Financial Supervisory Service to Notify Unclaimed Personal Pensions by Mail
Unclaimed Private Pensions Average 28 Billion Won Annually
[Asia Economy Reporter Oh Hyung-gil] The Financial Supervisory Service announced on the 21st that it will inform heirs of unclaimed personal pension details by utilizing the application information from the heir financial transaction inquiry service.
It is estimated that approximately 28 billion KRW worth of personal pensions go unclaimed each year because heirs are unaware of them.
From January 1, 2017, to January 31 of last year, about 370,000 applications for the heir financial transaction inquiry service were received by the Financial Supervisory Service. Through the Insurance Association, information on the insurance subscription details of the respondents (deceased) was confirmed, and applicants found to have unclaimed personal pensions were notified by mail.
The Financial Supervisory Service plans to complete the verification of applicants by next month and send notification mails in September. Heirs who receive the mail can visit the respective insurance company to make a claim.
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A Financial Supervisory Service official stated, "To prevent voice phishing scams, notifications will be sent only by mail to applicants."
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