Next Month's 'Retirement Pension Physical Transfer'... Samsung Securities Sees 3.2 Trillion KRW Net Increase in Pension Balance This Year

Top 5 Pension Balance Operators in the Securities Industry
Record Highest Pension Balance Growth Rate

With the implementation of the retirement pension asset transfer system scheduled for next month, Samsung Securities announced on the 26th that the total pension balance, combining retirement pensions and personal pension savings, has increased by more than 3 trillion KRW this year.

According to Samsung Securities, the total pension balance rose from around 15.5 trillion KRW at the end of 2023 to approximately 18.7 trillion KRW as of the end of August 2024, an increase of about 3.2 trillion KRW. This represents a growth rate of over 20%, the highest pension balance growth rate among the top five pension balance operators in the securities industry.

The number of subscribers and balances transferred to Samsung Securities also increased significantly compared to the same period last year. From January to August 2023, the number of subscribers who transferred their pensions to Samsung Securities and the pension amount were about 10,000 and 400 billion KRW, respectively. However, this year, these figures rose sharply to approximately 24,000 subscribers and 900 billion KRW, respectively.

With the retirement pension asset transfer system set to be implemented next month, pension balance transfers are expected to become more active. The retirement pension asset transfer system allows pension accounts to be transferred to other financial companies without selling the existing investment portfolio, maintaining it as is. Generally, the diverse lineup of retirement pension products in the securities industry is highlighted as an advantage.

Yoo Jeong-hwa, Executive Director of the Pension Headquarters at Samsung Securities, stated, "Retirement pensions are meant to secure sufficient income resources for old age, so it is important to choose a financial company with well-established infrastructure that can manage and operate long-term, looking ahead more than 30 years into the future." She added, "Through Samsung Securities’ strengths such as diverse management options, expert teams, and reduced fee burdens for subscribers via direct IRP, we will strive to provide the best service and optimal management solutions to subscribers transferring their retirement pensions through asset transfer to Samsung Securities."

Meanwhile, Samsung Securities is conducting a 'IRP Pension Transfer Pre-Reservation' event until the 14th of next month. First, customers holding an IRP account during the event period who apply and agree to SMS marketing will be entered into a draw to receive a Mega MGC Americano coffee coupon, awarded to 5,000 winners. Second, among those who achieve the first event, customers who actually transfer 10 million KRW or more from another company’s IRP to Samsung Securities will receive a 30,000 KRW Shinsegae gift certificate. For more details, visit the Samsung Securities website or the mobile app 'mPOP', or contact the Family Center.

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