Korea Investment & Securities 'Bankis IRP' Full Fee Waiver

[Asia Economy Reporter Hwang Junho] Korea Investment & Securities, a subsidiary of Korea Financial Group, announced on the 11th that it will waive individual retirement pension (IRP) fees for Bankis subscribers starting at the end of this month. Bankis is Korea Investment & Securities' online trading service opened through non-face-to-face channels or commercial banks.

Korea Investment & Securities currently does not charge Bankis IRP management and asset management fees, which are at the level of 0.20% to 0.25%. Not only new Bankis IRP customers but also existing customers will receive the free fee benefit.

Korea Investment & Securities will also introduce fee benefits for customers with accounts managed at existing branches in the second half of the year. If losses occur in IRP accounts at branches, fees will be waived, and if retirement funds of DC/DB-type enrolled workers are deposited, fees will not be charged for one year. Additionally, if retirement pensions are received as annuities rather than lump sums, fees will be discounted by 20%.

Park Jong-gil, head of the Retirement Pension Division, said, "We plan to focus on customer-oriented benefits and systems, various products and services, and stable returns as principles of retirement pension operators in the future," adding, "Since Korea Investment & Securities is achieving high IRP returns among retirement pension operators, more benefits are expected to be provided to customers."

For more details, please contact the Korea Investment & Securities Retirement Pension Consultation Center.

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