South Korea has appointed Kim Sung-joo, a former lawmaker from the ruling Democratic Party and a long-time health policy specialist, as chairman and chief executive of the National Pension Service.

The decision hands Kim a second term at the helm of the world’s third-largest pension fund during a pivotal phase for the country’s retirement system.

The Ministry of Health and Welfare said Friday that Kim, 61, will begin a three-year term on Dec. 15 after receiving presidential approval, replacing current chairman Kim Tae-hyun.

His appointment follows a recommendation from the NPS executive search committee and subsequent ministerial nomination procedures, the ministry, which oversees the NPS, said.

Kim previously served as NPS chairman from 2017 to 2020 and spent multiple terms in the National Assembly, where he sat on the Health and Welfare Committee, experiences that have given him deep exposure to the policymaking side of the pension scheme, the ministry said.
Officials added that his background managing the fund and drafting social welfare legislation positions him to guide forthcoming reforms aimed at strengthening the long-term sustainability of Korea’s pension system.

“Chairman Kim is expected to bring the leadership and expertise needed to advance pension reform and the development of the NPS,” the ministry said in a statement.

With 948.7 trillion won ($644.2 billion) under management, the NPS has evolved into a heavyweight global investor and is on track to deliver its third consecutive year of record investment gains.

Read more @kedglobal