Farmland Bank Farmland Pension (subscription conditions, payment method, monthly payment, subscription procedure, documents submitted, expected pension inquiry)
Farmland Bank Farmland Pension
Subscription target · Payment method · Subscription procedure · Documents to be submitted · Simulation of expected receipt amount
The Farmland Pension is a project that provides monthly living expenses like an annuity with owned farmland as collateral to ensure a stable retirement life for aged farmers. there is Let’s take a look at the advantages of farmland pension and the various conditions necessary for subscription. 농지연금 가입조건
※ Please check the post below for information on another business of Farmland Bank, such as farmland sales, leasing, and consignment business. 좋은뉴스
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Rural Community Corporation farmland bank consignment business (long-term lease, lease consignment, stockpile farmland lease)
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■ Contents
1. Subscription conditions
2. Payment method (simulated calculation of receipt)
3. Registration process
4. Advantages of Farmland Pension
joining condition
1. Subscription age
As of the end of the application year, the farmland owner must be 65 years of age or older (in case of 2021, a person born before December 31, 1956)
Age refers to the age under the Civil Act and is calculated and applied based on the date of birth in the resident registration.
2. Farming experience
Applicant must have more than 5 years of farming experience
As of the farmland pension application date, at least 5 years of farming experience in the past is required
Farming experience does not have to be continuous immediately prior to the date of application, and must be at least 5 years in total during the entire farming period.
3. Target farmland
As of the farmland pension application date, the collateral farmland must meet all of the following requirements.
Among the farmland under the Farmland Act, farmland that is owned by the project target and is actually used for farming as land, paddy field, orchard designated for government purposes
Farmland for which no restricted real rights such as mortgages have been established (However, farmland with the maximum amount of senior claims less than 15/100 of the price of the land as collateral can be enrolled)
Farmland that is not subject to seizure, provisional seizure, provisional disposition, etc.
Requirements applicable from newly acquired farmland after January 1, 2020
Farmland owned by the subject of the project for more than 2 years (includes the holding period of the inherited farmland)
Farmland where the address of the person subject to the project (based on the address in resident registration) is located in the city/gun/gu where the collateral farmland is located or the city/gun/gu adjacent thereto, or the direct distance between the address and the collateralized farmland is within 30 km
* Excluding farmland
Farmland, including farmland where illegal structures are installed or jointly owned by a person other than the principal and his or her spouse (a third party including children or siblings), farmland in areas where development plans have been finalized as development areas and development plans have been designated, implemented and announced. Excluded farmland as stipulated in the Pension Handling Guidelines, and land acquired through auctions and public sales after January 1, 2018 are excluded from the farmland pension.
4. Mortgage farmland price evaluation method
100% of the individually announced land price in accordance with the 「Real Estate Price Publication Act」
Or choose between 90% of the appraisal price according to the 「Act on Appraisers and Appraisers」
Payment method (simulated calculation of receipt)
1. Monthly payment
Maximum amount 3 million won/month
Monthly payment is determined according to farmland price, subscription age, payment method, etc.
2. Payment method
Farmland pension is divided into life-type pension, which is paid monthly while you are alive, and period-type pension, which is paid monthly for a certain period of time.
life sentence
Fixed-term life type: A type in which a certain amount is paid every month until the subscriber’s (spouse’s) death
Before and after type: Received more than the fixed-rate type during the first 10 years of subscription, and less from the 11th year
Temporary withdrawal type: A type in which the necessary amount can be withdrawn at any time within 30% of the total payable amount
term type
Fixed-term payment type: A type in which a certain amount is paid every month for a certain period of time selected by the subscriber
Management transfer type: At the end of the payment period, a type of receiving more pension on the premise of transferring ownership to the corporation
* Eligible age for subscription by payment method
Farmland pension subscription age
Subscription Age by Farmland Pension Payment Method
3. Applied interest rate
As for the loan interest rate, when applying for farmland pension, the applicant can choose between a fixed interest rate and a variable interest rate.
Fixed rate: 2%
Variable interest rate: Applied interest rate for variable interest rate loan for agricultural policy funds (recalculated every 6 months from the first monthly payment payment date)
4. Expected pension inquiry
Farmland Bank Integrated Portal: Farmland Pension Expected Pension Inquiry (Open)
※ Currently, it is said that the system is under maintenance to apply the complete life table to calculate the accurate expected pension amount.
(Work period: ’22. 1. 4 (Tue) ~ ’22. 1. 14 (Fri))
Sign up procedure
1. Registration process
After applying for the farmland pension, the person in charge of the farmland bank’s branch office conducts farmland pension consulting. If you are notified of the required documents after consultation, please submit them in person or by mail.
Online: Application for application at the integrated farmland bank portal (application)
Offline: Receive farmland pension application and required documents by mail or by visiting the branch office (Inquiries: 1577-7770)
Farmland Bank Farmland Pension Subscription Procedure
Farmland Pension Subscription Procedure
※ Before applying for farmland pension, be sure to read the ‘Farmland Pension Project Explanation Confirmation’ before applying.
Farmland Pension Project Explanation Confirmation.pdf
0.31MB
2. Documents to be submitted (required documents)
Documents to be submitted for subscribing to Farmland Pension
Documents to be submitted when subscribing to Farmland Pension
※ Issuing agency
Civil petition 24 (open): Family relation certificate, resident registration card, etc. (first) copy, land use plan confirmation letter, certified copy of the Ministry of Agriculture Support, taxation certificate by tax item (property tax)
Agricultural business registration online service (open): agricultural business registration confirmation (certificate)
Instant convenience (open): real estate comprehensive certificate
Republic of Korea Court Internet Registry Office (Open): Real Estate (Land) Registered Copy
Advantages of Farmland Pension
1. Lifetime payments to married couples
In the farmland pension, a certain amount is paid to the subscriber every month, and if the subscriber dies, if the spouse succeeds, the farmland pension can be continuously received until the spouse dies. (However, only if the spouse is over 60 years of age at the time of application and has selected pension succession)
2. Possible farming or rental income
While receiving a pension, you can directly cultivate or rent mortgaged farmland, so you can earn additional income other than your pension.
3. Securing stability through financial support
Since the government directly implements the pension funded by the government budget, you can receive a stable pension.
4. Unclaimed pension debt shortfall
When the pension debt is repaid, the remaining amount is returned to the heir if there is any remaining amount after the disposal of the collateral farmland, and no further claims are made even if there is a shortage.
5. Property tax relief
Property tax is fully exempted for farmland worth 600 million won or less, and up to 600 million won is exempted for farmland valued at more than 600 million won.
The Farmland Pension is a system in which farmland owned by farmers aged 65 or older is provided as collateral and the Korea Rural Community Corporation provides retirement life stability funds in the form of a monthly pension. The farmland pension, which is similar to the housing pension, can be inherited by a spouse, and is supported to ensure the life of elderly farmers in their old age.
Please look at the conditions for joining and the farmland pension business explanation confirmation before applying, and the calculator for calculating the expected pension receipt is currently under maintenance, so please search after January 14th.