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wafflebunny
Joined: 12 Apr 2010
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 Posted: Mon Sep 12, 2011 8:32 am Post subject: Where's My Money?!!!! (Pension Refund) |
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LOL!  The Title was just a joke!
But seriously, are there any former English teachers that have returned to their home countries and have applied for pension before leaving South Korea.
I applied for my pension the first week of August while still in Korea before leaving and returning to the US. I gave them all of my information and requested that the money be sent to my US bank. They told me how much money I will get back and I was told that my pension should get to my bank sometime in September. It is the 12th of September and it still isn't here.  Maybe, I should just continue to be patient.
However, how long does it usually take for the money to get through? I am just hoping that they didn't send it to the wrong bank or if there wasn't a goof off.  Also for those who may have had their pension money sent to their home country banks, how did it go? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Sep 12, 2011 4:07 pm Post subject: Re: Where's My Money?!!!! (Pension Refund) |
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| wafflebunny wrote: |
LOL! The Title was just a joke!
But seriously, are there any former English teachers that have returned to their home countries and have applied for pension before leaving South Korea.
I applied for my pension the first week of August while still in Korea before leaving and returning to the US. I gave them all of my information and requested that the money be sent to my US bank. They told me how much money I will get back and I was told that my pension should get to my bank sometime in September. It is the 12th of September and it still isn't here. Maybe, I should just continue to be patient.
However, how long does it usually take for the money to get through? I am just hoping that they didn't send it to the wrong bank or if there wasn't a goof off. Also for those who may have had their pension money sent to their home country banks, how did it go? |
It takes between 30-60 days AFTER your departure is confirmed (visa canceled / ARC turned in / ARC expired; as the case may be) provided there are no remaining contributions from your employer.
IF they need to wait for the final contribution from the employer (and the employer is only paying every fiscal quarter) it can take up to 90 days more.
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timetotravel
Joined: 02 Sep 2007
Location: korea
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| Posted: Mon Sep 12, 2011 5:44 pm Post subject: |
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| Last time I left Korea I got my pension about 5-6 weeks after leaving.....and it went into our American account. Dont worry it will be there! |
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jammo
Joined: 12 Dec 2008
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Vimfuego
Joined: 10 Apr 2009
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| Posted: Tue Sep 13, 2011 5:09 am Post subject: |
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| think yourself lucky, buddy, us Brits get nothing |
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freddy teacher
Joined: 01 Jan 2011
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| Posted: Tue Sep 13, 2011 7:48 am Post subject: |
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| Vimfuego wrote: |
| think yourself lucky, buddy, us Brits get nothing |
i thought everyone gets it back when they leave? maybe you're thinking of taxes because only the US has a treaty for that...
im assuming Canadians get it back. if not, they better legislate it before the next 5 months... |
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wafflebunny
Joined: 12 Apr 2010
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| Posted: Fri Sep 16, 2011 10:00 am Post subject: Re: Where's My Money?!!!! (Pension Refund) |
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| ttompatz wrote: |
| wafflebunny wrote: |
LOL! The Title was just a joke!
But seriously, are there any former English teachers that have returned to their home countries and have applied for pension before leaving South Korea.
I applied for my pension the first week of August while still in Korea before leaving and returning to the US. I gave them all of my information and requested that the money be sent to my US bank. They told me how much money I will get back and I was told that my pension should get to my bank sometime in September. It is the 12th of September and it still isn't here. Maybe, I should just continue to be patient.
However, how long does it usually take for the money to get through? I am just hoping that they didn't send it to the wrong bank or if there wasn't a goof off. Also for those who may have had their pension money sent to their home country banks, how did it go? |
It takes between 30-60 days AFTER your departure is confirmed (visa canceled / ARC turned in / ARC expired; as the case may be) provided there are no remaining contributions from your employer.
IF they need to wait for the final contribution from the employer (and the employer is only paying every fiscal quarter) it can take up to 90 days more.
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Hi, I'm back. It still isn't here but this reply helped me better understand, thanks!  |
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sojusucks
Joined: 31 May 2008
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| Posted: Fri Sep 16, 2011 6:24 pm Post subject: |
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| freddy teacher wrote: |
| Vimfuego wrote: |
| think yourself lucky, buddy, us Brits get nothing |
i thought everyone gets it back when they leave? maybe you're thinking of taxes because only the US has a treaty for that...
im assuming Canadians get it back. if not, they better legislate it before the next 5 months... |
Not everyone gets it back. In fact, South Africans don't even pay into it. |
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Vimfuego
Joined: 10 Apr 2009
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| Posted: Sat Sep 17, 2011 2:56 am Post subject: |
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| freddy teacher wrote: |
| Vimfuego wrote: |
| think yourself lucky, buddy, us Brits get nothing |
i thought everyone gets it back when they leave? maybe you're thinking of taxes because only the US has a treaty for that...
im assuming Canadians get it back. if not, they better legislate it before the next 5 months... |
Nope, the UK doesn't have a reciprocal agreement like most other countries do. So we pay in but get nothing back unless we stay 10 years, then we can claim it back when we are 60. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Sep 17, 2011 4:46 am Post subject: |
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| freddy teacher wrote: |
| Vimfuego wrote: |
| think yourself lucky, buddy, us Brits get nothing |
i thought everyone gets it back when they leave? maybe you're thinking of taxes because only the US has a treaty for that...
im assuming Canadians get it back. if not, they better legislate it before the next 5 months... |
Only 3 countries have a treaty that allows for a refund: Canada, USA and Australia.
South Africans are exempt from paying into the NPS.
The other 3, Ireland, UK and NZ cannot get a refund and unless they get 10 years in and become vested they lose it.
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sojusucks
Joined: 31 May 2008
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| Posted: Sat Sep 17, 2011 5:31 am Post subject: |
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The other 3, Ireland, UK and NZ cannot get a refund and unless they get 10 years in and become vested they lose it.
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But, the money is there and if their home countries sign an agreement they will be able to take it out in the future. It sounds like a good reason for some people from each country to contact their elected officials and urge them to sign a treaty with South Korea for the right to cash out pension accounts. I know if it was my money involved I'd be contacting my elected official over this pension issue. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sat Sep 17, 2011 10:43 am Post subject: |
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| sojusucks wrote: |
| Quote: |
The other 3, Ireland, UK and NZ cannot get a refund and unless they get 10 years in and become vested they lose it.
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But, the money is there and if their home countries sign an agreement they will be able to take it out in the future. It sounds like a good reason for some people from each country to contact their elected officials and urge them to sign a treaty with South Korea for the right to cash out pension accounts. I know if it was my money involved I'd be contacting my elected official over this pension issue. |
Those countries also keep the the money of Koreans working there too. It probably equals out in the end, in government coffers. Probably not a high priority for politicians. |
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weebil
Joined: 24 May 2009
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| Posted: Sat Sep 17, 2011 4:10 pm Post subject: |
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| how do i go about applying to get the pension money anyways? |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sat Sep 17, 2011 4:29 pm Post subject: |
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| weebil wrote: |
| how do i go about applying to get the pension money anyways? |
Go to your local NPS office and apply for it.
You need to fill in an application, show your passport, ARC and exit ticket.
You need to provide the bank information where the money is to go.
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_RainBoWs_
Joined: 20 Feb 2011
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| Posted: Sun Sep 18, 2011 3:39 pm Post subject: |
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Well i'm glad i just read this thread...
I have been told on a few occasions that i would be able to get this pension money back.......(I am from the UK). Is it possible to stop paying into this pension?
(Lets say i marry a Korean in 2 years, my visa changes.....do i get the money then?) |
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