Korea’s National Pension pays an old-age pension only after 10 years of contributions. Reach 60 before that and you can instead take a lump-sum refund of your contributions with interest. But taking it closes one door that is hard to reopen: you can no longer extend contributions voluntarily after 60 to reach 10 years. We read articles 77–79 of the National Pension Act and articles 50 and 52 of its Decree as written.
1. Three situations qualify. Someone with under 10 years of contributions reaches 60; a contributor or former contributor dies and no survivor’s pension is paid; or someone loses Korean nationality or emigrates (art. 77(1)).
2. It is contributions plus interest. For workplace members it includes the employer’s share, and interest runs at the 3-year time deposit rate (art. 77(2), Decree art. 50).
3. Rejoin and you can pay it back. Repaying the refund with interest restores those years, in up to 3, 12 or 24 instalments depending on the period (art. 78, Decree art. 52).
When it is paid — art. 77
Article 77(1) Where a member or former member falls under any of the following, a lump-sum refund may be paid on the claim of that person or their survivors:
1. A person with a membership period of less than 10 years reaches 60;
2. A member or former member dies, unless a survivor’s pension is paid under article 72;
3. The person loses nationality or emigrates.
The wording is “may be paid on the claim”, not “shall be paid.” Turning 60 does not trigger a payment; you or your survivors must claim. On death, the survivors who may claim and their order follow article 73, as for the survivor’s pension (para. 3).
How much — art. 77(2) and Decree art. 50
The refund is the contributions paid (for workplace members, including the employer’s share) plus interest. Interest runs from the month after each payment to the month the qualifying event occurs, at the 3-year time deposit rate for that period. Late-paid (catch-up) contributions count too, and where rates change or differ by bank, the average of nationwide banks’ rates as at 1 January of each year applies.
| Example | Principal | Refund |
|---|---|---|
| 200,000 won a month (you and employer) × 60 months | 12 million won | 12 million won + interest month by month |
| 200,000 won a month × 108 months (9 years) | 21.6 million won | 21.6 million won + interest month by month |
The amounts are our example and multiply principal only. Interest varies by month and rate, so we did not work it out here. The National Pension Service calculates the actual amount.
Under 10 years at 60 — two paths
| Choice | What you get | Basis |
|---|---|---|
| Lump-sum refund | Contributions plus interest at once | Art. 77(1)1 |
| Voluntary continued membership | Keep paying until 65; reach 10 years for an old-age pension | Art. 13(1) |
You cannot take both. Article 13(1)1 excludes from voluntary continued membership “a person who has received a lump-sum refund on the ground in article 77(1)1.” Someone with 9 years who takes the refund at 60 shuts the door on a pension that one more year would have earned.
If you rejoin — repayment (art. 78, Decree art. 52)
- Who — anyone who received a refund and later becomes a member again.
- How much — the refund plus interest at the 1-year time deposit rate, compounded yearly beyond one year.
- Instalments — up to 3 for under 1 year of membership, 12 for 1 to under 5 years, 24 for 5 years or more.
- Effect — the matching period counts again as membership (art. 78(3)).
When the right ends — arts. 79 and 115
The right to the refund ends when the person becomes a member again, gains an old-age or disability pension, or a survivor gains a survivor’s pension (art. 79). Unclaimed rights also lapse: generally after 5 years, but 10 years for the refund paid at 60 to someone with under 10 years (art. 115).
Checklist
- ☐ Your membership period — will it reach 10 years by 60?
- ☐ If not, choose between voluntary membership (to 65) and the refund — the refund rules out voluntary membership
- ☐ Took a refund before and now a member? Repay to restore the years
- ☐ Claim from the National Pension Service — 10 years for the refund at 60, 5 years otherwise
Questions that remain
Can I claim as soon as I emigrate?
Article 77(1)3 lists “emigrates” as a ground, and interest then runs to the date of the event (Decree art. 50 item 2(b)). Ask the Service how emigration is confirmed.
A family member died but no survivor’s pension is due.
Survivors may then claim the refund (art. 77(1)2). If there are no qualifying survivors at all, a death lump sum may apply — see National Pension death lump sum.
Having received a refund is a ground for excluding the disability pension (art. 67(3)3) — see National Pension disability pension.
Sources
- National Pension Act [in force 17 Jun 2026] [Act No. 21203] — original text (checked 1 October 2026). Article 13 (voluntary membership, 65, refund recipients excluded), article 77 (three grounds, employer share), article 78 (repayment, period restored), article 79 (loss of the right) and article 115 (5 and 10 years).
- Enforcement Decree of the Act [in force 1 Jan 2026] [Presidential Decree No. 35602] — original text. Article 50 (3-year time deposit rate) and article 52 (3, 12 and 24 instalments; 1-year time deposit rate).
- Our own working. 200,000 won × 60 months = 12 million won and × 108 months = 21.6 million won are our examples.
Where to check further
- Your membership period and estimate — a National Pension Service branch or call centre.
- Raising your pension — ways to increase your National Pension.
Written on 1 October 2026. Articles are from the National Law Information Center; the tables and examples are ours.
