Australia can give pointers on pension reform to Korea
Head of investment firm says much was learned in 24 years
Worries about the state pension fund have grown in Korea, as it may run out of money as Korea’s population ages.
That has led many people to look for models abroad.
Some are pointing to Australia’s superannuation corporate pension fund. Put simply, the superannuation system mandates an employer put aside a set portion of workers’ salary as a pension fund to be managed by a board trusted by workers.
Australia is considered to have one of the most successful pension systems with healthy returns.
The Ministry of Employment and Labor proposed a bill aimed at introducing the scheme, but put the plan on hold.
IFM Investors is Australia’s largest infrastructure investment company with 110 billion Australian dollars ($78.3 billion) in assets under management. It is owned by superannuation fund operators.
In an interview with the Korea JoongAng Daily, Brett Himbury, chief executive officer at IFM Investors, discusses Australia’s pension system and the company’s business in Korea.
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