Friday, August 23, 2013

[Information/Press article] Applying for a Pension Refund

Leaving Korea can be an emotional and stressful time with a million and one things to remember. Fortunately for Canadians and Americans we are eligible for a Pension Refund and can apply for this within 30 days of our departure date.

Things to take to the Pension Office include
- copy of your ARC card & Passport
- copy of banking details where you want the money deposited
- copy of your confirmed booking to show you are leaving Korea

Its not necessary to have a Korean go with you and they spoke some English like in a bank. The process itself is very simple and routine for them.

There is a form you can pre-fill from their website to make it a lot easier when you get there
Pension Refund - Item 3 (Canada) [on page 3], Item 4 (USA) [on page 2]
Fill out sections A,F,G,I...
 hopefully this will save you time at the office! 

I gave a copy of a void cheque with the Swift Number for them to deposit it in my account back home. 

Pension deposits are made on the 10th of each month and there is a lag. So if you are leaving Aug 25 at the end of your EPIK contract the last payment will be made Sept 10. After that they will be able to process your refund by the end of September

There are four Pension Offices in Daegu in each of the "Gu's". I went to the Bukgu Office thinking it was the Buk District Tax Office. This was not the office and was just for paying local taxes. The Bukgu office was between the Citizens Stadium and railways tracks in another road running parallel. 

The whole process was very simple and took less than five minutes. While you only make 50% contributions you are eligible for 100% refund including the School's matching contribution.

After all the happy memories of living in Korea this is one final memento North Americans can be thankful for which our UK and other compatriots will be very envious of as they are not eligible. 

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