[Reporter's Notes] The National Pension Must Be Built on a Century-Long Vision (January 21, 2026)
- #연금특위
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The relative strength of the domestic equity market is expected to persist, and if the fund adheres to its current investment allocation, it risks missing out on return opportunities. Conversely, if the allocation is aggressively increased despite limited room for further gains, the fund may end up buying at the peak. Which of these scenarios represents the true future is something no one can know. Even a year ago, few could have anticipated that the KOSPI would reach its current levels.
This reporter's recommendation for the January 26th Fund Management Committee meeting is to maintain the target allocation while expanding the permissible range of deviation from that target. The rationale is to pursue both objectives simultaneously by broadening the discretion of fund managers who possess superior market insight. This approach would prevent mechanical selling in the near term — keeping open the possibility for fund managers to participate in the recent KOSPI rally — while avoiding a structural amplification of home-bias risk. Expanding the permissible deviation range is also consistent with the increased volatility observed in global equity markets amid shifting investment landscapes and heightened geopolitical uncertainty.
Hastily raising the target allocation at the start of the year would invite criticism that the fund has fallen prey to fear of missing out (FOMO), making such a move self-defeating. It would be more prudent to first expand only the permissible deviation range and monitor market conditions until the next Fund Management Committee meeting.
One further observation, out of an abundance of caution: investment professionals must have a stronger voice at Fund Management Committee deliberations. The same applies to discussions on currency hedging. As a reporter born in 2000, I hope that the fund retains as much as possible by the time I reach retirement age.
