[Asia Economy Reporter Junho Hwang] Korea Financial Group's subsidiary Korea Investment & Securities recorded the highest individual retirement pension (IRP) yield for three consecutive quarters among large operators with reserves exceeding 1 trillion won as of the 2nd.
According to the Financial Supervisory Service's Integrated Pension Portal, Korea Investment & Securities' IRP showed a one-year yield of 10.77% as of the second quarter of this year. This is the highest among large retirement pension operators. It has held the top position for three consecutive quarters since the fourth quarter of last year.
Korea Investment & Securities attributed the high yield to offering a return-seeking portfolio based on a diverse product lineup. As of the end of June, it offers 363 ETFs available for trading within retirement pensions, the highest number among operators.
Korea Investment & Securities also provides IRP fee benefits. At the end of May, it began offering fee waivers on management fees for non-face-to-face IRP accounts opened through the bank-affiliated online trading service 'Bankis' as well as general branch non-face-to-face accounts opened via its website or mobile app. For DC and DB type employees whose severance pay is initially deposited into an IRP, face-to-face accounts are also exempt from operation management fees for one year. Additionally, operation and asset management fees are discounted by 20% upon pension receipt.
Park Jong-gil, head of the Retirement Pension Division, said, "Expanding the scope of fee exemptions is part of our efforts to enhance customers' actual yields and satisfaction," adding, "We will continue to strive to provide a diverse product portfolio as a partner to retirement pension subscribers."
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