Last week I went to cash out my pension as a lump-sum payment. The process was pretty painless but I thought I’d detail it here for those who need the information.
Editor’s note: You will need the following documents and information:
- A one-way ticket out of Korea
- Your ARC and passport (or at least a photo of your passport’s information page)
- For those wishing to have the money transferred to a bank account in their home country, a bank statement or canceled check to prove ownership of the account
- Account number, bank routing number, and SWIFT code (if possible)
You can also have the money deposited into a Korean bank account, for which you’ll need a bank book.
If you live in Bundang, the pension office is in Yatap. Take exit 4 from the subway station, cross the street, and turn left at the Home Plus/CGV building.
You’ll see signs like this along the way:
Walk a few blocks down to the Korea Design Building.
Once in the building, find an elevator and go to the 4th floor, then follow the signs to the NPS office.
Go to the desk that says “lump sum payment”. Take a number from the machine near the door. You’ll select “lump sum payment.” If an attendant asks why you’re there, just say “I want a pension refund.”
You need to bring your passport, ARC, American bank account information (including branch address and routing number), and plane ticket out of Korea. (I don’t have an ARC anymore since I canceled my teaching visa in January and unfortunately I didn’t have my ARC number on me either. They informed me that without it I wouldn’t be able to get my money! Luckily I called Daniel who searched my email and found the number. Yay!) The money is deposited in your bank account approximately one month later.