[Edaily Reporter Kim Se-yeon ] Dongyang Life Insurance incorrectly disclosed the annualized return on its pension savings insurance products early this year but corrected the information in February. Two months later, it was discovered that the company had also incorrectly reported the accumulated balance figures for policyholders, leading to another correction. Mirae Asset Life Insurance also corrected its April disclosure after incorrectly reporting return rates and fee rates and omitting certain fund products. In 2023, there was even a case where multiple key figures for a single product were incorrectly disclosed at once. Kyobo Life Planet Insurance corrected its disclosure after incorrectly reporting the remaining principal balance, annualized return, and annual return, as well as the fee rate and benchmark index return.
It has been revealed that over 300 errors occurred in the disclosure of returns for pension savings products—which hold the public’s retirement funds—over a period of about five years. As pension savings contributions continue to rise each year, there are calls for stricter management of key information regarding these products.
According to data submitted by the Financial Supervisory Service to Rep. Park Seong-hun of the People Power Party, a member of the National Assembly’s Political Affairs Committee, on the 13th, a total of 302 cases of disclosure errors and corrections for pension savings products occurred from 2022 through July of this year.
By year, the number of errors surged from 32 in 2022 to 146 in 2023. After declining to 53 in 2024 and 7 in 2025, 64 cases had already been confirmed as of July this year.
The problem is that errors in key information—such as numerical and calculation errors and delayed disclosures, which financial consumers rely on most heavily when selecting pension savings products—accounted for 55.0% of the total. Of the 302 errors discovered over the past five years, numerical and calculation errors and delayed disclosures (166 cases) accounted for 55.0% of the total. This was followed by: △ 114 other errors, such as the omission of items excluded from comparative disclosures or the removal of products excluded from disclosure; △ 18 errors in terminology and phrasing; △ 3 omissions; and △ 1 error regarding the product subject to disclosure.

Of the 64 errors that occurred this year, 50 were numerical or calculation errors and delayed disclosures. This means that approximately 8 out of every 10 errors were numerical or calculation errors or delayed disclosures. These errors go beyond simple typos; they repeatedly occur in key investment information that subscribers directly refer to when comparing and selecting products.
Returns and fee rates are key pieces of information that consumers directly compare when selecting products. Returns indicate how effectively the subscriber’s money has been managed, while fee rates show how much it costs to operate and manage those funds. Since pension savings are long-term products involving contributions and investment over several decades, even small differences in rates of return or fee rates can accumulate over time and affect the amount of money received in retirement. In other words, if errors occur in the relevant information, consumers may make choices that do not align with their goals after comparing products.
As the pension savings market continues to expand steadily, the accuracy of disclosed information is becoming increasingly important. According to the Financial Services Commission, as of the end of last year, pension savings assets (including insurance, funds, trusts, and mutual aid programs) totaled 198.2 trillion won. This represents an increase of approximately 20 trillion won from the previous year and about 40 trillion won compared to three years ago.
In line with this trend of growing assets, the number of pension savings products and the volume of disclosed information are also increasing rapidly. The number of products subject to disclosure rose by 56.2 percent, from 2,857 in 2022 to 4,463 as of June this year. Starting in 2025, ETFs will also be included in the disclosure requirements, further diversifying both the types of products and the methods used to calculate returns.
Rep. Park Seong-hoon emphasized, “Pension savings are the public’s retirement funds, so if the disclosure of returns—which serves as their report card—is incorrect, what basis will financial consumers have for choosing products?” He added, “Especially given the repeated occurrence of numerical and calculation errors as well as delayed disclosures, we must put an end to the practice of ‘disclosing information haphazardly and correcting it later’ and strengthen accountability for financial companies that repeatedly make such errors.”