Home Information on Retirement Pension Introduction to the Retirement Pension Plan

Introduction to the Retirement Pension Plan

Operational Structure

Operational structure

  • Operation of a retirement pension is divided between a plan manager and an asset manager to ensure transparency and efficiency. Separately, there are also product providers.
  • The plan manager provides information necessary for the customer to make decisions, as well as the services needed for plan operation.
  • The asset manager executes the customer’s instructions and provides support for plan payment, deposit and withdrawal.

Depositor protection

  • The DB plan is not protected by the Korea Deposit Insurance Corp. under the Depositor Protection Act.
  • The DC plan and IRP is protected under the Depositor Protection Act only for reserves invested in financial products subject to depositor protection. In such cases, protection is limited to KRW 50 mil per person, which is apart from the depositor protection limit for your other financial products. The amount in excess of KRW 50 mil is not subject to protection. In case of enrollment in two or more retirement pension plans, they shall be protected for up to a collective total of KRW 50 mil.