February 16, 2019, 03:21:26 PM


Author Topic: Can IRISH Citizens get their pension refund?  (Read 5150 times)

Offline gingerged2000

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Can IRISH Citizens get their pension refund?
« on: September 19, 2011, 04:28:55 PM »
I am a public school teacher.
I live and work in Ulsan, South Korea.
I am here on an E2 Visa, on my Irish passport as an Irish Citizen.
I'm trying to benefit from this pension ordeal.

So far I've been told I can get it back. Then I was told I can't get it back because Ireland (much the same as the U.K.) don't have a treaty with South Korea.
I was then told I can opt-out of paying it thus saving me some money at the end of the day. Then I was told that this is not possible for the school to do as it is highly illegal to do so.
As far as I know, the above Bold statements are unfortunately true.

BUT... my question is...

If I am ready to leave the country and I bring all my required documents to the National Pensions Office (Plane ticket out of the country, letter from employer stating the last day I will work, my Alien Registration Card... and fill out some application forms) can I have the funds paid into an American Bank Account (as US citizens CAN get their Pension Refund). The hitch is that it would be my reimbursement but my fiances account. (She is a US Citizen)

As you can see, I'm looking for any way at all to keep this money.

Any thoughts, ideas, suggestions would be greatly appreciated.

Thank you.

Offline michelleh

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Re: Can IRISH Citizens get their pension refund?
« Reply #1 on: September 19, 2011, 07:13:05 PM »
I'm Irish too, and before last year, it was true that there was no way for us to claim pension, but now the system has changed a bit.

Now I'm not 100% sure about this, but from what I know... our pension is paid into an Irish pension fund, which means that you won't be able to claim it in Korea, as an American citizen would, but when you return to Ireland, that money will be in your fund. Not sure how it works back home (re. claiming it), and I have no idea at all about the technicalities, but at least you're not 'losing' the money, as was the case before.

Also, it is illegal for your school to not pay pension and medical insurance.

Hope this helps.
« Last Edit: September 20, 2011, 01:36:31 PM by michelleh »

Offline gingerged2000

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Re: Can IRISH Citizens get their pension refund?
« Reply #2 on: September 20, 2011, 10:33:21 AM »
I thought we had to pay Pension & Medical Insurance? Hmm!?

I'll definitely look into the pension being transferred to Ireland. I know that Mary Hanafin signed a pension deal between Ireland & South Korea in 1999. And I think this is what you're talking about. Basically, we don't get a lump some return when we leave and (unlike South Africans) we're not exempt either. But it may just be the case that it IS transferred.

Now all I / we need to do is figure out how?

I'll keep looking into it & if I come up with any answers I'll post it on her.

Thanks for your input :)

Offline michelleh

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Re: Can IRISH Citizens get their pension refund?
« Reply #3 on: September 20, 2011, 01:46:10 PM »
Oops... important "not" missing in my first post. I've edited it now.

Thanks for offering to post more info if it becomes available. :)

I'll do the same if something comes up.

Offline RonantheBarbarian

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Re: Can IRISH Citizens get their pension refund?
« Reply #4 on: September 20, 2011, 02:33:01 PM »
Hi guys, found this very interesting as I'm in the same boat. We seem to be the one country being screwed over with taxes, pensions etc! I also thought that we couldn't get anything back and to just accept it! Still, can't really compain about my good job! Keep me posted on any developments.

Also, I don't think your original plan would work - US citizen's get the pension back, not people with access to US bank accounts.
Don't let them drive you crazy, espcially if it's within walking distance!

Offline ed

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Re: Can IRISH Citizens get their pension refund?
« Reply #5 on: September 20, 2011, 03:53:21 PM »
Hi everyone,

I emailed the embassy, this is what I got back:

 
On Thursday 1 January, 2009 an agreement between Ireland and the Republic of Korea came into effect. Its purpose is to enable persons who have paid social insurance in both countries, but have too few contributions in one country for a pension, to receive a pension on the basis of their combined periods of social insurance contributions. However, the agreement dose not enable refund of contributions as Korea only allows this on a reciprocal basis, and Ireland does not provide for such refunds. The protection of pension rights through aggregation of records is in our view to be preferred, and is the principle benefit of the agreement.
 
In this context, you should ask your employer's Finance Unit( Payroll Section) prior to cessation of your employment and prior to your return to Ireland for a detailed statement itemising all the Republic of Korea national pension contributions deducted from your salary payments for your period of employment in the Republic of Korea.( If these documents are in the Korean language they will have to be translated into English by a reputable translation agency.) You should keep these documents carefully together with any others relevant to the cessation of your employment in the Republic of Korea as these will be relevant for calculation of your pension entitlement in Ireland by the Department of Social and Family Affairs.

 

For further information please refer to the newly-launched Embassy's website:- www.embassyofireland.or.kr, click on 'Social Security Agreement',- you will then find a link to the information leaflet, at the bottom of the page, published by the competent authority in Ireland - the Department of Social and family Affairs.   

 

Regards,

 

Jee-Hyun Chun

Embassy of Ireland Seoul'

Offline sara_hol

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Re: Can IRISH Citizens get their pension refund?
« Reply #6 on: February 01, 2017, 09:29:02 AM »
Does anybody have any more recent information on this topic? Is there any way for Irish people to get the money we have been paying into the pension fund back?

Offline oinclark

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Re: Can IRISH Citizens get their pension refund?
« Reply #7 on: December 14, 2018, 01:44:36 PM »
Would love to know if any Irish person ever received their pension money or transferred their contributions to their Irish pension fund.

Anybody know?