Summary of methods for canceling the application for refund of the national pension
National Pension Service-Refund inquiry-Thumbnail
You must have been looking for a way to cancel the application for refund of the national pension. In national pension terminology, it is also called lump sum refund. We briefly explain the national pension and explain step by step how to view and cancel the refund of the withdrawal of the national pension.
Go to National Pension Electronic Civil Service
What is the National Pension Scheme?
The National Pension is one of the four social insurances. Last time, I explained about the national pension while informing you about the 50% insurance premium support for local subscribers to the national pension. Simply put, the national pension is a system that all citizens must subscribe to, and is a system to cope with risks in order to guarantee a life in old age. Health insurance Most social insurance systems have made it compulsory, and if you have paid for more than 10 years, you can receive the national pension within the amount paid when you reach the pension age. If you are curious about the national pension, please refer to the details below.
Learn more about the National Pension Plan
If so, you may be wondering about your national pension subscription period and payment amount. If you want to inquire about the total amount of your National Pension payment so far, you can do so after simply logging in to the National Pension Electronic Civil Service.
National Pension-Homepage-Screen
National Pension – Subscription Details Inquiry – Screen
National Pension – Subscription Details – Screen
If you inquire about the details of your subscription to the national pension as above, you can inquire about the number of months of subscription and the amount of subscription (paid pension insurance premium).
* Please note that you can receive pension only if you have paid for more than 10 years (120 months).
Find out the conditions for receiving the national pension
How to cancel the national pension
In order to receive a refund (lump sum refund) from the national pension, you must cancel the national pension. According to the National Pension Act, there are conditions to cancel the national pension, but it is possible only when the conditions are met. Lump-sum refunds (refunds) are subject to the following three conditions in accordance with Article 77 of the National Pension Act.
Lump-sum refund
First, if a person who has been enrolled for less than 10 years has reached the age of 60
Second, if the subscriber or former subscriber dies but does not fall under survivors’ pension
Third, if you lose your nationality or move abroad
If none of the above three cases apply, there is no way to cancel the national pension.
If you fall under the above three conditions, you will receive a lump-sum refund (refund) of the national pension by adding the interest prescribed by the Presidential Decree to the pension insurance premiums paid during the subscription period. For the interest rate, the interest rate of the 3-year term deposit is applied for the period from the day following the date of payment to the month of the date of occurrence of the reason for payment.
For example, for pension insurance premiums paid before April 16, 2017, the 3-year time deposit interest rate from April 2017 is applied, and if the date of occurrence of the cause for lump-sum return is before April 16, 2017, the interest rate according to the previous regulations to apply.
The applicable interest rate is the average interest rate of banks nationwide as of January 1 of each year. As of 2023, the 3-year time deposit interest rate is 3.5%.
Interest is the sum of the values multiplied by the 3-year time deposit interest rate for the period from the month following the day the pension insurance premium was paid each month to the month on which the member was disqualified as a member of the national pension.
* If you do not claim the lump-sum refund (refund) within 5 years, the right will expire, so you must make a claim before it expires. Prior to January 25, 2018, the statute of limitations was 5 years, but has since been increased to 10 years.
Retrieve National Pension Refunds
National pension refund inquiry and application
There are four ways to inquire and apply for refunds (lump-sum refunds) of the national pension.
You can apply in person by visiting the branch office of the National Pension Service.
You can apply by mail to the branch office of the National Pension Service.
You can apply by phone or fax only if the cancellation refund amount is less than KRW 2,000,000.
You can apply online at the National Pension Service e-Civil Service website.
You can apply online from the National Pension Service homepage -> Electronic Civil Service -> Report / Application -> Pension / Lump Sum Claim screen.
Pension/Lump Amount Claims – Excluded
Please note that there are cases where you may not be identified as a claimant due to the above reasons. If you have any questions regarding the refund application, you can call the corporation branch (☎️1355) or visit the branch of the National Pension Service in person to check.
Required Documents for National Pension Refund Application
National pension refund application – required documents
There are two commonly required documents and two required documents for each payment reason, so please check and apply without missing any documents.
Common documents: Lump-sum refund payment request form, identification card (resident registration card, passport, driver’s license, etc.), beneficiary’s deposit account
Required documents for each reason:
1. For claims due to death, a death certificate, documents proving death, family relationship certificate of the deceased, and related documents if necessary to confirm livelihood
2. For claims due to overseas migration, a document confirming the report of overseas migration, a copy of residence passport, and documents proving that you will be leaving the country within 1 month are required if you make a claim before leaving the country. (Airplane ticket)
3. Claims due to loss of nationality require a detailed certificate of the basic certificate of the beneficiary or a certificate of loss of nationality.
Apply for National Pension Refund
We have looked at the general summary of how to cancel the application for refund of the national pension. If there is another updated part about the national pension, I will write it again.