According to Yonhapinfomax, Hwang Sung-yeop, chief of the Financial Investment Association of Korea, met with Kim Sung-joo, president of the National Pension Service, in early September to discuss concerns over the public fund's entry into the fund-type retirement pension market.
The meeting followed Kim's announcement in June that the National Pension Service would directly participate in the fund-type retirement pension business, pledging to cut fees to one-third of private sector levels and increase returns threefold. Private financial firms expressed concern that the public fund's low-cost, high-return structure could squeeze out competition in the retirement asset management sector.
