The Financial Supervisory Service said on the 30th that it revamped retirement pension statistics in the integrated pension portal together with the Ministry of Employment and Labor (MOEL). It added key statistics by provider and created a new item for fee amounts.
First, to strengthen users' access to information, it will additionally provide assets under management, number of contracts, and fee amounts by system (DB, DC, IRP) and by retirement pension provider. Previously, the retirement pension statistics menu of the integrated pension portal only offered annual aggregate data that allowed users to understand the overall size of the retirement pension market.
In particular, the newly introduced fee amount item consists of total fee costs, management fees, asset management fees, and total fund costs.
Through this, the Financial Supervisory Service (FSS) said users can compare at a glance each provider's assets under management, number of contracts, and fee status, enabling them to effectively compare, evaluate, and choose retirement pension providers. It emphasized that by disclosing retirement pension operations that had been released only in part, users' right to know has been strengthened.
It also said that disclosing detailed information by provider improves transparency in the retirement pension market and, by inducing better service quality and lower fees, promotes healthy competition in the retirement pension market.
An official at the Financial Supervisory Service (FSS) said, "We will push to add functions such as downloads and an open API (application programming interface) so that users of the integrated pension portal can freely analyze and use the improved statistics," adding, "We will communicate closely so that users can use the portal easily and conveniently."