National Pension Service
The National Pension Service of Korea (NPS; Korean: 국민연금공단; Hanja: 國民年金公團; RR: Gukminyeongeumgongdan) is a public pension fund in South Korea. It is the third largest in the world[1] with $600 billion in assets, and is the largest investor in South Korea.[2]
 | |
Native name | 국민연금공단 國民年金公團 |
|---|---|
Romanized name | Gukminyeongeumgongdan |
| Type | 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 |
South Korea's National Pension Service (NPS), which oversees $580 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
- "Korean fund buys stake in Colonial Pipeline". FT. August 23, 2010.
- "Korean National Pension Fund Returns 6.81%". ai-cio.com. July 15, 2019.
- Murray, Barbara. "SL Green Partners Up on $3B NYC Office Project".
- "기록물 생산기관 변천정보 > 기관연혁 상세정보". theme.archives.go.kr (in Korean). Retrieved 2018-04-16.
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