The national pension is a social security system that the state compulsorily pays as a means to protect citizens (preparation for disease, old age, disability, poverty, etc.). All citizens of the Republic of Korea must subscribe to the National Pension Plan, and in principle, it is impossible to cancel it. (In the case of an individual entrepreneur, payment can be postponed for up to six months through the payment deferment system in the event of no business income, disaster, accident, etc.)
However, there are cases in which the National Pension can be canceled. In the case of my younger brother, after immigrating to Canada for employment, he is now a Canadian citizen, married and living well in Canada. Several years ago, as an agent, I received the cancellation of the national pension and a lump sum refund, and sent it to Canada. I remember that the procedure was not as complicated as I thought, but my brother said that he bought a new car with the money.
▶ Conditions and method for canceling the national pension 국민연금 해지
1. Moved abroad or lost Korean nationality 좋은뉴스
When a member of the National Pension Scheme moves abroad or emigrate abroad, he/she can receive a lump sum of the National Pension premiums he/she has paid so far. If you apply for a lump-sum refund of the national pension to the nearest branch of the national pension after proof of overseas migration and reporting, you will receive the ‘lump-sum refund of the national pension + interest’.
In principle, the beneficiary himself/herself can claim the lump-sum refund, but if the beneficiary is already residing abroad, an agent can visit the branch office or apply by mail.
2. In the event of death of a subscriber, if the survivors’ pension is not eligible
In the event of death of a member of the national pension or a disability level 2 or higher, a survivor’s pension is paid upon the death of a beneficiary of a disability pension or an old-age pension. In the case of the national pension, if the beneficiary is not included in the bereaved family pension after the death of the subscriber, the national pension is terminated, and the beneficiary receives the ‘lump-sum refund of the national pension + interest’.
3. When a subscriber with less than 10 years of age turns 60
The minimum subscription period for the National Pension Service is 10 years. However, if you have not completed 10 years by the age of 60, you will receive a lump sum payment equivalent to ‘principal + interest’.
The above has briefly summarized the conditions and methods for canceling the national pension. If you have any of these issues, please apply for a lump sum refund from the national pension. If you are abroad, there is also a way to ask an agent, so don’t miss it.