Samsung Life Insurance Offers 10% Discount on Retirement Pension Fees for SMEs

On the 3rd, Samsung Life Insurance announced that it will provide a 10% discount on retirement pension fees to small and medium-sized enterprise (SME) clients enrolled in defined benefit (DB), defined contribution (DC) retirement pensions, and individual retirement pensions (IRP).

Samsung Life Insurance revamped its retirement pension fee system in line with improvements to the fee charging system by the Ministry of Employment and Labor and the Financial Supervisory Service. The main point was expanding the fee discount target from social enterprises to SMEs. In 2020, Samsung Life introduced a 50% discount on retirement pension fees for social enterprises through a system reform.

With this system reform, the newly eligible entities for fee discounts are SMEs as defined in Article 2 of the Small and Medium Enterprise Basic Act. By obtaining a "Certificate of SME Confirmation" through self-assessment on the SME Status Information System and submitting it to Samsung Life Insurance, clients can receive a 10% discount on the retirement pension fees they have been paying.

The SME retirement pension fee discount benefit is applied independently of other discount programs. Including mid- to long-term product discounts and long-term maintenance fee discounts for over five years, a maximum fee discount of up to 30% is possible.

A Samsung Life Insurance official stated, “We reformed the fee system to provide discount benefits to more companies in line with the policy to improve the retirement pension fee charging system,” adding, “We hope that the newly established SME retirement pension fee discount benefit will help our client companies’ business management.”