Mirae Asset Securities, No Fees for Direct IRP

Cost Burden Relief Through Full Waiver of Direct IRP Operation and Asset Management Fees
Acceleration of IRP Transfers in Banking and Insurance Sectors Expected

[Asia Economy Reporter Song Hwajeong] Mirae Asset Securities announced that starting from the 17th, it will waive the operation and asset management fees for non-face-to-face direct Individual Retirement Pension (IRP) accounts.

Direct IRP customers will be exempt from operation and asset management fees not only on subscriber contributions paid by themselves for year-end tax deduction purposes but also on employer contributions such as severance pay. The fee waiver benefit will apply equally to both new customers and existing direct IRP subscribers for fees incurred after the implementation date. By eliminating the current direct IRP fees, which range from 0.1% to 0.3%, it is expected to improve the actual yield of pension accounts and enhance customer satisfaction.

Since last year, as interest in personal investment has increased, there has been a clear trend of customers moving their IRP accounts from banks and insurance companies to securities firms. Mirae Asset Securities’ implementation of the direct IRP fee waiver is expected to further accelerate this pension money movement. According to disclosure data announced by the Financial Supervisory Service, as of the end of March, Mirae Asset Securities saw an increase of 661.6 billion KRW in IRP deposits in the first quarter, surpassing both major banks and securities firms, showing the largest asset growth among all retirement pension providers.

Mirae Asset Securities, the first in Korea to offer trading services for Exchange-Traded Funds (ETFs) and REITs within pensions, is leading the spread of pension investment culture by providing information on global asset allocation strategies and promising investment products through the 'Pension is the Future' segment on its official YouTube channel 'Smart Money.'

Kim Ki-young, Head of the Pension Solutions Division at Mirae Asset Securities, stated, "It is reasonable to have different fee structures for accounts managed by employees and those managed directly by customers in pension asset management." He added, "This decision is a strategy to provide professional consulting and focus on steady yield improvement for customers who wish to be managed by employees, while waiving fees to eliminate cost burdens for direct customers who open accounts non-face-to-face and manage assets themselves."

To subscribe to Mirae Asset Securities’ direct IRP, customers can open an IRP account non-face-to-face via mobile or the website and select 'Direct' as the account management branch.

Meanwhile, Mirae Asset Securities is running the 'Pension is the Future' event until the end of June, offering mobile gift certificates to new pension customers and those transferring pension or Individual Savings Account (ISA) maturity amounts from other companies to pensions.

For more details, consultations are available through the Mirae Asset Securities Pension Asset Management Center.

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