Lump-sum National pension refund when leaving Korea.
#NationalPension #Socialsecurity #selfemploymenttax #pensionrefund #immigration
My American friend Jame had to take care of a lot of things (family, house etc.) while moving back to USA and forgot about the pension he contributed over years.
Later, he got the refund by below process.
There are three cases of pension lumpsum refund
- When you paid the premium less than 10years and reached 60 (if over 10years, you will get monthly process not one time lumpsum refund)
- When your spouse passed away
- When you leave Korea or you lose Korean Nationality (as you acquire other Nationality). => In this case, if you apply refund before your departure, it is rather simple.
However, if you already left Korea and try to claim for the refund, below are the required documents (prepared by Chief of National Pension Service.)
a. An application for a Lump-sum Refund
b. A copy of the passport of the insured person
c. Proof of the insured person’s bank account (such as a bank statement, voided check, or bankbook showing the applicant’s name and account number, etc.)
d. In the case of overseas remittance: application for overseas remittance is additionally required