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Pension Refund and checking your balance
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Weigookin74



Joined: 26 Oct 2009

PostPosted: Wed Sep 24, 2014 5:30 pm    Post subject: Reply with quote

You can also apply for your pension if you choose to not cash it out and use it as retirement income or you can also cash it out in one lump sum as a refund. You can do this from Canada and submit it to a Canadian government office as they have a treaty between the two countries.

If you retire and didn't cash it out, use this form, and apply from Canada.... http://www.servicecanada.gc.ca/eforms/forms/cankor1oae.pdf (To get a monthly benefit)

Lump sum. (Refund?) http://www.servicecanada.gc.ca/eforms/forms/cankor1lse.pdf

From the website

""If you live in Canada

If you live in Canada and want to apply for Canadian benefits, see Pensions in Canada.

If you live in Canada and want to apply for Korean benefits:
•Korea/Canada Agreement - Application for Korean Old Age benefit (CAN-KOR 1 OA)
•Korea/Canada Agreement - Application for Korean Disability benefit (CAN-KOR 1 DSB)
•Korea/Canada Agreement - Application for Korean Lump Sum payment (CAN-KOR 1 LS)
•Korea/Canada Agreement - Application for Korean Survivor benefit (CAN-KOR 1 SVR)

Attach any necessary supporting documents, and return the application form to a Service Canada Centre, or mail it to:

International Operations
Service Canada
Ottawa ON K1A 0L4
CANADA""


http://www.servicecanada.gc.ca/eng/services/pensions/international/countries/korea.shtml
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Wed Jul 01, 2015 11:33 pm    Post subject: Reply with quote

halophex wrote:
duke of new york wrote:
How do I go about getting my pension refund from the US, after leaving Korea, if I didn't apply for it in Korea? I just looked through all 24 pages of this thread, and there is no up to date information on this. Thanks!


I just successfully applied for my lump sum refund from the US.

Can you apply from the US if you've broken your most recent contract (...and the contract term hasn't expired yet)?
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Fallacy



Joined: 29 Jun 2015
Location: ex-ROK

PostPosted: Sat Jul 11, 2015 4:12 am    Post subject: Reply with quote

Can you be more specific about "pension?"

1. national? NPS = National Pension Service http://english.nps.or.kr/
2. or private? TP = Teacher's Pension http://www.tp.or.kr:8088/tp/ENG/main/main.jsp

While the NPS English site is decently detailed, sadly, the TP English site is not; however, I have called the TP main office in Seoul directly and spoken with someone by phone who had excellent English language communication skills, so consider that as an optional method for getting answers to your questions or assistance with processing your application.
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Sun Jul 19, 2015 3:36 am    Post subject: Reply with quote

Fallacy wrote:
Can you be more specific about "pension?"

1. national? NPS = National Pension Service http://english.nps.or.kr/
2. or private? TP = Teacher's Pension http://www.tp.or.kr:8088/tp/ENG/main/main.jsp

I assumed this was for NPS. Do all teachers get the private pension?
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schwa



Joined: 18 Jan 2003
Location: Yap

PostPosted: Sun Jul 19, 2015 6:59 pm    Post subject: Reply with quote

Teachers' pension is only for licensed Korean public school teachers. Foreign teachers & school contract workers are enrolled with NPS. Universities can provide their own pension scheme instead.
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Sun Jul 19, 2015 9:30 pm    Post subject: Reply with quote

Thanks, again, schwa.
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Fallacy



Joined: 29 Jun 2015
Location: ex-ROK

PostPosted: Mon Aug 24, 2015 8:03 pm    Post subject: RE: In-country pension claim years later? Reply with quote

AHawk843 wrote:
Hi all. I taught in Korea (Anyang, Seoul) for one year beginning August 2010. I returned home on vacation after my contract was completed, not claiming my lump-sum pension refund upon departute because I intended on returning. Ultimately, problems on the homefront prevented that from happening and claiming the money slipped from my mind as time went by.

I will be returning to Korea for a short visit in a few weeks and was wondering if it would still be possible to make a claim? If so, do you think the best place to try would be at Incheon, or a district office? I still have my old ARC, not sure what documentation I might need beyond that.

Any advice would be greatly appreciated. I've scoured the Internet/these forums for information on my situation but can't seem to find a thing, so I'm sorry in advance if this is a repeat question.

Done.
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Fallacy



Joined: 29 Jun 2015
Location: ex-ROK

PostPosted: Mon Aug 24, 2015 10:03 pm    Post subject: Reply with quote

isitts wrote:
Can you apply from the US if you've broken your most recent contract (...and the contract term hasn't expired yet)?
The pension agencies operate as independent entities, so applications for refunds will not be hijacked or kidnapped for ransom by any outsiders. The agency will confirm your status with the registered employer as part of processing, just to ensure that no further payments will be received, and forward the balance of funds due to your account within a prescribed period of time.
AHawk843 wrote:
I will be returning to Korea for a short visit in a few weeks and was wondering if it would still be possible to make a claim? If so, do you think the best place to try would be at Incheon, or a district office?
Yes. Either, as all NPS offices perform the same services. Note for non-NPS applicants: visit the head TP office at Yeoido to save time, as all regional offices must forward applications there for final approval.
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Fallacy



Joined: 29 Jun 2015
Location: ex-ROK

PostPosted: Mon Aug 24, 2015 10:08 pm    Post subject: Reply with quote

schwa wrote:
Teachers' pension is only for licensed Korean public school teachers.
Not correct. For example, Korea University is one higher education institution which used to subscribe to NPS for all employees, international staff included, but switched to TP, and thereafter continuing staff either cashed out of NPS, or rolled over the balance into TP.
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Fallacy



Joined: 29 Jun 2015
Location: ex-ROK

PostPosted: Mon Aug 24, 2015 10:29 pm    Post subject: RE: In-country pension claim years later? Reply with quote

isitts wrote:
I don't know if that's a good idea, Fallacy. I posted a question there and nobody ever saw it...no one who had any useful information, anyway.
That is the sticky dilemma. Honestly, I think anyone could handle these issues. I have personally visited offices of both the NPS and TP, virtually visited their respective websites, and within the last year rang up one of their staff members for an informative and helpful chat on the phone, all in English even, and experienced no troubles at all throughout. Based on that, it would seem anyone could do just as well in helping themselves get to the bottom of any situation firsthand, but certainly I will be happy to share whatever knowledge and experiences I have for secondhand reference on Dave's.
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isitts



Joined: 25 Dec 2008
Location: Korea

PostPosted: Tue Aug 25, 2015 4:33 pm    Post subject: Re: RE: In-country pension claim years later? Reply with quote

Fallacy wrote:
isitts wrote:
Can you apply from the US if you've broken your most recent contract (...and the contract term hasn't expired yet)?
The pension agencies operate as independent entities, so applications for refunds will not be hijacked or kidnapped for ransom by any outsiders. The agency will confirm your status with the registered employer as part of processing, just to ensure that no further payments will be received, and forward the balance of funds due to your account within a prescribed period of time.

Well, right. Thank you. I figured as much, but still wasn’t sure there would be penalties/delays all the same. schwa mentioned (in another thread) that it is possible to apply for your pension from overseas, but it takes longer.

Fallacy wrote:
isitts wrote:
I don't know if that's a good idea, Fallacy. I posted a question there and nobody ever saw it...no one who had any useful information, anyway.
That is the sticky dilemma. Honestly, I think anyone could handle these issues. I have personally visited offices of both the NPS and TP, virtually visited their respective websites, and within the last year rang up one of their staff members for an informative and helpful chat on the phone, all in English even, and experienced no troubles at all throughout. Based on that, it would seem anyone could do just as well in helping themselves get to the bottom of any situation firsthand, but certainly I will be happy to share whatever knowledge and experiences I have for secondhand reference on Dave's.

Fair enough, but again, if it were the case that the pension office had knowledge of a contract being broken the way that immigration sometimes does, and there were penalties, I wouldn’t want to go asking them about hypothetically breaking a contract. Dave’s is generally a good resource for these kinds of questions as others before me have gone through this. This was definitely the case with finding out how to get an FBI check from Korea or doing a walk-in to get an appostille from the DOS. Saved me a lot trouble to check on Dave’s first.

Thank you, again, for answering my question, but both your answer and schwa’s came from me asking outside this sticky. So that’s why I said (kind of tongue-in-check) that asking that other thread to be locked might not be a good idea. Wink
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Fallacy



Joined: 29 Jun 2015
Location: ex-ROK

PostPosted: Tue Aug 25, 2015 6:58 pm    Post subject: Reply with quote

I check the stickies as frequently as I do the other threads, but I will try to be better about answering questions, even when I think that answers have already been given in the past, or can be intuited easily enough.

My advice to everyone on the pension issue is this: contact them directly. Do not be afraid. They are very kind and helpful and their mandate supercedes the contracting institutions.

In fact, contacting the pension authorities separately can help you in your negotiations if you should be experiencing a contract dispute, as they will contact the employer independently for their own purposes, and 3rd party communications will be a surprise.

Consider that contacting the health insurance and tax authorities will have the same effect as well. If anything is nefarious, they will all have their own reasons for pursuing legal actions against your employer separately from your situation.
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Fallacy



Joined: 29 Jun 2015
Location: ex-ROK

PostPosted: Sun Aug 30, 2015 5:06 am    Post subject: Reply with quote

Major LP's in South Korea and their valuations

1. National Pension Service (NPS) - USD 318.6 billion
2. Korea Post (Office of Postal Service) - USD 81.8 bn
3. Korea Finance Corporation (KoFC) - USD 47.3 bn
4. The Korea Teachers’ Credit Union (KTCU) - USD 17.5 bn
5. The Korea Teachers’ Pension (KTP) - USD 11.8 bn
6. The Military Mutual Aid Association (MMAA) - USD 7.5 bn
7. Retirement Pension of the Ministry of Employment and Labor - USD 5.3 bn
8. Korea Occupational Safety & Health Agency - USD 5.2 bn
9. The Public Officials Benefit Association (POBA) - USD 4.5 bn
10. Government Employees Pension Service (GEPS) - USD 4.5 bn
11. Construction Workers Mutual Aid Association (CWMA) - USD 1.4 bn
12. The Police Mutual Aid Association (PMAA) - USD 1.0 bn

(Limited partners are usually institutional or high net worth investors interested in receiving the income and capital gains associated with investing in a private equity fund)
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Fallacy



Joined: 29 Jun 2015
Location: ex-ROK

PostPosted: Sun Aug 30, 2015 5:25 am    Post subject: Reply with quote

From the bottom, and skipping the police and constructions workers, first up is a review of the Government Employees Pension Service (GEPS):

1. minimum age for retirement = 65 years old (since the 2010 reform)
2. reduction rate for payment of pension before the minimum age = -5% of full pension for every year
3. minimum term of service required = 20 years
4. maximum term of service allowed = 33 years
5. pension formula = career average salary x service years x 1.9%
6. adjustment of pension = indexation for inflation rate or CPI
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Fallacy



Joined: 29 Jun 2015
Location: ex-ROK

PostPosted: Sun Aug 30, 2015 5:34 am    Post subject: Reply with quote

Now skipping the military and otherers, next up is a review of the The Korea Teachers’ Pension (KTP):

1. minimum age for retirement = 65 years old (since the 2010 reform)
2. reduction rate for payment of pension before the minimum age = -5% of full pension for every year
3. minimum term of service required = 20 years
4. maximum term of service allowed = 33 years
5. pension formula = career average salary x service years x 1.9%
6. adjustment of pension = indexation for inflation rate or CPI

Identical to GEPS. Maximum benefit then can be calculated as 62.7% of average lifetime salary. For example, KRW 50 million won x .627 = KRW 31,350,000 won annually (or 2,612,500 monthly).
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