Why Your National Pension Refund Might Not Be Displayed
If you’ve recently been informed through the Toss app that you have a refund of over 500,000 KRW for overpaid National Pension contributions, but can’t find this information on the official National Pension Service (NPS) website, you’re not alone. Many individuals encounter this confusion, and this article aims to clarify why this happens.
The Process of National Pension Refund Verification
The refund process for overpaid National Pension contributions is interlinked with your annual comprehensive income tax filing. It involves a complex series of steps between the National Tax Service and the NPS.
Connection Between Income Tax Filing and Refunds
The refund is not solely calculated by the NPS system. Instead, it is determined through the reconciliation of data reported to the National Tax Service. For the 2024 income year, the deadline for filing is May 2025. It’s important to note that even if you have completed your filing, the NPS might not have updated their records with the finalized data yet. Therefore, the refund amount shown in Toss is an estimate based on available data, and the official confirmation from NPS typically occurs between mid to late June.
The Difference Between Toss and NPS Systems
Toss utilizes APIs from the National Tax Service to provide users with an estimated refund amount based on taxes paid and income data. However, these figures are provisional until the NPS receives and processes the finalized tax data. The NPS website updates its records only after receiving official reconciliation and notification from the National Tax Service.
Do You Need an Accountant or Toss for Refunds?
While Toss and accountants are convenient, they are not mandatory for the refund process.
Direct Verification Through NPS
You can directly verify and apply for your refund through the NPS website or by calling their customer service at 1355. Refunds are usually deposited into your registered bank account, provided it is correctly linked in their system.
- NPS Website: National Pension Service > Civil Application > Overpaid Refund Inquiry
- Direct Link: NPS Official Site
Accountant-Assisted Refunds
If you filed your taxes through an accountant, they often handle the refund application on your behalf. In this case, you do not need to use Toss, as refunds will be processed automatically after NPS finalizes the accounts. However, be aware that accountants may charge for their services, and delays can occur without specific follow-up requests.
Applying for Refunds via Toss
Toss provides a “Predicted Refund” feature, which allows for automatic application once refunds are confirmed. This feature enhances user convenience, especially if bank account information is pre-linked.
When Will the Refund Be Deposited?
The exact timing of your refund deposit varies, but typically occurs between mid-June and July. Even if you file quickly via the National Tax Service’s Hometax, the NPS processes data in batches, causing delays in individual updates. Therefore, in May, you might only see refund information in Toss, not on the NPS site.
Conclusion: Patience Is Key
If your Toss app shows a National Pension refund but the NPS website doesn’t, this is usually due to system synchronization delays. Instead of prematurely consulting an accountant or worrying about missing out on your refund, wait until mid-June and check the NPS site again. If issues persist, contact their customer service for confirmation on data processing and refund eligibility.
Remember, while Toss and accountants provide helpful services, the right to receive a refund is yours, and you can manage it independently. Patience and timely follow-up will ensure you get your due refund without unnecessary hassle.