I'm leaving my college after 7 years. I'm wondering whether I should get a lump sum pay out, or roll it over to the next college.
I understand that after 5 years, 8 years, etc. somehow I get more benefit. If I rollover the pension does my enrollment time continue to accrue and bring benefit to me, or not? If I get a lump sum payout do I start at zero at the next school?
I'd appreciate any help. Thanks.
Re: Need Pension info for private pensions: roll over, lump ...
Unless you plan on being rich, roll it over and pay in for at least ten years total (your previous payment time will carry over). DO NOT cash out. You will be eligible for Korean national or private pension at the age of 55 (I might be off by a few years). This will pay you the rest of your life. If your new school is not a private pension then you should be able to transfer into the national pension or whatever scheme they have. If you cash out, you will have start from scratch, and right now you are only three years out from eligibility. If you have social security or something similar in your own country, you may be able to transfer credit to that when you leave Korea, but I would say that if you can qualify for social security or pension in your own country without transferring the credit, that is what you should do. Imagine getting a double pension in your old age.
FYI, for those of you on the national pension, if you leave Korea, you can still pay into the pension and receive benefits as long as your pay in time equals ten years total. Payments are about KRW 130,000 month.