Can you keep your pension safe if you are in debt? Article 58 of Korea’s National Pension Act bars seizure of the right to receive a pension, and also protects pension already paid up to a set amount. That amount rose to 2.5 million won a month from 1 February 2026, the same day a living-expense account open to everyone came into force. We read the National Pension Act, the Civil Execution Act and both decrees as written.
1. The National Pension entitlement cannot be seized. Transfer, seizure and use as collateral are all banned (National Pension Act art. 58(1)).
2. Pension already paid is protected up to 2.5 million won. The amount is the one in the main text of article 2 of the Civil Execution Act Decree, which a January 2026 amendment set at 2.5 million won.
3. Pension paid into a “benefit-only account” cannot be seized at all. You can ask the Service to pay benefits of up to 2.5 million won into an account in your own name. Money other than pension can be protected in a living-expense account (one per person, 2.5 million won a month).
National Pension Act article 58 — three layers
| Paragraph | What it protects | Scope |
|---|---|---|
| Para. 1 | The entitlement (right to receive the pension) | No transfer, seizure or collateral |
| Para. 2 | Benefits already paid to the recipient | Up to the decree amount → Decree art. 44 → Civil Execution Act Decree art. 2 main text: 2.5 million won |
| Para. 3 | Benefits paid into a benefit-only account, and claims to them | Fully protected from seizure |
Article 44 of the National Pension Act Decree sets the article 58(2) amount as “the amount set in the main text of article 2 of the Civil Execution Act Decree.” That article was wholly revised on 27 January 2026 (in force 1 February 2026) and now says 2.5 million won.
The benefit-only account — article 54-2
- Recipients may ask the Service to pay benefits of up to the article 58(2) amount (2.5 million won) into a designated account in their own name, and the Service must pay into it.
- The bank holding the account must ensure only benefits are paid in (para. 3).
- You apply by writing the account number on the benefit claim form, and the same for changes (Decree art. 38-3).
Money beyond the pension — Civil Execution Act protections
| What | Protected from seizure | Basis |
|---|---|---|
| Living-expense account deposits | The whole account · balance and monthly deposits each kept to 2.5 million won · one per person | Act art. 246(1)8, art. 246-2 · Decree art. 8 |
| Other deposits | Personal balance up to 2.5 million won (minus amounts already protected, such as in a living-expense account) | Act art. 246(1)9 · Decree art. 7 |
| Wages, pensions, retirement pensions and similar | One half — 2.5 million won a month if that half is less; above the cap, 3 million won plus half of (protected amount − 3 million) | Act art. 246(1)4 · Decree arts. 3 and 4 |
| Severance pay | One half | Act art. 246(1)5 |
Article 246-2 on living-expense accounts was added on 31 January 2025 and took effect on 1 February 2026. Before opening one, the bank checks whether you have one elsewhere and opens only one if you do not (para. 2). Banks, savings banks, agricultural, fisheries and forestry co-operatives, credit unions, Saemaul Geumgo and post offices may open them (Decree art. 8(1)).
An example
Someone receiving 1.5 million won a month from the National Pension is under 2.5 million won, so pension already paid cannot be seized under article 58(2), and if paid into a benefit-only account, the pension in that account is fully protected under paragraph 3 (our reading). Paid into an ordinary account, it mixes with other money and you may need to show which part is pension — article 246(2) of the Civil Execution Act requires the court to cancel the seizure of protected money transferred into an account on the debtor’s application.
Checklist
- ☐ National Pension entitlement cannot be seized or used as collateral
- ☐ Receive the pension into a benefit-only account — account number on the claim form
- ☐ Other living money in a living-expense account (one per person, 2.5 million won a month)
- ☐ Already seized? Apply to the court to cancel the order (art. 246(2))
Questions that remain
What about the basic pension or the housing pension?
This post reads only the National Pension Act and Civil Execution Act. The housing pension account (up to 2.5 million won paid in, protected from seizure) is covered in housing pension.
Can loan repayments to the Service be taken from the pension?
Article 59 lets the Service deduct repayments of funds it lent from benefits, but not more than half the monthly pension, and only after a written reminder with a deadline of at least 20 days.
Sources
- National Pension Act [in force 17 Jun 2026] [Act No. 21203] — original text (checked 30 September 2026). Source for article 54-2 (benefit-only accounts), article 58 (protection of entitlements) and article 59 (deductions up to half).
- Enforcement Decree of the National Pension Act [in force 1 Jan 2026] [Presidential Decree No. 35602] — original text. Source for article 38-3 (account applications) and article 44 (protected amount).
- Civil Execution Act [in force 1 Feb 2026] [Act No. 20733] — original text. Source for article 246 (claims exempt from seizure) and article 246-2 (living-expense accounts).
- Enforcement Decree of the Civil Execution Act [in force 1 Feb 2026] [Presidential Decree No. 36056] — original text. Source for article 2 (2.5 million won), article 3 (2.5 million a month), article 4 (3 million a month), article 7 (deposits of 2.5 million) and article 8 (account institutions, 2.5 million).
Where to check further
- Applying for a benefit-only account — a National Pension Service branch.
- Claiming the National Pension — National Pension.
Written on 30 September 2026. Articles are from the National Law Information Center; the tables and example are ours.
