How to cancel the national pension, age of receipt, lump-sum refund, refund, application, conditions and method?
National Pension Termination Method and Recipient Age, Lump-sum refund, refund, Application, conditions and methods
I think there are a lot of people who are worried about the depletion of the national pension these days. Today, we will look at how to cancel this national pension, how to receive the lump-sum refund, and how to apply for a refund.
1. What is the National Pension?
National Pension Termination Method and Recipient Age, Lump-sum refund, refund, Application, conditions and methods
As a public pension system directly operated by the government, based on the insurance premiums paid by individual citizens while performing income-earning activities, pensions are provided to the individual or his or her surviving family in case income activities are suspended due to death or disability due to sudden accidents or diseases. It refers to a pension system that helps maintain basic living by paying.
National Pension Termination Method and Recipient Age, Lump-sum refund, refund, Application, conditions and methods
If you are curious about my national pension plan, let’s check it out!
2. How to cancel the national pension?
National Pension Termination Method and Recipient Age, Lump-sum refund, refund, Application, conditions and methods
The National Pension cannot be canceled at will by individuals, but it is possible in the following four cases. If you have lost your Korean nationality, moved overseas, if you are not eligible for survivors’ pension after the death of the subscriber, if you have been covered for less than 10 years and have reached the age of 60, you can cancel the national pension.
3. What is the age of receiving the lump-sum refund of the national pension?
National Pension Termination Method and Recipient Age, Lump-sum refund, refund, Application, conditions and methods
Born between 1953 and 1956 61 years old
Born between 1957 and 1960 62 years old
Born in 1961 ~ 1964 63 years old
Born between 1965 and 1968 64 years old
Raised to 65 after born in 1969
In principle, the age has been raised, but in accordance with Article 8 of the National Pension Act, after reaching the age of 60, you can receive benefits if you wish even before the age of payment is reached.
4. How much is the national salt withdrawal amount?
National Pension Termination Method and Recipient Age, Lump-sum refund, refund, Application, conditions and methods
The amount of withdrawal from the national pension is paid by adding the interest prescribed by the Presidential Decree to the pension insurance premium, which is the amount paid during the subscription period. For the interest rate applied for the lump-sum refund of the national pension, the interest rate of the 3-year term deposit is applied for the period from the month following the month in which the pension insurance premium was paid to the month in which the reason for payment, such as reaching the payment age, belongs. As for the interest rate, the average interest rate determined by the bank on January 1 of each year according to the Banking Act is applied.
* 3-year time deposit interest rate as of 2023: 3.5%
5. How to apply for lump-sum refund of national pension?
National Pension Termination Method and Recipient Age, Lump-sum refund, refund, Application, conditions and methods
✅ How to apply
ⓛ Apply for the National Pension Service branch or on-site pension service Go to apply now >>
② Telephone or fax request
Total insurance premium paid 2 million won Only available for this line
Impossible if the beneficiary is a foreigner and the reason for the lump-sum refund is due to overseas migration or loss of nationality
③ Claim by mail
④ Internet billing through the homepage
Available only if you are over the age of 60
National Pension Termination Method and Recipient Age, Lump-sum refund, refund, Application, conditions and methods
✅ Billing due date
If a claim is not made within 5 years from the date of reaching the right to benefits, it will expire and cannot be paid. If 5 years pass, the payment right expires, but when the reason for pension payment arises in the future, you can receive pension payments including the extinct portion.
* For those who have reached the age to receive payments after January 25, 2018, the statute of limitations has been extended to 10 years.
6. What documents are required when applying for a lump-sum refund of the national pension?
✅ Required Documents (Common Documents)
National Pension Termination Method and Recipient Age, Lump-sum refund, refund, Application, conditions and methods
① Lump-sum refund payment invoice
② identification
– Copy of resident registration card, driver’s license, passport, sailor’s notebook, disability welfare card (disability registration certificate)
③ Deposit account of the beneficiary
✅ Required documents for each payment reason
How to cancel the national pension and the age of receipt, Lump-sum refund , Refund, Application, conditions and methods
How to cancel the national pension and the age of receipt, Lump-sum refund , Refund, Application, conditions and methods
① Claims due to death
Documents proving death, such as a death certificate
Detailed certificate of the family relation certificate of the deceased (including resident registration number)
Relevant documents if necessary to confirm livelihood
② Overseas migration
Confirmation of report of overseas emigration or copy of residence passport
When requesting before departure: Documents proving that you plan to leave the country within 1 month (airplane ticket, etc.)
③ Loss of nationality
A detailed certificate of the basic certificate of the beneficiary (including resident registration number) or a certificate of loss of nationality
7. How to re-register for the National Pension Scheme?
National Pension Termination Method and Recipient Age, Lump-sum refund, refund, Application, conditions and methods
If you do not cancel the National Pension Plan or if you wish to re-enroll in the National Pension Plan, you can re-enroll in the National Pension Plan.
✅ Voluntary subscription
When you turn 60, if you are unable to receive payment as a pension because you do not meet the minimum 120-month payment condition, you can re-enroll if you apply for voluntary continuation of the subscription at your request.
✅ Return system
If you received a lump-sum refund, you can return the lump-sum refund + interest funds to the National Pension Service.
✅ Late payment system
Insufficient insurance premiums can be paid for up to 10 years or less, and installments up to 60 months are also possible. In addition, the subscription period is recognized by the number of additional payment months.
Above, we learned about how to cancel the national pension, age of receipt, lump-sum refund, refund, application, conditions and methods.