Kim Sung-joo: “Do Not Blame Us for the KOSPI’s Swings… the National Pension Is Not a Tool for Propping Up Share Prices” (2026.07.23.)

(These days, current and former officers and staff

of the National Pension Service —

why!

do they appear in the media so often

and make so many remarks that differ

from what ordinary citizens think!

There seem to be a great many doubts about it!

For the Pension Future Forum, which has all along stressed

that political interference must be excluded

from the management of the National Pension Fund,

what is being poured out appears to be

remarks almost enough to take one’s breath away (!)

in their sheer audacity!)

Kim Sung-joo, Chairman of the National Pension Service, rebutted the view in some quarters that blames the National Pension for swings in the KOSPI, saying that “the National Pension’s investment is not for propping up the stock market or defending share prices.”

On the 23rd, Chairman Kim wrote on Facebook, “I would like once again to emphasize the six principles set out in the National Pension’s fund management guidelines,” and

stated that “the most important principles are the pursuit of ‘profitability’ and ‘stability’ — earning ‘as much’ return as possible while managing the fund stably ‘without loss,’ solely so as to ease the public’s contribution burden.”

Chairman Kim went on to say, “The National Pension must not be asked to serve as a ‘stabilizer’ or a ‘counterweight’ for the stock market according to its ups and downs, nor should it be judged to have played the role of an ‘amplifier,’” and

(Pension Future Forum comment:

If that is so,

why!

from December 2025,

under the banner of a “new framework,”

was the National Pension Fund

mobilized as a means of

defending the exchange rate!)

drew a clear line, saying, “The role of the National Pension is not to move the market but to generate long-term returns for the public’s old age.”

The previous day, on the 22nd, Chairman Kim had also used social media to point out the market’s contradictory attitude of pinning responsibility for stock market swings on the pension fund, writing, “‘Does everything come back to the National Pension?’ I often see posts saying that both the KOSPI’s rise and its fall are the National Pension’s fault.”

Behind Chairman Kim’s statement of this position lies the view in parts of the market that blames the National Pension for the recent fall in the KOSPI. When the market was indeed correcting, quite a few in the market pointed to mechanical selling by the National Pension as one cause of the decline. The logic is that the National Pension, having run up against its asset allocation limit, dumped large quantities of shares and thereby drove prices down.

https://n.news.naver.com/article/047/0002523449?cds=news_edit