How to Get a Pension Refund
Here are the basics on how to get your pension payments (and the matching sum made by your employer) refunded.
**The information, rules and locations are subject to change. Please be aware that if you are reading this article the guidelines are up to date as of the year 2019**
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 Offic. 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:
Click the titles for links to the Kakao Map pages. They are open from 9am – 6pm.
Nam-Ulsan (South Ulsan) office.
On the road between City Hall and Lotte Mart. 4th floor of the Hanhwa Saengmyeong Building. Its that big shiny brown building. Phone 052) 226-2130. Buses Stop: Daldong Sagolri (intersection) 127, 337, 357, 708, 807, 837, 922.
Dong-Ulsan (East Ulsan) office
Across the street from the Jung-gu Home Plus Phone 052) 290-6141. Buses 127, 912, 12, 236, 10, 1147 Bus Stop: Home Plus Jung Gu Jeom.
Applying from Abroad or at Incheon Airport
You can receive a lump sum payment at Incheon Airport or through the mail as well. Information
* 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).
Updated List of Countries Eligible for Lump Sum Payments:
※As of Feb. 2019: 18 countries (Canada, United States, Germany, Hungary, France, Australia, Czech Republic, Belgium, Bulgaria, Slovakia, Poland, Romania, Austria, India, Turkey, Switzerland, Brazil, Peru)
※As of Jan. 2019 : 27 countries (Belize, Grenada, Jordan, Saint Vincent and Grenadine, Zimbabwe, Cameroon, Thailand, Bhutan, Ghana, Sri Lanka, Bermuda, Malaysia, El Salvador, Indonesia, Kenya, Kazakhstan, Hong Kong, Trinidad and Tobago, Sudan, Columbia, Vanuatu, Philippines, Tunisia, Uganda, Switzerland, Turkey and India)