Credit: 16.5% if gross salary is ₩55M or less, otherwise 13.2%. You only get back up to the tax you owe.
Taking the money out other than as a pension (for example, closing the account before 55) is taxed 16.5% on the credited contributions and investment gains, with some legal exceptions — check before leaving Korea.
FAQ
How much do I get back for ₩9M in pension savings and IRP?
₩1,485,000 (16.5%) if your salary is ₩55M or less, ₩1,188,000 (13.2%) if higher.
Worked example
Example: with a gross salary of ₩50 million, paying ₩6 million into a pension savings account and ₩3 million into an IRP uses the full ₩9 million limit. At the 16.5% credit rate (salary of ₩55 million or less) you get ₩1,485,000 back at year-end settlement; above ₩55 million the rate is 13.2% (₩1,188,000).
Common mistakes
Pension savings alone are capped at ₩6 million; you need an IRP (or your own extra contributions to a DC pension) to reach ₩9 million.
If your tax due is lower than the credit, the excess is lost.
Withdrawing other than as a pension generally taxes the credited contributions and investment earnings at 16.5%.
Moving matured ISA money into a pension account adds 10% of the amount (up to ₩3 million) to the contributions eligible for the credit — worth up to about ₩396,000–₩495,000 in tax.
IRP contributions made by your employer do not count.