Korean Job Discussion Forums

[shaxmatist2000]

Since the "sticky" on this topic happens to be rather dated, I was hoping to get more updated news on how to receive my pension in a lump sum while still in the country.

After 13 years of teaching at a private university, I will probably be asked to leave for serious medical reasons. I have to undergo non-elective surgery for an abdominal aortic aneurysm.

Nevertheless, I am worried about getting my pension while still in the country. I am turning 63 this year and not in great health.

I definitely don't want to return home without the money being transferred to my overseas account.

It has been suggested that I might be able to get a tourist visa or medical visa in order to remain here long enough to get my pension funds transferred.

So, do any of you have sage advice or suggestions?

Thank you so much for your assistance and advice.

Chris

[PRagic]

Sorry to hear about your health concerns and wishing you the best for a complete and speedy recovery.

Concerning your question, I would suggest speaking directly with 1) your university admin/finance, and 2) the National Pension Office nearest you.

I'm not sure, for example, whether you can draw the lump sum before the official retirement age of 65, or whether you'll have to wait, even if you're leaving the country.

TTompatz will undoubtably have the scoop. I'll definitely be watching to find out more!

[PRagic]

Looks like you can indeed get your pension before you leave, including an option to collect right at the airport (depending on your departure time)...

http://english.nps.or.kr/jsppage/english/scheme/scheme_04.jsp

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 NPS is able to verify that the person has left Korea. However, if he/she submits the required materials, such as an airplane ticket verifying his/her departure within one month, he/she will be able to apply for the refund before leaving Korea.

The amount of a Lump-sum Refund is the sum of the contributions paid and interest gradually increased. The interest rate is the rate from the involved period of a time deposit with a maturity of three years.

Also see the bit about collecting at the airport....

Apologies. Before I confused the lump sum and the long-term payout options. As of now, I'm looking at the long term option, which can only be collected once you hit retirement age (65 in my case). Still a ways off, but looking into stuff...

[shaxmatist2000]

Thank you for the brilliant replies.
I don't think that my pension is NPS, though.

Since, I teach at a private university, I believe that I fall under a different pension system.

Someone told me that another individual received their pension in 6 days.
On the other hand, I've heard horror stories about the process taking an onerous amount of time.

One would think that it should be a simple and fair process and not some bureaucratic nightmare.

Ah well, my health is not that good and surgery is non-elective.

So, my responses may be delayed a bit.

But, thank you all for your kind advice and great information.

[PRagic]

Found this about the Teacher Pension....

https://teachinginkoreanuniversity.com/korea-teachers-pension-plan-information/

I asked for some information in this Facebook group, Foreign Teacher’s in Korean Universities and struck gold: a number to an English speaker at the Korea Teachers Pension office. The number for the office is: 02-769-4408 and the guy answering the phone speaks strangely good English.

And here's the webpage for the Teacher Pension office

http://tp.or.kr:8088/tp/ENG/contactus/contactus_introduction.jsp

Hope it helps!

[denverdeath]

13 yrs teaching is good. 20+ is not. Not for the private teacher's pension fund LUMP-SUM REFUND anyway. Tell your school you want the paperwork at end of contract, go to your local office, and cash out. You, and your school, have paid in. It's yours. If it were 20+yrs, then you would have to wait till retirement age to get the monthly stipend. Hope all goes well for you.

http://www.tp.or.kr:8088/tp/ENG/main/main.jsp

[denverdeath]