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    • We Invest Today for
    People's Better Tomorrow
    NPSIM : at a Glance

    The National Pension Fund (NPF) is managed by the National Pension Service (NPS) on behalf of the Minister of Health and Welfare in accordance with investment policies and asset allocation plans approved by the National Pension Fund Management Committee, the highest decision-making body, with an aim of maximizing returns and ensuring the long-term financial stability of pension funds.

    Tatal Fund (As of end-May 2026)
    1848.7KRW tn
    Investment Income (As of end-May 2026)
    1354.9KRW tn
    Return Since Inception (1988~2025)
    8.04%

    Fund Status

    As the world's third-largest pension fund by total assets, the NPF amounted to KRW 1,848.7 trillion, which is calculated by substracting pension benefits and general & administrative expenses of KRW 457.4 trillion from contributions and investment income of KRW 2,306.1 trillion.

    As of end-May 2026, in trillion won

    total2306.1KRW tn

    Revenues

    • Contributions951.2
    • Investment Income1354.9
    Total457.4KRW tn

    Expenses

    • Pension Benefits443.6
    • G&A Expenses, etc.13.7
    total1848.7KRW tn

    Reserve Fund

    • Financials1847.7
    • Welfare & Others1.0

    Fund Growth

    Since its inception in 1988, the NPF has grown significantly to reach KRW 1,848.7 trillion at the end of May, 2026.

    As of end-May 2026 | in trillion won

    View more
    국민연금기금의 적립금을 보여주는 그래프 - 1988년부터 시작해서 2003년 : 적립금 100조 원 돌파, 2010년 : 적립금 300조 원 돌파, 2015년 : 적립금 500조 원 돌파, 2019년 : 적립금 700조 원 돌파, 2023년 : 적립금 1,000조 원 돌파. 연도별 적립금 추이 그래프 - 1988년 : 0.5조 원, 1999년 : 47.2조 원, 2003년 : 116.7조 원, 2007년 : 219.5조 원, 2011년 : 348.9조 원, 2015년 : 512.3조 원, 2019년 : 736.6조 원, 2026년 5월 : 1,848.7조 원

    Fund Growth

    • 1988: 0.5 KRW tn
    • 1999: 47.2 KRW tn
    • 2003: 116.7 KRW tn
    • 2007: 219.5 KRW tn
    • 2011: 348.9 KRW tn
    • 2015: 512.3 KRW tn
    • 2019: 736.6 KRW tn
    • 2024.12: 1212.9 KRW tn

    Investment Performance

    Amid growing economic and financial uncertainties and challenges at home and abroad, the NPS has constantly exerted utmost efforts to deliver sustainable value over the long term in a bid to ensure the financial stability of pension funds.

    As of end-May 2026 | in trillion won

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    1988-2026 Cumulative Investment Return

    1,354.9 KRW tn

    1988~2025 Annualized Average Rate of Return

    8.04 %

    기금운용 연도별 수익금 그래프 - 2021년 : 91.2조 원, 2022년 : -79.6조 원, 2023년 : 126.7조 원, 2024년 : 159.7조 원, 2025년 : 231.6조 원, 2026년 5월 : 385.5
    • 2020: 72.1 KRW tn
    • 2021: 91.2 KRW tn
    • 2022: -79.6 KRW tn
    • 2023: 126.7 KRW tn
    • 2024: 159.7 KRW tn
    • 2025.1: 10.4 KRW tn
    Global Equity 35.2%, Domestic Equity 29.4%, Altematives 13.8%, Global Fixed Income 5.8%, Domestic Fixed Income 15.7%, Short-term Assets 0.2%, Welfare/Others 0.1%

    Investment Portfolio As of end- May 2026, Unit : trillion won, %

    Investment Portfolio table
    Financials 1847.7KRW tn 99.9 %
    Domestic Equity 543.6KRW tn 29.4 %
    Domestic Fixed income 289.6KRW tn 15.7 %
    Global Equity 650.7KRW tn 35.2 %
    Global Fixed Income 107.0KRW tn 5.8 %
    Alternatives 254.5KRW tn 13.8 %
    Short-term Assets 4.2KRW tn 0.2 %
    Welfare/Others 1.0KRW tn 0.1 %
    1848.7KRW tn
    View more

    Global Investment (Financials)

    Given the rapid increase in fund size, the NPS places great emphasis on increasing exposure to overseas investments and diversifying the portfolio by geography to generate stable returns over the long run.

    As of end-May 2026

    Domestic Investment46.5%(859.8 KRW tn)
    Global Investment53.5%(989.7 KRW tn)

    detail

    • Equity 65.7%(650.7 KRW tn)
    • Fixed Income 10.8%(107.0 KRW tn)
    • Alternatives 23.2%(229.3 KRW tn)

    External Management (Financials)

    The NPS partners with external managers to harness their extensive expertise and capabilities with a view to maximizing returns and better managing risks.

    As of end-May 2026

    Internal Management48.1%(890.0 KRW tn)
    External Management51.9%(959.5 KRW tn)

    detail

    • Equity 63.4%(608.1 KRW tn)
    • Fixed Income 10.5%(100.4 KRW tn)
    • Alternatives 26.2%(251.0 KRW tn)

    Asset Allocation Plan

    Each year, the National Pension Fund Management Committee sets mid-term asset allocation targets with a time horizon of five years, and develops an annual fund management plan that reflects the market outlook and the financial status of pension funds to facilitate the attainment of the mid-term targets.

    Annual Fund Management Plan Target Portfolio by 2026

    • Domestic Equity
      20.8%
    • Global Equity
      34.7%
    • Domestic Fixed Income
      23.1%
    • Global Fixed Income
      7.4%
    • Alternatives
      14.0%

    Mid-term Asset Allocation Plan Target Portfolio by 2031

    • Equity
      ± 55%
    • Fixed Income
      ± 30%
    • Alternatives
      ± 15%