10.22.7.60 Lump Sum Refunds - Agreement with Korea
Lump sum refunds
Contributions in excess of one year can be refunded to Australian nationals when they leave Korea if they have less than 10 years contributions to the Korean National Pension Service.
Similarly, Korean nationals who emigrate to Australia are able to claim a lump sum refund if they have less than 10 years of contributions to the Korean National Pension Service.
Lump sum refunds shall be made to Australian nationals under the same conditions as for Korean nationals.
If a lump sum refund is paid the person cannot later claim a Korean pension and cannot use those periods of coverage to totalise for an Australian pension.
A person must apply for a lump sum refund within 5 years after the date they leave Korea.
Act reference: SS(IntAgree)Act Schedule 21 Republic of Korea