Read 8097 times

  • Joshteacher
  • Adventurer

    • 33

    • December 01, 2010, 03:32:13 pm
    • Seoul, Korea
Getting the Pension
« on: January 28, 2011, 10:39:03 pm »
I'm curious about how to go about getting my pension and how does the process work?

I'll be finishing my contract Feb 28th and Leaving Korea March 2nd.


Re: Getting the Pension
« Reply #1 on: January 28, 2011, 10:56:37 pm »
1. Must be from a country that has an agreement to pay out the pension fund on departing
2. Go to the pension office in your city and complete the 2 page form, you need your bank information that you want the pension paid to, along with passport and flight ticket.
3. Expect to wait a few months, they pay out at the end of each financial quarter.


  • Joshteacher
  • Adventurer

    • 33

    • December 01, 2010, 03:32:13 pm
    • Seoul, Korea
Re: Getting the Pension
« Reply #2 on: January 28, 2011, 11:00:38 pm »
Awesome, when is the next financial quarter end for Korea? 


Re: Getting the Pension
« Reply #3 on: January 29, 2011, 12:25:07 am »
When I left (the first time) in December 09, I received the refund in early February 10.  Received 100% of the contribution.  You can also elect them to pay you in any currency, so I had mine paid in Aus dollars to a NZ account on speculation, and cleaned up.

You will be applying half way into the quarter, so you will receive in May most likely
« Last Edit: January 29, 2011, 12:31:07 am by Daejeon »


  • ellenicole
  • Waygookin

    • 22

    • December 06, 2010, 08:02:27 am
    • cheongju, south korea
Re: Getting the Pension
« Reply #4 on: January 29, 2011, 01:31:19 am »
I was reading on my pension statement sheet that there is an airport pension refund option where you can receive the refund at the airport.  Is this accurate or was I misreading?


Re: Getting the Pension
« Reply #5 on: January 29, 2011, 09:36:31 am »
I left in 2009, it is possible that in 2011 that is an option.  I would say it is still worth visiting the pension office ahead of time, as it is Korea, and they do enjoy making things like this difficult.


Re: Getting the Pension
« Reply #6 on: January 29, 2011, 01:04:11 pm »
You have the option of getting the money in Korea or having it sent home to your account in Canada (mine took about a month and a half). They also take a chunk off for fees and services. I had 500,000W taken off my two year pension for this reason. Bring your passport, bank info for Canada if you have it handy.


  • Joshteacher
  • Adventurer

    • 33

    • December 01, 2010, 03:32:13 pm
    • Seoul, Korea
Re: Getting the Pension
« Reply #7 on: January 29, 2011, 03:16:48 pm »
500,000W out of 4million won?    That's a lot of Moolah. 
Looks like I'll be waiting for my money to come in.


Re: Getting the Pension
« Reply #8 on: February 15, 2011, 09:37:02 am »
I'm in the process of applying for the pension as well.  I was given the application from EPIK, but I'm having some problems figuring out what is what.  It has a section for "contributor" and a section for "applicant".  Both sections require social security number, nationality, mailing address, etc.  Techincally aren't I both of these?  I contribute and I'm applying.  Likewise in the "Beneficiary" section, it gives the option of selecting either "contributor" or "applicant".  Has anyone dealt with this or is everyone just going straight to the regional offices?


  • Wretchard
  • Super Waygook

    • 408

    • September 06, 2010, 09:26:36 am
    • Seoul
Re: Getting the Pension
« Reply #9 on: February 15, 2011, 09:45:56 am »
You have the option of getting the money in Korea or having it sent home to your account in Canada (mine took about a month and a half). They also take a chunk off for fees and services. I had 500,000W taken off my two year pension for this reason. Bring your passport, bank info for Canada if you have it handy.

Was a chunk of that 500,000 you lost towards tax?


Re: Getting the Pension
« Reply #10 on: February 15, 2011, 09:47:54 am »
I just went straight to the office. There was one guy there that spoke great English and he printed off English forms.

My contract finishes February 26th, and I leave Korea March 2nd.
The pension officer I applied to said he would process my refund three weeks after my flight - so the end of March.

If you're Australian, they ask for your Centrelink Reference Number, although he let it go through when I didn't have mine.


Re: Getting the Pension
« Reply #11 on: February 15, 2011, 09:58:52 am »
I'm in the process of applying for the pension as well.  I was given the application from EPIK, but I'm having some problems figuring out what is what.  It has a section for "contributor" and a section for "applicant".  Both sections require social security number, nationality, mailing address, etc.  Techincally aren't I both of these?  I contribute and I'm applying.  Likewise in the "Beneficiary" section, it gives the option of selecting either "contributor" or "applicant".  Has anyone dealt with this or is everyone just going straight to the regional offices?


I'm with Epik too, and just finished the application and took it to the office. You are the contributor. The application is if someone else is filling out the information on your behave. Only fill out the contributor portion.


Re: Getting the Pension
« Reply #12 on: February 15, 2011, 10:13:44 am »
Thanks, Teachstar! :)


  • RufusW
  • Veteran

    • 166

    • June 15, 2010, 08:49:22 am
    • Busan
Re: Getting the Pension
« Reply #13 on: February 15, 2011, 10:18:59 am »
Is it the same process if money is being sent to your government?  Brits don't get our pension back, it goes to our UK pension fund.  Is that option on the form?
50+ Powerpoint templates on Waygook - here
Link your school and home computers for free with Dropbox - here


  • Joshteacher
  • Adventurer

    • 33

    • December 01, 2010, 03:32:13 pm
    • Seoul, Korea
Re: Getting the Pension
« Reply #14 on: February 15, 2011, 11:20:16 am »
I just went into my local pension office and they actually helped me fill out the whole thing. I was done within 20 minutes. It was painless


  • pickle
  • Veteran

    • 139

    • June 29, 2010, 01:58:27 pm
    • Cheongju, Chungbuk
Re: Getting the Pension
« Reply #15 on: February 16, 2011, 11:49:53 am »
I was told that the whole process would take a few hours, that I definitely need someone who speaks Korean, and that I need to set up an account with a particular bank first. Was it this way for any of you? My problem is that my co-teacher is unwilling to really do anything for me and always drags her feet. I don't even want to ask because I know she'll probably be nasty about it, so I'm trying to find a way to do it on my own as much as possible. Any other advice?


Re: Getting the Pension
« Reply #16 on: February 17, 2011, 08:46:17 am »
By the way, the form I have asks for a pension number.  As far as I know, I don't even have one.  I didn't see one on the statement I received back in September.  Does anyone know exactly where to find this?  And I'm with pickle on this one.  If at all possible, I'd like to do it on my own.  I have a form, but it's out of date, but what I may do is fill it out and just bring it to the office (as the information required is at least the same on the old form) and hope the person behind the desk will figure it out.


  • pickle
  • Veteran

    • 139

    • June 29, 2010, 01:58:27 pm
    • Cheongju, Chungbuk
Re: Getting the Pension
« Reply #17 on: February 17, 2011, 11:10:46 am »
OK, so it looks like there is some information online at http://www.nps.or.kr and it has an English button at the top. They have country-specific information, including what you need to bring to the office.

As far as a pension number, you should have received something from them at some point. I had something delivered to me at school, so maybe ask your school if anything has come for you. I know they are sometimes lax about actually giving me my things. Also, my co-teacher had to apply for me, so maybe the school has the number as well.


  • amn34
  • Veteran

    • 99

    • September 08, 2010, 07:28:59 pm
    • Seoul
Re: Getting the Pension
« Reply #18 on: February 17, 2011, 11:19:34 am »
I was told that the whole process would take a few hours, that I definitely need someone who speaks Korean, and that I need to set up an account with a particular bank first. Was it this way for any of you? My problem is that my co-teacher is unwilling to really do anything for me and always drags her feet. I don't even want to ask because I know she'll probably be nasty about it, so I'm trying to find a way to do it on my own as much as possible. Any other advice?

I really hope that's not the case.  My school told me I'm on my own...


  • tomston
  • Explorer

    • 6

    • June 23, 2010, 03:25:25 pm
    • Cheongju
Re: Getting the Pension
« Reply #19 on: February 17, 2011, 11:41:19 am »
Quote
Is it the same process if money is being sent to your government?  Brits don't get our pension back, it goes to our UK pension fund.  Is that option on the form?

As far as I can tell, this information is wrong - I don't think we can get anything back at all, not even transferred to our UK pension. There is another thread on here somewhere which seemed to have a couple of people conveniced of either argment, so I'm not certain, but I don't see any info about getting anything transferred. I think it's a write-off for us.