Korean Job Discussion Forums

[Frankly Mr Shankly]

Anyone know when the reciprocal agreement commences for Aussies to get their pension payments back? Also, how does one go about getting a refund from outside of the country?

[Anda]

Beg but even that doesn't work! In other words we can't get it back unless things have changed.

[Frankly Mr Shankly]

[ttompatz]

[Frankly Mr Shankly]

Thanks for the info.

[icicle]

The Pension refund for Australians should be in place from 1st July this year. The legislation in both countries was passed at the end of last year. I know there was a reference to it on the Seoul Australian Embassy website.

That will mean that people who have already left the country will be able to apply for the refund after 1st July (because it has retrospective application).

Icicle

[garygoodbloke]

Ok guys, I went to the Korean consulate in Sydney and asked them what the deal is.

The lady tried to fob me off and this was after I'd called that morning and she gave me the number to a phone that never answered.

She called someone and passed on the news that E-2 VISAs don't get the pension back, only E10s or E9s or something similar. Have any other Aussies got their pensions back? Is she right? Has anyone else tried? I'm posting this on all boards where the question has been raised.

[wylies99]

http://www.southkorea.embassy.gov.au/seol/AusKorsocialsec08.html

Australia-Korea Social Security Agreement

Thousands of Australians who have worked in Korea and paid contributions to the Korean pension scheme will benefit from the recently-signed Australia-Korea Social Security Agreement. When the agreement commences later this year, Australians who are working or have worked in Korea will be able to receive a lump-sum refund of their social security contributions or have access to a Korean old-age pension.

Under the agreement, Korea has agreed to refund contributions made by Australian nationals, in much the same way Australia refunds Superannuation Guarantee contributions for non-residents who have worked for a temporary period in Australia.

The refunds will benefit those who have worked in Korea for only a few years and who would not be eligible for a Korean old-age pension, such as English language teachers. Lump-sum refunds will be retrospective.

The agreement will also help former Australian residents of age pension-age living in Korea, who will be able to claim a pension without having to return to Australia.

In addition, the agreement will mean people who are sent to work temporarily in Australia or Korea won�t have to contribute into two social security systems.

These provisions will reduce costs for business in both countries and promote closer economic relations between Australia and Korea.

The Australian Government is committed to maximising the retirement income of people who have lived and worked in other countries through its network of social security agreements.

Australia has social security agreements in place with Austria, Belgium, Canada, Chile, Croatia, Cyprus, Denmark, Germany, Ireland, Italy, Malta, the Netherlands, New Zealand, Norway, Portugal, Slovenia, Spain and the USA. An agreement with Switzerland has also been signed but has not yet come into force.

Commencement of the Australia-Korea Agreement
The Australia-Korea Social Security Agreement was signed on 6 December 2006. The Korean National Assembly ratified the social security agreement on 27 April 2007 and the two governments approved an administrative arrangement for the implementation of the agreement on 14 December 2007. The agreement is scheduled to commence later this year, subject to both countries completing all the necessary legislative and administrative processes.

Making a Claim
Information on how Australians can make claims under the agreement and relevant forms will be available through the Centrelink website (www.centrelink.gov.au) once the agreement comes into force. The Embassy will also provide updates as they become available.

The text of the agreement can be found at:
http://www.facsia.gov.au/internet/facsinternet.nsf/international/agreements-korea.htm

[garygoodbloke]

Thank you so much for that, really saved my bacon.

[octopussy]

[size=18]in the case of foreigners falling under any of the following conditions, a lump-sum refund will be paid.

① In cases where a foreigner whose home country grants Koreans a benefit corresponding to a lump-sum refund under the National Pension Scheme.

=> Under this rule, only the nationals from the following 29 countries※ may receive the Korean lump sum refund. Please refer to Article 126 of the National Pension Act and Article 113 of the Enforcement Decree of the National Pension Act.
② In cases where a foreigner whose home country has concluded a social security agreement with Korea regarding the payment of the lump-sum refund

※ As of June 2007, Canada, The U.S., Germany, Hungary, France

③ Regardless of minimum insured period, in cases where a foreigner, who has been covered under the national pension scheme with a stay visa of E-8 (Employment for Training), E-9 (Non-professional Employment), or H-2 (Visiting Employment) returns to his/her home country

Countries whose Nationals are Granted a Lump-sum Refund (as of July, 2008)
Regardless of Country E-8 (Employment for Training), E-9 (Non-professional Employment), H-2 (Visiting Employment)
Under the Social Security
Agreement (5 countries) Germany, US, Canada, Hungary, France
Minimum
Insured
Period Over 6 months Belize
Over 1 year
(8 countries) Granda, Barbados, Zimbabwe, Cameroon, Congo, Thailand, Togo, Saint Vincent and Grenadine
Over 2 years Venezuela
None
(18 countries) Ghana, Malaysia, Vanuatu, Bermuda, Sudan, Sri Lanka, Switzerland, El Salvador, Jordan, India, Indonesia, Kazakhstan, Kenya, Colombia, Trinidad and Tobago, Turkey, Philippines, Hong Kong
※ If a foreigner applies for a lump-sum refund because he/she is going to return to his/her home country, the lump-sum refund will be paid as long as the NPS can confirm that the person has left Korea after August 29, 2007. However, if he/she submits the required materials such as airplane tickets verifying his/her departure within one month, he/she will be able to apply for the refund before leaving Korea.


I found this info on the korean national pension service site:
http://www.nps.or.kr/jsppage/english/scheme/scheme_04.jsp

and am a little confused. It seems that Aus signed an agreement as of July 1 that Korea will refund pension payments, but aus is not mentioned as one of the countries.

when i had the office admin call the pension service she was told that the refund scheme does not apply to E-2 visas...??

can anyone give me any further advice? would be much appreciated.

[ttompatz]

http://www.facsia.gov.au/internet/facsinternet.nsf/international/agreements-korea.htm

Agreement on Social Security between the Government of Australia and the Government of the Republic of Korea

The Government of Australia and the Government of the Republic of Korea (hereinafter referred to as the "Contracting Parties"), Being desirous of regulating the relationship between their two countries in the field of social security and coverage. Have agreed to conclude the following agreement:


Article 14
Special Provisions

1. Lump-sum refunds shall be granted to Australian nationals under the same conditions as they are granted to Korean nationals in accordance with the legislation of Korea.

Article 29
Entry into Force

This Agreement shall enter into force on the first day of the third month following the month in which notes are exchanged by the Contracting Parties through the diplomatic channel notifying each other that all constitutional or legislative matters as are necessary to give effect to this Agreement have been finalized.

NOTE that although this was to go into effect last July there have been delays so it is NOT yet in force.

.

[octopussy]

thanks ttompatz, sooo does that basically mean as i'm leaving korea in 3 weeks i can kiss my pension payments goodbye??

is it possible to apply for this refund once i have returned to aus and the agreement has come into effect?

[ttompatz]

[Frankly Mr Shankly]