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  • weirdgirlinkorea
  • Moderator - LVL 2

    • 2045

    • September 09, 2010, 06:00:18 pm
    • Seoul
    more
Pension question
« on: October 16, 2019, 05:45:19 pm »
Does anyone know from firsthand experience if you take your pension at the airport, does NPS contact your employer while youíre there? For the first time in my long tenure in Korea I find myself in a job that is totally intolerable and one Iím unable to give notice to because they will make my life miserable and take all my money owed and I donít have the means or energy to fight them over it. So if I just leave and try to collect my pension at the airport does anyone know if NPS contacts your employer (about final payments) or can you just go in there and collect it without a problem? TIA.
Ignoranţa este adesea o boală fatal şi cretin nu poate fi vindecata.


Re: Pension question
« Reply #1 on: October 17, 2019, 06:53:02 am »
Hi TPG,

Sorry to hear about your shitty situation.  Such a shame, especially after all your great bits you posted about over your time here.  :sad:

Unfortunately, I don't have first-hand experience of this as it is one of the many downsides of coming from England. 

But it looks like your employer has to submit a closure document the day before you leave the country as per the NPS website.

Quote
Payment Service of a Lump-sum Refund for Foreigners at the Incheon Airport

NPS is providing payment service for foreigners who leave Korea through the Incheon Airport

1.Payment at the airport is available only when a beneficiary leaves on a flight from 10:30 to 24:00, Monday to Friday (not available on official holidays and the NPS foundation day on September 18) and the former employer of the insured person submits a termination report to NPS at least one day before the departure date. The insured person must visit one of the NPS local offices within a month of departure and apply for a Lump-sum Refund. The insured person can choose the airport payment as the method of payment.

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

I could be wrong but I think that is one of the precursors to picking it up.

I know employers have no legal right to touch any pension money owed after you leave, so I feel that it'd be better to apply for it when you're back home as your school would have to submit a document saying that you're not there anymore, which would be a the same an NPS termination report.  It'll take more time but you should get it eventually.

Sorry, I can't be more help.

Hope ti goes ok!!  :-*


  • Piggydee
  • The Legend

    • 2616

    • October 15, 2013, 07:32:43 am
    • South Korea
Re: Pension question
« Reply #2 on: October 17, 2019, 07:05:27 am »
I also have a pension question too.  I heard from a fellow foreign friend of mine that they will only give you a portion of your pension to take home when you leave and you will get the rest of it when you turn 65.  Is that true?  For example if you have let's say 20,000,000won in pension savings, is my friend correct in thinking you will only get like a small percentage of it once you leave Korea.  I don't think that's true because my other American friend left Korea about a year ago and he got ALL OF HIS PENSION.  He has no intention of ever coming back here.  So what's the truth on this?


  • desireesg
  • Explorer

    • 6

    • September 03, 2018, 08:29:53 am
    • Yesan, South Korea
Re: Pension question
« Reply #3 on: October 17, 2019, 08:17:19 am »
You should be able to collect it without a problem, I did it a month ago. First go to the NPS office to apply and tell them you want to collect at the airport. Your employer is legally required to contribute to your pension so the funds should already be available to you.


  • NorthStar
  • Expert Waygook

    • 736

    • July 05, 2017, 10:54:06 am
    • Mouseville
Re: Pension question
« Reply #4 on: October 17, 2019, 08:33:38 am »
OP....hold on.

First, you need to make sure your pension has been paid into.  That would be your first step.  Then, you have to purchase a one-way ticket out of Korea, to take along with you to the NPS office.  For good measure, make sure you have a copy of your current contract and your ARC (required).  You will fill out some paperwork and make sure you inform them that you will be obtaining your pension contribution at the airport, upon departure. 

When you choose the airport option (I've done it twice), make sure you visit during business hours....Incheon Airprot ONLY (as far as I know, Gimhae Intl. does not do this).



  • Piggydee
  • The Legend

    • 2616

    • October 15, 2013, 07:32:43 am
    • South Korea
Re: Pension question
« Reply #5 on: October 17, 2019, 09:24:04 am »
You should be able to collect it without a problem, I did it a month ago. First go to the NPS office to apply and tell them you want to collect at the airport. Your employer is legally required to contribute to your pension so the funds should already be available to you.

So would you be able to get ALL of the pension?  Like if you had 14,000,000Won you can take all of that with you when you go home.  Also as Americans, do you have to declare this money when you get back into the states? 


  • lhelena
  • Veteran

    • 120

    • March 11, 2018, 01:57:14 pm
    • Anseong
Re: Pension question
« Reply #6 on: October 17, 2019, 09:40:37 am »
You should be able to collect it without a problem, I did it a month ago. First go to the NPS office to apply and tell them you want to collect at the airport. Your employer is legally required to contribute to your pension so the funds should already be available to you.

So would you be able to get ALL of the pension?  Like if you had 14,000,000Won you can take all of that with you when you go home.  Also as Americans, do you have to declare this money when you get back into the states? 

I would think there should be some sort of bank transfer option. I would be a nervous wreck taking all that back in cash.

But I would think you should be getting all of it. Korea can't hold it until you reach retirement age if you're no longer living and working here.


  • thunderlips
  • Hero of Waygookistan

    • 1620

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: Pension question
« Reply #7 on: October 17, 2019, 11:25:35 am »
They will check to see if you are employed. You may have to file from abroad which is possible but open a direct remittance account, kebhana or nonghyup have them transfer to that account.

Also if you file foreign earned income exclusion it covers the nps refund so just include it in wages.
« Last Edit: October 18, 2019, 07:59:02 am by thunderlips »


  • weirdgirlinkorea
  • Moderator - LVL 2

    • 2045

    • September 09, 2010, 06:00:18 pm
    • Seoul
    more
Re: Pension question
« Reply #8 on: October 17, 2019, 01:35:11 pm »
Thanks, all. Ah you jogged my memory. Thatís right, even if you want to pick up at the airport you must first go to the NPS office, so yeah, thatís out. Iíll have to go there and get the contact information to start it from overseas. Itís not much but I still want it. To the person who said make sure theyíre paying into, it. They are. Iíve received my pension statements. Itís a horrible company but they are legit. Like I always get paid and I have all my benefits.  Thanks everyone!
« Last Edit: October 17, 2019, 03:16:42 pm by travelinpantsgirl »
Ignoranţa este adesea o boală fatal şi cretin nu poate fi vindecata.


  • JNM
  • The Legend

    • 4138

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: Pension question
« Reply #9 on: October 17, 2019, 06:57:37 pm »
They will check to see if you are employed. You may have to file from abroad which is possible but open a direct remittance account, kebhana or nonghyup have them

Also if you file foreign earned income exclusion it covers the nps refund so just include it in wages.

When I cashed out, income tax was deducted from the total.


  • thunderlips
  • Hero of Waygookistan

    • 1620

    • June 07, 2012, 10:01:55 am
    • South Korea
Re: Pension question
« Reply #10 on: October 17, 2019, 07:29:44 pm »
They will check to see if you are employed. You may have to file from abroad which is possible but open a direct remittance account, kebhana or nonghyup have them

Also if you file foreign earned income exclusion it covers the nps refund so just include it in wages.

When I cashed out, income tax was deducted from the total.

Exempt from USA taxes not korean.


Re: Pension question
« Reply #11 on: October 18, 2019, 09:47:38 am »
Yes, you must declare anything over 10,000USD. Declaring it doesn't mean you have to pay any taxes on it. Just take your receipt and documents with you that you got the money from the Korean pension scheme, as you have been working there for some time. All they want to know if that you aren't doing something illegal.

On another note, as JNM mentioned, you won't pay taxes on the money in the US, as long as you filled out the Foreign Income Exclusion form when you filed your taxes, and as long as you didn't earn over about 100,000USD during the tax period. Korea will deduct taxes when you get your pension.

If you have been here a while, and you have more money that you're bringing back or have in your account to transfer, make sure you have also filed an FBAR (if you have had over 10,000USD in any accounts (aggregate) for the tax year that are not government funded accounts, like the pension scheme). So, from my understanding, if you send the money first to your Korean account to be transferred later, you would technically need to file an FBAR if the amount is over 10,000USD in your account, even for a brief time. There are no taxes and no money to file an FBAR, but there is a heavy...HEAVY fine if you're audited and they decide to fine you.


  • Mezoti97
  • The Legend

    • 2682

    • April 14, 2011, 03:02:50 pm
    • South Korea
Re: Pension question
« Reply #12 on: October 18, 2019, 04:45:31 pm »
But it looks like your employer has to submit a closure document the day before you leave the country as per the NPS website.

Quote
Payment Service of a Lump-sum Refund for Foreigners at the Incheon Airport

NPS is providing payment service for foreigners who leave Korea through the Incheon Airport

1.Payment at the airport is available only when a beneficiary leaves on a flight from 10:30 to 24:00, Monday to Friday (not available on official holidays and the NPS foundation day on September 18) and the former employer of the insured person submits a termination report to NPS at least one day before the departure date. The insured person must visit one of the NPS local offices within a month of departure and apply for a Lump-sum Refund. The insured person can choose the airport payment as the method of payment.

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

Yes, this is correct -- basically, your employer has to fill out a form (provided by the pension office) confirming that you are no longer employed by them, and your employer has to fax/submit that form to the pension office, in order for the pension office to be able to proceed with processing your lump sum pension refund. Without that form filled out/signed by your employer (and faxed/submitted to the pension office), the pension office will not be able to process your lump sum pension refund, unfortunately.