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Riddle
Joined: 19 Jul 2006
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 Posted: Tue Jan 10, 2012 9:17 pm Post subject: Pension and F2-99 Help Please |
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Hello,
I'm currently on an E2 visa but have been working at the same academy for over 5 years now. I want to begin my application for the F2-99 visa soon, eventually with the plan to upgrade to an F-5.
I have quite a bit built up in my pension account and would like to still take out the lump sum, but it appears that you have to leave Korea with a one-way ticket in order to accomplish this. Do I have to be finished with my current employment in order to leave Korea and receive my pension? If I were to successfully obtain an F2-99 visa, would I have to give it up just to collect my pension? Are there any other F-visa workers out there that have been through this kind of thing?
Ideally, I would get my F2-99 visa this year, possibly even my F-5, finish my contract in August, leave Korea to vacation, and then come back still with my F visa. Is this possible? I already know that these visas are in no way a sure thing, but I can still plan right? Thanks in advance for any feedback. |
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r122925
Joined: 02 Jun 2011
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| Posted: Tue Jan 10, 2012 10:17 pm Post subject: |
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As far as I'm aware you won't be able to get the lump sum pension payment unless you cancel your visa. That means you're going to be stuck. I know some of the marriage F-2 people in the past have cancelled visas, left the country, collected pension, and came back after applying for a new visa... but that's not going to be possible with an F-2-99, since you can't get a new one without starting your 5-year clock over at zero.
But the money isn't going to disappear or anything. You'll get the money when you eventually leave Korea for good or when you reach retirement age, whichever comes first. |
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Wildbore
Joined: 17 Jun 2009
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| Posted: Wed Jan 11, 2012 12:56 am Post subject: |
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| r122925 wrote: |
As far as I'm aware you won't be able to get the lump sum pension payment unless you cancel your visa. That means you're going to be stuck. I know some of the marriage F-2 people in the past have cancelled visas, left the country, collected pension, and came back after applying for a new visa... but that's not going to be possible with an F-2-99, since you can't get a new one without starting your 5-year clock over at zero.
But the money isn't going to disappear or anything. You'll get the money when you eventually leave Korea for good or when you reach retirement age, whichever comes first. |
At some point the money becomes locked into the Korean pension plan. I think it's 10 years. So if he leaves before that, he'll be fine. If not, it's wait for retirement. |
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Riddle
Joined: 19 Jul 2006
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| Posted: Wed Jan 11, 2012 3:43 am Post subject: |
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| r122925 wrote: |
As far as I'm aware you won't be able to get the lump sum pension payment unless you cancel your visa. That means you're going to be stuck. I know some of the marriage F-2 people in the past have cancelled visas, left the country, collected pension, and came back after applying for a new visa... but that's not going to be possible with an F-2-99, since you can't get a new one without starting your 5-year clock over at zero.
But the money isn't going to disappear or anything. You'll get the money when you eventually leave Korea for good or when you reach retirement age, whichever comes first. |
Thanks for your reply. I wonder if the pension office would make an exception if I explained my situation (miracle please). That is a good point about getting locked into the pension after 10 years. Can anybody confirm that? Looks like I'm in a bit of a pickle. Does anybody else have any knowledge or similar experiences on this matter? |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Wed Jan 11, 2012 5:11 am Post subject: |
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| You must terminate your job & leave on a one-way ticket to claim your pension. The 10-year locked-in provision is true (at least for Canadians & I think Americans too) -- I got confirmation from both Korean & home pension authorities. I'm locked in now but it will serve me pretty well, because I'm pretty close to retirement age. |
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Charriere
Joined: 01 May 2008
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| Posted: Wed Jan 11, 2012 2:45 pm Post subject: |
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Schwa, do you know how many years of contributions you have to make in Korea to be able to claim a full state pension?
I know for example that you must make 30 years worth of contributions in the UK.
Also, when you say that you become 'locked in' after 10 years, from that point on will you be guaranteed a fixed income from the Korean pension service or will they just pay out the lump sum that you have accrued when you come to retire? |
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Riddle
Joined: 19 Jul 2006
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| Posted: Wed Jan 11, 2012 3:23 pm Post subject: |
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| schwa wrote: |
| You must terminate your job & leave on a one-way ticket to claim your pension. The 10-year locked-in provision is true (at least for Canadians & I think Americans too) -- I got confirmation from both Korean & home pension authorities. I'm locked in now but it will serve me pretty well, because I'm pretty close to retirement age. |
Hello,
if it is just the case that my job must be terminated and that I would need a one-way ticket, then wouldn't that still be alright if I was on an F visa? I could leave Korea with a one-way ticket and then come back later. I need to find the information where it states that you must cancel your visa if you want to collect the pension. I'll try to give them a call today and report back later. |
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r122925
Joined: 02 Jun 2011
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| Posted: Wed Jan 11, 2012 4:49 pm Post subject: |
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| Charriere wrote: |
Schwa, do you know how many years of contributions you have to make in Korea to be able to claim a full state pension?
I know for example that you must make 30 years worth of contributions in the UK.
Also, when you say that you become 'locked in' after 10 years, from that point on will you be guaranteed a fixed income from the Korean pension service or will they just pay out the lump sum that you have accrued when you come to retire? |
In Korea, you must make 20 years worth of contributions to qualify for a full pension, but only 10 years to qualify for a "reduced pension". This is why you can no longer claim a lump sum refund after 10 years of contribution. The reduced pension pays out a percentage of the full pension amount each month. For example, if you contributed for 10 years you get 50% of the full pension amount, 15 years you get 75%, 19 years you get 95%, etc... |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Thu Jan 12, 2012 1:54 am Post subject: |
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| After 12 years contribution, I'm entitled to about 350000 a month, according to a statement I got from the pension folk. Which means everything after about 5 or 6 years is free money over what I could have gotten back via a lump sum payout. I guess I'm also due for a bit of pension from Canada. I've got savings & I'd like to keep teaching parttime well into my feeblehood. I think I'll be okay! |
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Charriere
Joined: 01 May 2008
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| Posted: Thu Jan 12, 2012 6:45 am Post subject: |
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Thanks to the two above posters for their informative posts.
350k is by no means a huge amount, but if you are able to supplement it with extra income it soon adds up! I guess rent is the big one. If you have been able to build up enough capital for a jeonse deposit, or better yet if you own the property outright, you'll be in a much stronger position.
Anyway, I realise that this is going off topic now, so I'll leave it there. |
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Na La Ri
Joined: 04 Sep 2006
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| Posted: Tue Feb 21, 2012 6:38 pm Post subject: pension lock-in |
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Hey guys, I just got off the phone with the ICN counseling center (Pension counseling & paying lump-sum refund to foreigners department 032-743-5006) and was told there is no 10 year lock-in for foreigners. He said he was 100% sure about this. He told me that I could work in Korea for 20 years and still collect my lump-sum. I'm a Canadian on an E-2 visa and will be approaching the 10 year mark pretty soon so it's something I'm a little concerned about. I'm wondering if the 10 year lock-in only applies to F-2 visa holders. What do you guys think?
Here is the email he sent me:
Dear Mr. Unite
I'm Kim, Sung-han at the NPS Incheon airport office.
As I told you on the phone, if you have paid for pension over 10 years(120 month) legally, you will have two options.
You will be able to get your contributions back in form of lump-sum refund when you leave Korea after finishing your work.
And also you can get your contributions back in form of pension monthly from 65 years old until you pass away.
Furthermore, if you want, you can connect your contributions to your Canadian pension
in accordance with social security agreement between Korea and Canada.
(If you have questions about SSA, contact NPS international center / 02-2176-8717 / http://english.nps.or.kr/jsppage/english/main.jsp)
If you have further question, please feel free to contact me.
Thank you.
Sincerely Kim, S. H. |
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Daniel1981
Joined: 30 Dec 2009
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| Posted: Mon Mar 05, 2012 3:44 am Post subject: |
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For those getting the F2-99. Is it really true that these are being given for just being on an E-2 for 5 years straight?
No marriage requirements? Other fancy requirements? What are people being denied for? |
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waseige1
Joined: 09 Oct 2008
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| Posted: Tue Oct 01, 2013 8:58 pm Post subject: |
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| Daniel1981 wrote: |
For those getting the F2-99. Is it really true that these are being given for just being on an E-2 for 5 years straight?
No marriage requirements? Other fancy requirements? What are people being denied for? |
F2-99
1. 5 years on the same visa (more for some visa types)
2. 30,000,000 won in cash or real estate
3. A salary higher than the national average.
4. A TOPIK level 2 or higher
I hope to get mine early next year. |
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