Yuanta Securities, Waives All IRP Fees Without Conditions

[Asia Economy Reporter Lee Seon-ae] Yuanta Securities announced on the 6th that it will unconditionally waive all fees for individual retirement pension (IRP) accounts starting from the 17th.

Previously, Yuanta Securities waived all fees for tax-deductible IRP accounts from April 1st and reduced the fees for retirement IRP accounts to the industry's lowest level of 0.1%. However, from the 17th, all retirement IRP accounts, including existing customers, both online and offline, will be free of charge.

With this full fee waiver decision, Yuanta Securities IRP customers will be exempt from all management and asset management fees not only on subscriber contributions made voluntarily for tax deductions but also on employer contributions such as retirement payments. This benefit applies retroactively to both new and existing customers and covers all online and offline customers unconditionally.

IRP accounts are used throughout life: for tax deductions during economic activity, for holding retirement funds after retirement, and for receiving pensions after retirement. Therefore, stable asset management and yield management are crucial. Especially since IRP accounts are used long-term, annual fees can affect returns, making fee conditions an important factor when choosing a financial institution.

Accordingly, Yuanta Securities expects that eliminating all fee burdens for IRP customers will improve pension asset yields and contribute to stable retirement preparation.

Yuanta Securities is conducting an event until June 30th for customers who newly open IRP accounts or transfer IRP accounts from other companies. During the event period, customers who open an IRP account for the first time at Yuanta Securities, deposit more than 1 million KRW, and set a fund purchase ratio of 10% or more will receive a 5,000 KRW cash coupon. Additionally, customers who transfer individual IRP accounts from other companies to Yuanta Securities will receive cash coupons up to 25,000 KRW depending on the transfer amount.

Shin Nam-seok, Head of the Retail Business Division, said, “As interest in overseas investment for pension assets increases, managing through a securities company allows inclusion of not only funds but also domestic and international ETFs, offering relatively high returns along with tax benefits.” He added, “With in-depth asset management available through branch PBs with pension asset consulting expertise and the benefit of fee waivers, we hope Yuanta Securities IRP accounts will serve as a reliable stepping stone for retirement.”