Membership Inquiry, Rate of Return Comparison, and Account Transfer One-Stop Service... Complete Overhaul of the Integrated Pension Portal

[Asia Economy Reporter Kim Hyo-jin] The Financial Supervisory Service (FSS) announced on the 20th that it will completely revamp the Integrated Pension Portal website to provide one-stop support from understanding pension products and tax systems to checking subscription details, retirement financial diagnosis, comparing yields, and pension subscription and account transfers.

The FSS established the Integrated Pension Portal in 2015 to support systematic retirement planning for financial consumers by providing integrated information on public and private pensions. It aims to provide subscription details from six public pension institutions and 80 private pension institutions, as well as guidance on expected pension receipts and retirement funds needed through retirement financial diagnosis.

The FSS will integrate pension information scattered across multiple sites such as 'Retirement Pension Comprehensive Guide' and 'Pension Savings Advisor,' improve the comparative disclosure system so consumers can easily select financial companies suitable for themselves, and build an online one-stop service. The fully revamped Integrated Pension Portal will be available from the 21st.

With this revamp, the calculation standards for yields and fee rates will be disclosed by elapsed periods. To facilitate company-by-company comparison, individual product yields and fee rates will be grouped, and new disclosure items for financial companies' yields and fee rates will be introduced.

Additionally, through the Integrated Pension Portal, it will be possible to subscribe, transfer, cancel, and apply for pension commencement for pension accounts (pension savings, individual IRP). A simple tax calculation system has been established to calculate detailed tax burdens on early termination and pension receipt by entering simple figures, along with detailed explanations of pension tax systems.

Besides disclosing past performance and costs, yields (disclosed interest rates, minimum guaranteed interest rates) and fee rates of all currently sold pension savings insurance products will also be disclosed for comparison.

The FSS plans to build an online platform next month where all principal-guaranteed products handled by retirement pension providers can be viewed at once. A system that pre-calculates and compares customized fees for subscribers according to retirement pension subscription conditions will also open next month.

This content was produced with the assistance of AI translation services.