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What is IRP?

Nowadays with many job changing, retirement benefit is becoming smaller and if it is not saved and managed well until old age, there can be little funds available at retirement, making old age difficult.

IRP is an account exclusively for retirement benefit. For pension participants, they can open IRP and invest their extra cash for life after retirement. The employee selects a financial organization (retirement pension service provider)that will manage his/her IRP account and make a contract.

Retirement pension (DB, DC) participants can open IRP during employment and those who are not participating in retirement pension can open IRP if they collect retirement benefit.

IRP is not only available for retirement benefit. Pension participants can open IRP during employment and save extra cash for life after retirement.

Even when you receive retirement benefit from each company that you work for, you can invest your retirement benefit in IRP for a secure income in old age.

  • You can have income tax deduction and benefits.

    Additional payment in IRP can have income tax deduction up to 4 million KRW(adding pension savings) annually.

    Retirement income tax is deferred until actual collection of lump sum or annuity.
    If you register the received retirement benefit with IRP you can manage the total retirement benefit without paying retirement income tax and you can make a large amount. It’s therefore more beneficial than registering retirement benefit with regular investment products.

     
  • Excellent financial products selected by a professional + convenient investment!

    With IRP, it is possible to invest in various financial companies’ products. Every financial product in the market (funds, savings, insurance etc) can be managed in IRP and it is stable and can be customized as the pension service providers recommend excellent financial products and portfolios.

    Also investment products for retirement pension are more beneficial thanks to an inexpensive management fee compared to regular financial products.

     
  • Adding years of employment can build up old age funds.

    if you save the retirement benefit received from each company, the years of employment are added, meaning your retirement income tax deduction amount gets bigger and it makes the retirement benefit to be collected bigger.

    Also every time you change jobs and receive retirement benefit, it continuously saves up and may not otherwise be used

     
  • You can receive it as annuity when old

    If you receive monthly salary after retirement, you may not worry about life after re retirement. Whole life annuity, annuity certain, annuity until 100 years old,
    you can choose annuity products that satisfy your needs the most.

    Only a life insurance company can provide whole life insurance

     

  • When retirement pension participants (DB and DC) retire, retirement benefit is not paid directly to the retiree but transferred to IRP the retiree selects
  • If you make additional contribution to your DC account,
    up to KRW 4 million (including individual pension amount)
    can be deductable from taxable income amount.
    In case of IRP, the amount increases to KRW 12 million.