Did you forget to apply for your Korean pension refund before leaving South Korea? Did you pull a midnight run? Did you leave Korea without much notice and want to apply for Korean pension refund? Same. Good news: you can still get your Korean pension AFTER leaving Korea (regardless of how you left your job)! I just got mine. Let me help you get yours as well!
The Korean pension application process is a bit annoying and tedious, I couldn’t find any resources to help me throughout and I just about pulled my hair out. So, I created this blog post. I hope your process is much easier and pain free!
Note: I am American and back in the United States after teaching in Korea for 8 months. I left with little notice during COVID for various reasons. I didn’t get to request for my pension before leaving Korea. This is a guide specifically for American expats applying for their pension after leaving Korea, although we do not discriminate, this blog might be helpful for non-Americans as well. Cheers!
What is Korean Pension Fund?
The National Pension Scheme of Korea is a public pension fund in South Korea. Employees and employers pay a certain amount of money each paycheck towards the employees’ pension. After the employee leaves South Korea, they can collect their pension through the National Pension Service.
You can apply to receive your pension one month prior to departure by going to the pension office. Simple go to the pension office with copies of your passport, ARC card, proof of departure, and application (you can get the application at the office if necessary).
Like I said before, if you were unable to apply in person for whatever reason, you can apply after.
Your employer must report that you have ended your contract for you to get your pension.
What to Do BEFORE Leaving Korea
If you are still in Korea, make sure to do these things before leaving:
- Keep your Korean bank account open and set up foreign remittance. I recommend using Hana KEB Easyone account which is set up for getting your pension refund. (you must go into your bank to set up foreign remittance. I also recommend to practice sending money home BEFORE leaving. Learn to do it on your phone using the banking app. It’ll make things easier once you’re back in your home country.)
- DO NOT turn in your Korean ARC card at the airport (they should let you keep it, they let me keep mine) – you can make copies of the card before you leave just in case.
- Hold on to your bank book and Korean banking information.
- Save your flight departure e-mail.
Again, if you are ending your contact on normal terms and pre-planning your departure out of Korea, go to the pension office and settle things in Korea up to one month prior to departure!
How to Apply For Korean Pension Refund After Leaving South Korea
Disclaimer: this is how I got my pension refund in the United States months after returning. I may have done extra unnecessary steps in the process. I had a Korean friend help throughout the process.
Again, this is what I did. There may be an easier way with less steps, but in my opinion, it’s better to do more and get your money then make a mistake and have to do the process all over again!
Step 1: Print + Fill Out The Korean Pension Application
The website is in Korean (national pension scheme website) and even when translating into English, it can be hard to navigate.
- Click here for a direct link to the Korean pension refund application (for US citizens).
- Click on the word document *pictured below* (your computer must have Microsoft Word to open up the document. I printed mine at the UPS Store. I could not open the document on my iPhone or my Mac Book)
3. Fill out “The Application for Korean Benefits Under Agreement on Social Security Between the Republic of Korea and The USA.”
The application is for old age pension, disability pension, survivor pension, divided pension, lump-sum refund, and lump-sum death payment. You will ONLY fill out the front page with basic information, the “lump-sum refund” portion of the application, and the financial/payment information.
Tip: keep all pages of the application together. Submit the entire application (even though a lot of pages will be blank)
Again, you will only fill out:
- “General Information” (1 & 2)
- “Application for Lump-Sum” (1 & 4)
- “Method of Payment of Benefit”
- “To be signed by Applicant”
Tip: Print out 2 copies of the application in case you mess up or have to reapply.
Note: I filled out my “method of payment of benefit” for the money to go into my US account. I also attached my Korean bank book information. The pension office disregarded my application and put the money in my Korean account.
If you want your refund to go in your US account and/or accidentally closed your Korean account you’ll need: fill out the “method of payment of benefit” and ask your bank for wire transfer information (swift code). My bank gave me a sheet of paper with all the information (something they had on hand that they give to anyone doing an international wire transfer). My bank ALSO wrote me a letter with my account and routing number and the bank’s information. I recommend calling your specific bank and telling them your situation (that’s what I did).
Step 2: Print Out “Proof of Departure” (aka plane ticket)
I printed my flight ticket from Korea to Chicago.
Note: I did not get this document notarized.
Step 3: Make copies of your US passport, Korean ARC card, and Korean bank book
Good rule of thumb: always print in color. Always make extra copies.
Print off:
- Colored copy of your American passport (3 copies to be safe)
- Korean bank book
- Korean Alien Registration Card (ARC)
Step 4: Get Everything Notarized
Another good rule of thumb: get everything notarized. Leave nothing un-notarized.
You can google “notary near me” to find places to get your documents notarized.
Cost: around $5 to print, make copies and notarize everything at my local UPS store.
*Go to Your Nearest Korean Consulate (optional)*
I say optional because I really have no idea if this is necessary BUT I did it. I read somewhere that I needed to go to the nearest Korean consulate AND my Korean friend said I needed to go, so I went. (?????)
When I arrived, they looked at me like, “why are you here..?” I brought my application, all of the notarized paperwork, and they told me that their office does not deal with pension refunds. But, if I wanted, they could notarize my application.
I was directed to another employee who took my pension application and notarized it like she’d done it a million times…like it was a normal thing for her to notarize pension refund applications. *insert confused face*
So anyways, I got my application stamped, notarized, sealed, etc. It looked official AF. If anything, I chalked it up to be a fun(ish) trip downtown Chicago.
Again, not sure if this was necessary. You can probably get the application notarized anywhere. But again both a website and my Korean friend said I must go to the Korean embassy (even though when I arrived, they said I didn’t need to come).
Note: I had to give a copy of my passport to notarize my application.
Cost: $4 to get my application notarized.
If you lived in Korea for awhile, I’m sure you are used to this. Rarely anyone will admit fault and they will often give you wrong answers with a straight face. It’s always best to laugh it off and use it as writing material or funny stories to tell your friends and family.
Tip: Call ahead. Make sure the consulate is open and tell them your situation.
Step 5: Mail your Korean Pension Application and paperwork!
Go to your local post office. I recommend getting a trackable, durable large envelope that will not bend your paperwork.
Paperwork Check List:
- Application (notarized)
- Copy of US passport (notarized)
- Copy of ARC card (notarized)
- Proof of departure
- Korean bank book (if going into your Korean account)
- US Bank information (optional)
Send Your application and all paperwork to:
Cost: around $30 to ship from Chicago to South Korea.
Frequently Asked Questions (FAQ)
How long does it take to get the money into your account?
It took about 15 days from the time I handed the package to the mail clerk to the money being deposited into my Korean account. Pretty fast!
How much did the process cost?
Around $40-45. The most expensive part was mailing the paperwork out which was around $30 to ship international with tracking and insurance if your package is lost.
Can I get my Korean pension put into my US bank account?
Short answer: Yes.
There is space on the application for you to put in your US account information. But, I included my USA account and put that I wanted the money to go into my US account. I included my Korean bank account information just in case… and they put it my Korean account. *shoulder shrug* At the end of the day, I’m just happy to get my Korean pension.
How can I apply for my pension while in Korea?
You can go to the pension office up to one month before your departure date and apply in person before you leave, after you leave your pension will be deposited into your Korean account usually within 15 days.
You’ll need:
- Korean Pension refund application (you can get it at the office)
- Passport
- ARC card
- Proof of departure (flight information)
- Proof of bank account (Korean bank book)
Can all English teachers in South Korea get the pension refund?
No. There are some countries who are exempt from pension refunds.
*see chart below*
Is there a time limit in getting your pension?
I applied for my pension refund about 3 months after leaving. There is no limit, the money will always be there (from what I’ve read, don’t quote me).
Where can I get things notarized?
UPS store, the post office, Korean consulate, and a notary office.
Where can I print things off?
Library or UPS store. The Korean consulate also had a copy machine.
How much was your pension refund?
I worked in Korea for 8 months and my pension refund was around $900.
More Information (Print Out from NPS website)
Hope that helps! If you have anymore questions or need some help along the way, e-mail me at he***@co*****************.com. What was your experience like applying for your pension refund? Comment below!
Also check out:
- Why I Left South Korea
- FAQ: Teaching in South Korea
- 32 Shockingly Strange Things About South Korea (for a laugh)
xoxo,
Court