Shinhan Investment Corp. Fully Expands Retirement Pension Fee Reduction Benefits

Defined Contribution Retirement Pension Fee Reduced from 0.4% to 0.29%
Individual Discounts Also Applied to Long-Term Subscribers and Pension Recipients

[Asia Economy Reporter Minwoo Lee] Shinhan Financial Investment announced on the 27th that it will fully expand the benefits of reducing retirement pension fees.

First, the fee for the Defined Contribution (DC) retirement pension will be lowered from the existing 0.4% to 0.29%~0.33% (for corporate deposits of 10 billion to 30 billion KRW). In particular, social enterprises and small but strong companies recognized by the Ministry of Employment and Labor can receive an additional 50% discount on fees for both Defined Benefit (DB) and Defined Contribution (DC) retirement pensions.

Fees for long-term subscribers of the Defined Contribution retirement pension will also be discounted. From the 5th year of the contract period, a fee discounted by 15% from the basic fee will be applied. From the 11th year onward, a 20% discount will be applied.

Earlier, Shinhan Financial Investment lowered the fees for Individual Retirement Pensions (IRP) in June to the lowest level in Korea, 0.2% (for deposits exceeding 150 million KRW) to 0.25% (for deposits of 150 million KRW or less). This time, an additional 12% fee reduction will be applied to customers who have started receiving their pensions. Customers aged 34 or younger are exempt from management fees for Individual Retirement Pensions, and customers who have subscribed to public funds within the Individual Retirement Pension will receive a 20% discount on management fees based on the balance evaluation amount.

For more details, you can check at Shinhan Financial Investment branches or on the website and mobile application (app) 'Shinhan Alpha.'

Choi Moon-young, Head of the Retirement Pension Business Division at Shinhan Financial Investment, said, "We hope this will help customers prepare stable retirement funds," and added, "We will strive to provide advanced retirement pension services and improve customers' actual returns."

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