KB Securities Surpasses 1.3 Trillion KRW in Individual Pension Balances... Approaching 200,000 Customers

[Asia Economy Reporter Minji Lee] KB Securities announced on the 11th that the combined balance of individual customers' pension accounts, including pension savings and IRP (Individual Retirement Pension), exceeded 1.3 trillion KRW as of the end of December last year.

This represents a 32.7% increase compared to the approximately 1 trillion KRW balance of individual customers' pension accounts as of the end of December 2021. The number of subscribers showed significant growth in one year, rising 87.5% from about 107,000 as of the end of December 2021 to approximately 199,900.

It is analyzed that expanding the product lineup last year to allow 100% investment not only in funds and ETFs but also in REITs products was instrumental in increasing the number of subscribers. Additionally, the expansion of bonds as purchasable products in IRP was positively reflected.

Subscription to KB Securities pension products is available 24/7 via mobile, and since August last year, the qualification verification process for IRP subscription has been simplified through non-face-to-face public institution MyData. Since November last year, mobile web account opening services have been provided, allowing account opening without going through the KB Securities non-face-to-face application.

Pension savings are open to anyone without subscription restrictions, allowing flexible payments within an annual limit of 18 million KRW, including monthly installment payments. Anyone with income who is a resident can subscribe to an IRP account. From this year, the annual tax deduction payment limit for pension savings has been expanded from 4 million KRW to 6 million KRW regardless of age, and for IRP from 7 million KRW to 9 million KRW, further enhancing benefits.

Kim Sang-hyuk, Head of the Pension Business Division, said, “Pension savings and IRP are essential products for financial planning as they provide stable retirement preparation as well as tax deduction benefits,” adding, “Since August last year, KB Securities has been implementing differentiated and customer-centered consultation services through the ‘Mobile Consultation Reservation Service’ to support customers’ comfortable retirement.”

Furthermore, KB Securities is conducting the “Pension (Gold) Ta-da!” event until February 28, where customers who deposit into pension accounts (pension savings/IRP) will be entered into a draw to receive Shinsegae mobile gift certificates based on the net increase amount.

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