Why Your National Pension Refund May Not Be Visible on Official Websites
Have you ever been notified by the TOSS app that you have a National Pension overpayment refund exceeding 500,000 KRW, only to find no such information on the National Pension Service (NPS) official website? This confusion arises quite often. Let’s delve into why this happens and how to navigate the process effectively.
The Complex Process of National Pension Refunds
The refund process for National Pension overpayments is tied intricately to comprehensive income tax filings. Unlike what some might expect, these refunds are not directly calculated by the NPS. Instead, they are finalized after reconciling the reported comprehensive income tax data with the National Tax Service (NTS).
For instance, the income tax filing for the fiscal year 2024 must be completed by the end of May 2025. Even if you’ve submitted your filing, the NPS might not have yet incorporated this data, leading to the absence of refund information on their website.
The refund amounts seen on TOSS are estimates based on payment records and reported data. However, it typically takes until mid to late June for these amounts to be confirmed and displayed on the NPS platform.
System Differences Between TOSS and the NPS
TOSS uses the NTS’s Home Tax API to analyze payment and income data, providing an “estimated refund amount” service. Despite its convenience, this figure is not officially recognized until the NPS receives and processes the reconciliation results from the NTS.
Conversely, the NPS’s overpayment refund inquiry system only reflects data after the NTS has completed its reconciliation and notification. If you can’t find your refund information, it’s likely that the reconciliation data hasn’t reached the NPS yet.
Methods to Confirm Your Refund
Though TOSS and tax advisors offer convenient avenues, they are not mandatory for processing your refund. You can confirm and request your refunds directly via the NPS website or customer service at 1355. Overpayment refunds are typically deposited into your registered bank account automatically, provided your account details are up to date.
To check your refund status:
- Visit the National Pension Service website > Civil Affairs Application > Overpayment Refund Inquiry
- Or access directly at www.nps.or.kr
Utilizing a Tax Advisor for Refunds
If you’ve filed your comprehensive income tax through a tax advisor, they often handle the refund application on your behalf. Even without using TOSS, automatic deposit processing will occur after the NPS reconciliation. However, be aware that using a tax advisor may incur fees, and refunds could be delayed without additional requests.
Applying for Refunds via TOSS
TOSS offers an “estimated refund” feature that simplifies the application process once confirmation is received. By linking your bank account, the process becomes even more convenient, although it’s only available once the NPS processes the data.
When to Expect Your Refund
The timing of your refund depends on individual circumstances. Generally, most refunds are confirmed and processed between mid-June and July. Even if you submit your income tax early via Home Tax, the NPS processes data in batches, which can delay individual confirmations. As a result, it’s common for refunds to appear on TOSS but not on the NPS site in May.
Final Thoughts: Patience is Key
The primary reason your National Pension refund is visible on TOSS but not on the NPS website is due to system synchronization delays. Instead of rushing to a tax advisor or worrying about a missed refund, it’s advisable to wait and check back on the NPS website after mid-June.
If your refund still doesn’t appear, you can contact the NPS customer service to verify whether your income report has been processed and if you are eligible for a refund. Remember, TOSS and tax advisors are merely supplementary tools; you have the right to receive your refund directly.