National Pension Service

National Pension Service
Native name
 국민연금
國民年金
Gukminyeongeum
Government-linked company
Pension fund
(Sovereign wealth fund)
Industry Investment management
Founded 1988
Headquarters Seoul, South Korea
Key people
 Kim Sung Joo, chairman and chief executive officer
Owner Government of South Korea
Parent Ministry of Health and Welfare
Website www.nps.or.kr

The National Pension Service of Korea (NPS; Hangul: 국민연금; Hanja: 國民年金; RR: Gukminyeongeum) is a public pension fund in South Korea. It is the third largest in the world[1] with $430 billion in assets, and is the largest investor in South Korea.[2]

South Korea's National Pension Service (NPS), which oversees $430 billion in assets, is looking to buy a portfolio of blue-chip stocks from emerging markets.

On January 30, 2017, NPS opened up an office in New York City's One Vanderbilt.[3]

Timeline

  • December, 1986 – Promulgated the Nation Pension Act
  • September, 1987 – Established the National Pension Corporation
  • January, 1988 – Implemented the national pension system (Limited to workplaces with 10 or more full-time employees)
  • January, 1992 – Compulsory coverage included workplaces with five or more full-time employees
  • January, 1993 – Commenced Special Old-age Pension benefit payment
  • April, 1995 – Established the National Pension Research Institute
  • July, 1995 – Compulsory coverage was extended to farmers and fishermen in rural areas
  • August, 1995 – Compulsory coverage was extended to workplace-based foreigners
  • April, 1999 – Compulsory coverage expanded to majority population in Korea (compulsory coverage in urban areas)
  • November, 1999 – Launched the National Pension Fund Management Center
  • July, 2003~2006 – Gradually expanded compulsory coverage to corporations and workplaces with less than five full-time employees
  • July, 2007 – Renamed as the "National Pension Service"[4]
  • May, 2009 – Commenced the Retirement Planning Service
  • May, 2009 – Launched NPS International Service Center
  • January, 2011 – Established NPS International Center (Integrated the former International Cooperation Department and the NPS International Service Center)
  • January, 2011 – Consigned the affairs in relation to collection of contribution to the National Health Insurance Service (NHIS)
  • April, 2011 – Implemented a system for assessment and registration of the disabled (all levels), in accordance with the Welfare of Disabled Persons Act
  • October, 2011 – Commenced support programs for the disabled
  • December, 2012 – Determined the scope of income of an insured under the National Basic Living Security Act
  • July, 2014 – Support for the Basic Pension operation
  • January, 2015 – NPS headquarters relocation to Jeonju
  • December, 2015 – Implementation of Retirement Planning Service
  • February, 2017 – NPSIM relocation to Jeonju

Notes

  1. ↑ "Korean fund buys stake in Colonial Pipeline". FT. August 23, 2010.
  2. ↑ Shin, Saeromi (September 13, 2010). "Korea's Biggest Investor to Find Its Voice to Improve Corporate Governance". Bloomberg.
  3. ↑ Murray, Barbara. "SL Green Partners Up on $3B NYC Office Project".
  4. ↑ "기록물 생산기관 변천정보 > 기관연혁 상세정보". theme.archives.go.kr (in Korean). Retrieved 2018-04-16.
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