South Korea's Mirae Asset Securities Co. said on Tuesday that its defined contribution (DC) retirement pension and individual retirement pension (IRP) reserves have increased by 4 trillion won ($2.9 billion) this year, marking the largest growth in the industry for three consecutive quarters.
As of the end of the third quarter of this year, the return on non-principal-guaranteed products over the past year was 13.77% for DC, ranking second in the industry, and 13.68% for IRP, ranking third.
"The growth is due to providing excellent and diverse products that make it easy and convenient for customers to invest their pension assets, as well as offering performance-based products tailored to the subscribers' preferences," a Mirae Asset Securities source said.
The official further predicted that the growth of individual retirement pensions would accelerate when the full implementation of the transfer of retirement pension accounts begins at the end of this month.
The transfer of retirement pension accounts allows individuals to move their retirement pension portfolios to another financial institution without selling the existing portfolio.
Write to Su-Ji Na at
suji@hankyung.com
