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Samsung Asset Management launches RIF to meet Korean needsBy Son Ji-hyoung
Published : May 30, 2017 - 16:35
The RIFs mark the first pension funds in South Korea that allow retirees to withdraw money from the funds. The four types of pension schemes by the asset management arm under Korea’s largest conglomerate were based on the US financial services firm’s diversified investment portfolio.
Yang Jeong-won, senior head of the equity division at Samsung Asset Management, said the new scheme will “address longevity risk from extending life span and inflation derived from the low interest rate.”
Samsung Asset Management estimated the individual retirement pension market in South Korea to grow from 12.4 trillion won as of the end of 2016 to some 40 trillion won by 2020, in the wake of the retirement of baby boomers -- born between 1955 and 1974 -- who account for some 30 percent of the entire population.
By Son Ji-hyoung (email@example.com)
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