Shinhan Bank Surpasses 50 Trillion Won in Retirement Pension Reserves, First Among Banks

Shinhan Bank announced on November 6 that its retirement pension reserves, based on operational management standards, have reached 50.1985 trillion won, making it the first bank in the industry to surpass 50 trillion won.

Shinhan Bank has established a management system that considers customers’ life cycles, facilitating the transition of defined benefit (DB) customers to defined contribution (DC) plans and individual retirement pensions (IRP). The IRP ranked first in terms of reserves across all sectors in the third quarter of this year.

In particular, Shinhan Bank’s retirement pension ETF (Exchange-Traded Fund) reserves have grown rapidly this year, increasing by 244% compared to the previous year. A Shinhan Bank representative stated, “This is the result of actively responding to the growing demand for investment-type products by continuously expanding the supply of ETF and TDF (Target Date Fund) products.” Shinhan Bank currently offers the largest lineup in the banking sector, with 216 ETF products.

Long-term returns are also at a high level within the industry. According to the Financial Supervisory Service’s Integrated Pension Portal disclosure, in the third quarter of this year, the 10-year return on principal non-guaranteed products for DB, DC, and IRP all ranked first among commercial banks.

To thank its customers for their support, Shinhan Bank will expand the eligibility for IRP fee exemptions. Previously, the exemption from management and asset management fees was offered to customers who opened accounts through non-face-to-face channels and deposited at least 100 million won in retirement funds. Starting from November 14, this benefit will be extended to customers who deposit at least 50 million won in reserves.

A Shinhan Bank representative said, “We will continue to strengthen our role as a ‘trusted lifelong pension partner’ so that customers can rely on us as a specialized pension bank.”