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    • We Invest Today for
    People's Better Tomorrow

    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-Mar 2025)
    1227KRW tn
    Investment Income (1998 ~ As of end-Mar 2025)
    748KRW tn
    Return Since Inception (1988~2024)
    6.82%

    Fund Status

    As the world's third-largest pension fund by total assets, the NPF amounted to KRW 1226.8 trillion, which is calculated by substracting pension benefits and general & administrative expenses of KRW 396.1 trillion from contributions and investment income of KRW 1623.0 trillion.

    as of end-Mar 2025, in trillion won

    total1623.0KRW tn

    Revenues

    • Contributions874.6
    • Investment Income748.3
    Total396.1KRW tn

    Expenses

    • Pension Benefits383.3
    • G&A Expenses, etc.12.8
    total1226.8KRW tn

    Reserve Fund

    • Financials1225.1
    • Welfare & Others1.7

    Fund Growth

    Since its inception in 1988, the NPF has grown significantly to reach KRW 1,227 trillion at the end of Feb, 2025 and is projected to surpass KRW 1,882 trillion by 2040.

    As of end-Mar 2025 | 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 1000조 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, 2025년 2월 : 1227.5조 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-Mar 2025 | in trillion won

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    1988-2025 Cumulative Investment Return

    748.3 KRW tn

    1988~2024 Annualized Average Rate of Return

    6.82 %

    기금운용 연도별 수익금 그래프 - 2020년 : 72.1조 원, 2021년 : 91.2조 원, 2022년 : -79.6조 원, 2023년 : 126.7조 원, 2024년 : 159.7조 원, 2025년 3월 : 10.6조 원
    • 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

    Investment Portfolio as of the end of Mar. 2025, Unit : trillion won, %

    Investment Portfolio table
    Financials 1225.1KRW tn 99.9 %
    Domestic Equity 150.9KRW tn 12.3 %
    Domestic Fixed income 338.6KRW tn 27.6 %
    Global Equity 431.4KRW tn 35.2 %
    Global Fixed Income 90.0KRW tn 7.3 %
    Alternatives 213.6KRW tn 17.4 %
    Short-term Assets 1.8KRW tn 0.1 %
    Welfare/Others 1.7KRW tn 0.1 %
    1226.8KRW tn
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    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-Mar 2024

    Domestic Investment42.1%(516.3 KRW tn)
    Global Investment57.9%(710.0 KRW tn)

    detail

    • Equity 60.8%(431.4 KRW tn)
    • Fixed Income 12.7%(90.0 KRW tn)
    • Alternatives 26.5%(188.1 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-Mar 2025

    Internal Management51.0%(626.0 KRW tn)
    External Management49.0%(600.4 KRW tn)

    detail

    • Equity 49.5%(297.0 KRW tn)
    • Fixed Income 15.6%(93.4 KRW tn)
    • Alternatives 35.0%(210.0 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 2025

    • Domestic Equity
      14.9%
    • Global Equity
      35.9%
    • Domestic Fixed Income
      26.5%
    • Global Fixed Income
      8.0%
    • Alternatives
      14.7%

    Mid-term Asset Allocation Plan Target Portfolio by 2029

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