your pension once and thats it. I'm confused.......maybe this person was telling me a fib. But If I'm planning on returning to Korea to teach..............would it be beneficial to take the money out....or just leave it there? |
That's a really good question. By any chance, does anyone know the answer to that? |
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