Employees will spend 9% of their monthly salary, to be exact, 4.5% of the company and half of it as national pension insurance premiums. Everyone will admit that the national pension is good in that it generates stable income in old age if you fill the minimum subscription period of 120 months (10 years) until the age of 60. However, in the aftermath of the corona, the salary was reduced and the housing loan remained the same, and I thought it would be nice if at least some of the pension I signed up for was withdrawn at this time. I found out if there is no way to cancel the national pension.
When I looked into how to cancel the national pension in the middle, there was a ‘lump-sum refund’ system. The lump-sum refund of the national pension is a similar concept to the cancellation of the national pension. In simple terms, lump-sum refund is the amount that can be refunded by adding interest to the national pension contributions paid during the period of subscription if a subscriber or former subscriber does not meet the conditions for receiving pensions such as old-age pension, disability pension, and survivors’ pension. 국민연금 해지
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Termination of national pension = Lump-sum refund 좋은뉴스
How to apply for lump-sum refund of national pension
※ I want to receive the old-age pension, but can I cancel the receipt of the lump-sum refund?
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Termination of national pension = Lump-sum refund
The lump-sum refund of the national pension is a benefit that is paid as a lump sum by adding interest to the insurance premium paid when enrolling in the national pension when it is difficult to join the national pension any longer and cannot meet the pension eligibility requirements. The concept is similar to the national pension premature termination, but not everyone can apply for a lump-sum refund, and only those who satisfy the following three conditions can apply.
Persons who have reached the age of 60 without completing the 10-year subscription period
A person who is or was a subscriber has died but is not eligible for survivors’ pension
Those who have lost their Korean citizenship or have emigrated overseas
In order to receive the national pension, you must complete the minimum subscription period of 10 years. If you do not meet the minimum subscription period, you will not receive the pension for the rest of your life. In addition, if a recipient of the national pension suddenly dies, the survivors’ pension is paid to the survivors by adding the amount of dependents’ pension to a certain pension amount.
Even in this situation, those who want to receive the old-age pension can extend the period of subscription to the national pension until the age of 65 by applying for ‘voluntary continuous subscription’ without receiving the lump-sum refund. For more information, please refer to the [National Pension Voluntary Continuing Enrollment Information] article.
How to apply for lump-sum refund of national pension
Lump-sum refunds are reported and will not be paid by the Pension Service if conditions are met. A lump-sum refund is possible only when the right is exercised within 5 years from the date of occurrence of the reason for receiving the lump-sum refund. You can apply by visiting the nearest branch of the National Pension Service, or by mail, fax, or website. If you are unable to move, apply for the ‘Pension Service to Visit’ and the person in charge of the National Pension Service will visit you and help you apply.
You can easily check the amount of the lump-sum refund by visiting the website of the National Pension Service. However, you must have a public certificate issued by a bank, etc. If a member of the National Pension Plan suddenly dies, the bereaved family must apply. In this case, you can visit the branch office of the National Pension Service with documents proving family relations and an identification card that can verify your identity.
※ I want to receive the old-age pension, but can I cancel the receipt of the lump-sum refund?
For a stable old age, there are an increasing number of cases where people have recently received a lump-sum refund and then cancel it. It is to return the refunded money to the National Pension Service. I think it is because there is no alternative pension as good as the national pension that can be eaten every month until death as the average life expectancy increases. If you apply for ‘Lump-sum Return of Refund’, the subscription period is restored and you can receive the existing pension benefits as they are.