Kiwoom Securities (039490.KQ) has completed its retirement pension business registration and is making a full-scale entry into the pension market. The brokerage plans to capture market share by offering integrated asset management services spanning Individual Retirement Pensions (IRP), Defined Contribution (DC) and Defined Benefit (DB) plans.
Kiwoom Securities said on the 8th that it had completed its retirement pension business registration with the Financial Services Commission (FSC). The company plans to launch full services within the first half of this year after completing the review process for default option products.
With this registration, Kiwoom Securities can now provide integrated solutions covering all retirement pension plans, including IRP, DC and DB. The firm will first expand its customer base through IRP, then extend into DC and DB business areas.
Kiwoom Securities highlighted its retail investor base and digital platform competitiveness as key strengths. The company aims to reduce cost burdens by offering online-only products at low fees. In the longer term, it also plans to build an integrated asset management platform linking retirement pensions, pension savings and Individual Savings Accounts (ISA). The goal is to strengthen lifecycle services that allow customers to manage pension assets on a single platform, connecting accumulation, tax benefits and withdrawals.
From the preparation stage, Kiwoom Securities recruited Pyo Young-dae, a managing director from Mirae Asset Securities (006800.KS) regarded as a first-generation retirement pension expert, as head of its pension business and built out its systems. The firm plans to target not only the accumulation phase but also the post-retirement withdrawal market, offering asset growth strategies for young professionals and tax-efficient withdrawal plans for older customers.
Recently, Kiwoom Securities received a credit rating upgrade to AA (stable) from all three major credit rating agencies — NICE Investors Service, Korea Ratings and Korea Investors Service. Based on this, the company has set a goal of breaking into the top five in retirement pension market share.
"With the retirement pension business registration as a springboard, we plan to fully expand customer-centered pension services," a Kiwoom Securities official said. "We will provide customers with a new pension investment experience based on our differentiated platform competitiveness."
