Opposition: “Is the National Pension Service a casino for local elections?” ... Pressure for parliamentary probe as 182 trillion won evaporates

[Financial News] The People Power Party pressed for a parliamentary investigation, alleging political interference by the Lee Jae-myung administration over the National Pension Service’s massive valuation losses following a sharp decline in domestic stocks. The party claimed that the government had mobilized people’s retirement savings to prop up the stock market ahead of local elections, and called for the release of Fund Management Committee minutes and the resignation of the health and welfare minister.
People Power Party lawmakers on the National Assembly’s Special Committee on Pension Reform and Finance and Economy Planning Committee held a press conference at the National Assembly on the 19th and said, “We will uncover the truth about the Lee Jae-myung administration’s ‘pension-fund casino’ and hold those responsible to account.”
They took issue with the National Pension Service postponing the rebalancing of its domestic stock portfolio in January this year and raising its target allocation to domestic stocks on May 28, six days before the June 3 local elections. They said the decision reversed a 10-year policy of reducing the share of domestic stocks and reflected the government’s intention to boost the stock market ahead of the election.
The People Power Party lawmakers pointed out that the KOSPI had fallen 38% from its peak and that the valuation of the National Pension Service’s domestic stock holdings had dropped by more than 182 trillion won in just three and a half months. They criticized the NPS for being caught in a situation where selling domestic stocks would shock the market, while holding on to them would leave it exposed to the risk of further losses.
They particularly objected to the decision to keep the minutes of two Fund Management Committee meetings confidential for four years, and demanded that all relevant minutes and materials supporting the decisions be submitted to the National Assembly. They warned that if the government refused to explain, they would uncover the truth through a parliamentary investigation.
They also called for the immediate resignation of Health and Welfare Minister Jeong Eun-kyeong, who chairs the Fund Management Committee, and demanded a public apology from President Lee Jae-myung.

[email protected] Kim Kyung-min Reporter