How to Get a Pension Refund
This question is appearing on the Facebook group a lot lately, as we approach the big August change-over in public school teachers. Here’s the basics on how to get your pension payments (and the matching sum made by your employer) refunded, compiled from the Ulsan Online members advice.
Citizens of countries that have an agreement with Korea* can receive a lump-sum refund of their pension fund money when they leave Korea. Also, people working here under an E-8, E-9, or H-2 visa qualify, regardless of citizenship. For more information, please check the English Website for the National Pension Plan.
To get your refund, you can apply in person at the Pension Office (there are two in Ulsan, which are pinned on the Interactive Map). Bring the following documents:
1. A ticket to prove your exit from Korea, dated within one month of your application.
2. Your Passport
3. Your Alien Registration Card (ARC)
4. The information for your bank account, Korean or foreign, where you’d like your refund deposited. It must be in your name. For Korean banks, you’ll just need the account number and bank name. For international banks, you’ll need the necessary information for a wire-transfer.
5. The application form you can pick up at the office.
The staff at the Pension office are not necessarily fluent English speakers, so you may need to either bring a Korean friend to translate, or have a note that explains what you are looking for. It takes 4-8 weeks to process, and you can apply within a month of your leaving date.
Offices in Ulsan:
The locations are both pinned on the Interactive Map, under “Government”. They are open from 9am – 6pm.
Nam-Ulsan (South Ulsan) office. On the road between City Hall and Lotte Mart. 4th floor of the Hanhwasaengmyeong Building. Phone 052) 226-2130. Buses 127, 1127, 317, 327, 337, 412, 452, 704, 705, 708, 712, 714, 718, 722, 732, 734, 807, and 827 go past either City Hall or Lotte Mart.
Dong-Ulsan (East Ulsan) office. Near the Junggu E-Mart, 1st and 2nd floor of the Ulsan Broadcast Building. Phone 052) 290-6141. Buses 203, 215, 226, 402, 712, and 732 run past Hakseong Park. From that stop, walk 10 minutes towards Shinjunggang Market. Buses 104, 225, will stop at the Shinjunggang Market, right by the Ulsan Broadcast Building. Buses 402, 421, and 442 run past the Daishin Building. From that stop, walk up to the next street and turn right, walk down to the main road and turn left. It’s about a 5 minute walk from the Daishin Building to the Ulsan Broadcast Building.
You can also apply at Incheon Airport, or from abroad – please see their English website for full information on this.
* Countries with an agreement: Australia, Austria, Barbados, Belgium, Belize, Bermuda, Bhutan, Bulgaria, Cameroon, Canada, Columbia, Congo, Czech Republic, El Salvador, France, Germany, Ghana, Granada, Hong Kong, Hungary, India, Indonesia, Jordan, Kazakhstan, Kenya, Malaysia, Philippines, Poland, Romania, Slovakia, Sri Lanka, St. Vincent & Grenadine, Sudan, Switzerland, Thailand, Togo, Trinidad & Tobago, Turkey, Tunisia, Uganda, United States of America, Vanuatu, Venezuala, Zimbabwe (highlighted countries are those our readers are most likely from).