Today, we have organized how to cancel the national pension and apply for a refund. Recently, there are a lot of stories related to the depletion of the national pension, and there are many news reports that the actual expected fund exhaustion period is also moving forward. This article explained how to cancel the national pension in an easy-to-understand way.
If you are a citizen of the Republic of Korea, the basic conditions for receiving the national pension are met from the time you have paid 10 years (120 times) of subscription, from 18 years of age to less than 60 years of age. In other words, the system in which you pay insurance premiums every month and receive a pension when you reach the age of retirement is called the National Pension. As such, it is impossible to arbitrarily cancel the National Pension, the representative pension system of Korea.
However, there are exceptional conditions for cancellation. Find out more about how to cancel the National Pension below.
National pension refund inquiry
Applying for health insurance reimbursement
Conditions for canceling the national pension
In case of loss of nationality
In case of overseas migration
Subscriber death (Survivors Pension X)
If the payment period is not met
when you reach 60
How to cancel the national pension
If you moved abroad or lost your Korean nationality, if you died but are not eligible for survivors’ pension, or if you have been insured for less than 10 years and reach the age of 60, you can withdraw from the national pension. If you are currently receiving the national pension, but have not applied for the national pension card or are planning to receive the national pension, please use the benefits of the national pension card.
In case of loss of nationality
If you lose your nationality or move abroad, you can cancel the national pension. In other words, when such a reason occurs, if you apply for a lump sum payment to the National Pension Service, you can get the payment amount back as a lump sum. You must submit an application for a lump sum payment to the Corporation within the time limit to receive it.
If you do not apply within 5 years from the time of the cause, you will have no choice but to receive the pension later. In addition, when applying by fax or phone, it is possible only if the payment amount does not exceed 1.5 million won, and the application for more than that must be applied in person at the branch of the National Pension Service. When applying, you need to prepare your identification card, lump-sum refund payment claim form, stamp or signature, and the recipient’s deposit account as necessary documents.
Death of subscriber and cases not eligible for survivors’ pension
If a subscriber to the national pension dies, it is said that it is possible to cancel the pension if it is not included in the conditions of survivors’ pension. In this case, when the national pension is terminated, the heir can receive it as a lump sum including the principal and interest.
If the payment period is not met
It is said that you can receive the national pension from the age of 65 only if you have completed the 10-year payment period until the age of 60. If the 10-year period condition is not met by the age of 60, a lump sum payment can be received at the age of 60.
If you are subscribed to the pension, but have not paid the national pension until now due to reasons such as being a full-time housewife after marriage, career interruption, job loss, business suspension, or business closure, you can receive the pension if you meet the payment period through voluntary subscription and additional payment system. can receive it.
If you do not pay the national pension
If you receive a notice of joining the national pension as a local subscriber, there is a content that if you do not pay the national pension, you will be forced to collect it. In some cases, due to personal or financial reasons, you may not be able to pay, but it is better to pay the unpaid amount later. Unpaid insurance premiums are subject to late payment penalties, and in serious cases, it can lead to seizure of bankbooks and property.
National pension refund inquiry
Applying for health insurance reimbursement
National Pension Refund Text
If you receive a national pension refund text message, please do not click on the link included in the message as it is a smishing text message.
We have summarized the three ways to cancel the national pension and the refund conditions. If you are under the age of 60 or if you have been enrolled in the National Pension for more than 10 years, you cannot cancel. I think we should hope that the national pension will be maintained steadily without being exhausted. In particular, since it is not as easy as it sounds to cancel the national pension, it can be one way to find out about the application for a postponement of the national pension.