BNK Gyeongnam Bank Offers 7 Types of Retirement Pension Plans Based on Subscriber Investment Preferences
Implementation of the Default Option for Pre-Designated Operation System Targeting New Customers
[Asia Economy Yeongnam Reporting Headquarters Reporter Jonggu Song] BNK Gyeongnam Bank is implementing the pre-designated management system 'Default Option' for new retirement pension subscribers.
The Default Option is a system in which, for defined contribution (DC) and individual retirement pension (IRP) plans where the subscriber is the operator of the retirement pension funds, if the subscriber does not decide on the management method, the funds are automatically managed according to a pre-determined method.
BNK Gyeongnam Bank offers a total of seven Default Option products: the Gyeongnam Bank Default Option Ultra-Low Risk Portfolio composed only of principal-guaranteed products; the Gyeongnam Bank Default Option Low Risk Portfolios 1 and 2, which mix deposit and fund products; the Gyeongnam Bank Default Option Medium Risk Portfolios 1 and 2; and the Gyeongnam Bank Default Option High Risk Portfolios 1 and 2, composed solely of fund products. Subscribers can choose according to their risk tolerance.
BNK Gyeongnam Bank plans to expand the application of the Default Option to existing customers through the development of its IT system and strengthen notification services related to product management.
Additionally, regarding the mandatory procedure of reporting regulation changes for applying the Default Option, the bank will focus on support such as enhancing employee training to minimize the workload of subscribing companies.
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Lee Jeong-hoon, head of the Trust Business Division, said, “In major advanced countries such as the United States, the United Kingdom, and Australia, the Default Option system for retirement pensions has already been established as part of strengthening national old-age security. We expect that the implementation of the Default Option in Korea’s retirement pensions will improve long-term returns and serve as a reliable pillar for subscribers’ prosperous retirement.”
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