National Pension Termination: A Complete Guide

Should you really pay National Pension? Feeling lost about how to cancel it? We'll answer all your questions about National Pension cancellation. This article details the reasons for cancellation, application methods, and precautions.

Why is National Pension cancellation difficult?

National Pension is essential social insurance for retirement. Therefore, cancellation is generally impossible except under specific circumstances.

When can I cancel National Pension?

• Loss of Nationality or Overseas Relocation: Cancellation is possible when permanently relocating overseas, such as obtaining permanent residency.
• Death: Cancellation is possible only if there are no survivors entitled to a survivor's pension.
• Less than the subscription period upon reaching age 60: Cancellation is possible if the subscription period is less than 10 years.

How to cancel National Pension?

🔗 Reasons for National Pension Cancellation and Lump-Sum Payment Application Method

• On-site Application: Visit your nearest National Pension Service branch to apply.
• Postal Application: Complete the lump-sum payment request form and mail it.
• Online Application: Apply through the NPS e-Government service website.
• Phone/Fax Application: Only available if the paid premiums are less than 2 million won.

Precautions when canceling National Pension

• Application Deadline: The application deadline varies depending on the reason, so be sure to check.
• Required Documents: Prepare the necessary documents, such as identification and bank account statements.
• Consultation: It's best to contact the National Pension Service to confirm the accurate information.

National Pension Cancellation FAQ

• Can I cancel if I'm experiencing financial difficulties? -> Generally not possible; consider applying for a payment exemption.
• Can I continue to receive benefits when relocating overseas? -> You can choose between receiving a lump-sum payment or continuing to receive benefits.
• What happens if I don't pay my premiums? -> You may face disadvantages, such as seizure.
• Under what circumstances can I receive a lump-sum payment? -> You can receive it if you meet the cancellation reasons mentioned above.

Conclusion

Cancelling National Pension should be a carefully considered decision. It is advisable to obtain sufficient information and consult with a professional before cancelling. We hope this article has helped answer your questions about National Pension cancellation.