[종합] Discussing the transition to the national pension posture “controlling the speed of selling domestic stocks”

[서울=뉴스핌] Reporter Seong-Bong Lim = It is discussed how the National Pension System, which is being criticized by individual investors for the longest selling trend, can flexibly monitor the market situation. Even if the proportion of assets in the national pension exceeds the target value, attention is being focused on the result as it expands its discretion so that it does not immediately sell.

According to the financial investment industry on the 25th, the National Pension Fund Management Committee (Funds Commission) will hold a regular meeting on the 26th to discuss the allowable range (rebalancing) of the target weight of the fund.

National Pension Service headquarters [사진=국민연금공단] 2020.06.10 [email protected]

According to the results of this discussion, if the strategic asset allocation (SAA) increases, the national pension system will have wider discretion, such as stopping mechanical selling. SAA simply refers to the allowable range of changes in the proportion of assets according to market movements without any judgment by the National Pension Service. For example, the stocks held by the National Pension Service remain the same, but this is a range that allows when the stock value rises or falls due to stock price fluctuations.

Initially, the financial investment industry predicted that the National Pension Plan would consider increasing its target weight from 16.8% at the end of this year to around 20%, but it is known that it was excluded from this discussion in consideration of realistic conditions. It seems that they were conscious of the criticism that the National Pension System could face another criticism if it changes mid- and long-term plans due to the public opinion of individual investors.

The Ministry of Health and Welfare released a press reference on this day and said, “The Fund has no plans to discuss the adjustment of the target weight for asset allocation.” The level and the like have not been specifically determined.”

First, the most promising method is to increase the SAA adjustment width from ±2% to ±3% and ±3.5%. Earlier, the National Pension Service Specialized Committee for Investment Policy (Trusted Committee) also discussed the agenda of such content at a meeting on the 17th, and it is reported that it will be reported to the fund committee on the 26th.

However, it is not easy to predict the outcome as public opinions are striking within the funding committee over this issue.

The supporters are of the opinion that even a slight readjustment of the SAA will not have a significant impact on the entire fund. In particular, there are voices that it is the moment when the national pension, which has been cited as the cause of the stock price decline among individual investors, should be as flexible as possible.

On the other hand, the other side is raising a question mark asking whether there is a need to change the existing plan without any other problems. It is argued that the mid- to long-term plan should not be disrupted simply by being conscious of the public opinion of individual investors.

Earlier, it was reported that there was an opinion within the meeting that the intention was that’it is possible to slightly adjust the SAA, but there is no need to adjust it immediately’.

One fund member said, “Even if the National Pension Fund management rebalancing is reviewed, it is difficult to say that the pass is strong.”

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