FSS Revamps Retirement Pension Comparison Disclosure Menu: "Easier Comparison of Returns and Fees"

The Financial Supervisory Service announced on September 11 that it has revamped the "Retirement Pension Comparison Disclosure" section of the Integrated Pension Portal to help retirement pension subscribers make informed choices about providers and products. With this update, the types of principal-guaranteed products have been further subdivided, and it is now possible to compare fees by subscription channel.

First, principal-guaranteed products are now disclosed by dividing them into deposit-type and market-type categories. Principal-guaranteed products include not only deposits but also certain bonds such as government bonds and monetary stabilization bonds. This measure reflects concerns that, in times of significant interest rate fluctuations, comparing returns can be confusing due to changes in bond prices.

Fee disclosures have also been strengthened. For each provider, management and asset management fee rates are now disclosed separately based on whether the subscription was made face-to-face or non-face-to-face. This reflects the recent trend of more providers offering fee waivers to non-face-to-face IRP subscribers.

The Financial Supervisory Service stated, "Since retirement pensions are assets that subscribers will hold for a long time, it is important to carefully compare returns and fees. If necessary, subscribers can also use the 'physical transfer service' to switch to a more advantageous provider. We hope that rational choices by subscribers will help improve retirement returns."