Hana Bank Signs MOU to Introduce Trust-Based Pension System for KPGA Players

First Pension System Introduced in Korean Professional Sports
3% of KPGA Tour Prize Money Used as Fund, Distributed Based on Performance

Lee Hoseong, CEO of Hana Bank (right), signed a business agreement on the 10th to introduce a trust-based pension system for players of the Korea Professional Golfers' Association (KPGA) and is taking a commemorative photo with Kim Wonseop, President of the Korea Professional Golfers' Association (left). Provided by Hana Bank.

At the signing ceremony held that day, Lee Hoseong, CEO of Hana Bank (photo right), is taking a commemorative photo holding the agreement with Kim Wonseop, President of the Korea Professional Golfers' Association (photo left).

Hana Bank announced on the 11th that it signed a business agreement with the Korea Professional Golfers' Association (KPGA) at its Euljiro headquarters to introduce a trust-based pension system.

This agreement was prepared for Hana Bank, a leading trust bank, to introduce a pension system to help KPGA-affiliated players prepare for a stable retirement life.

The pension system, which KPGA is introducing for the first time in domestic professional sports, will be fairly operated by establishing a pension committee consisting of the association, players, and experts, and will be transparently and stably managed through Hana Bank's trust.

To this end, the two organizations decided to introduce a trust-based pension system that did not previously exist. First, 3% of the KPGA tour prize money will be allocated as the pension fund. Two-thirds of this will be used for cut-passing pensions, and one-third for point pensions, which will be accumulated differently for each individual according to the player's tour performance and operated safely and efficiently through Hana Bank's trust.

The accumulated pension can only be received if players participate in the KPGA tour for a certain period. Through this system, players will naturally be motivated to enhance their personal competitiveness, which is expected to create a virtuous cycle positively affecting the tour's popularity.

Kim Won-seop, KPGA Chairman, said, "Through today's signing ceremony, KPGA and Hana Bank, the 'No.1 trust bank,' have joined hands. Now, Hana Bank, KPGA, and our players will become one to operate the pension system more solidly while securing both transparency and competitiveness," adding, "KPGA will spare no support to ensure the successful establishment of the pension system."

Lee Ho-sung, President of Hana Bank, said, "Together with KPGA, we have established a pension system for the first time in professional sports to ensure stable retirement preparation for affiliated players," and added, "Leveraging Hana Bank's expertise as a leading trust bank, we will create an optimized pension system that allows players to focus solely on the KPGA tour without worrying about their retirement."

Meanwhile, Hana Financial Group plans to host the 'Hana Bank Invitational,' an Asian major golf tournament jointly organized by the KPGA Tour and the Japan Golf Tour Organization (JGTO), for four days from June 12 to 15.

Now in its seventh year, the 'Hana Bank Invitational' will be held at The Heaven CC in Ansan, Gyeonggi Province, with a total prize money of 1.3 billion KRW. A total of 144 players, including top domestic players, JGTO-affiliated Japanese players, and top Asian players, are expected to participate.