People Power Party: “The National Pension’s Deformed Suspension of Rebalancing… Submit the Related Materials” (2026.08.24)

“A Single Remark by President Lee Brought Down Ten Years of the Diversification Principle… Suspicions of Privatization”

(Seoul = Yonhap Infomax) Reporters On Da-ye and Kim Sung-jun = On the 24th the People Power Party criticized as “deformed” the National Pension’s suspension of rebalancing (readjustment of asset allocations) in the first half of this year and demanded that the Ministry of Health and Welfare submit the related materials.

Representative Yoo Sang-bum of the People Power Party said this on the 24th at the comprehensive policy questioning of the Special Committee on Budget and Accounts held at the National Assembly, pointing to the Ministry of Health and Welfare’s failure to submit materials in good faith.

Representative Yoo said, “The National Pension’s deformed suspension of rebalancing in the first half of this year led foreigners alone to sell 149 trillion won and leave, causing the exchange rate to surge, and even the global investment bank Barclays said bluntly that the pension fund acted as an amplifier of volatility.”

Yoo added, “In particular, since the ten-year principle of diversified investment collapsed immediately after President Lee Jae-myung’s remark that the National Pension too should give the matter thought, suspicions that the fund is being privatized are now very strong.”

Representative Yoo pointed out that, for the sake of establishing the facts in this settlement review, three key sets of material had been requested on the premise of non-public inspection — ▲ records of prior consultation with the presidential office and other related government bodies; ▲ a simulation report on the foreign exchange market impact at the time of the rebalancing suspension; and ▲ the minutes of the Fund Management Committee and the roadmap for normalization — but that the Ministry of Health and Welfare had submitted not a single item.

Yoo went on to demand the Ministry’s submission of the materials, saying, “Under Article 4 of the Act on Testimony and Appraisal before the National Assembly, apart from state secrets concerning military and diplomatic affairs and relations with North Korea, a refusal to submit documents requested by the National Assembly cannot be made on the ground of official secrecy.”

Representative Yoo also asked that day for the submission of the special activity expense records of the presidential office, the Office of National Security and the three special prosecutors, requested in the name of all People Power Party members of the Special Committee on Budget and Accounts.

Yoo remarked pointedly, “You will all remember what the Democratic Party did in 2024 in connection with the special activity expenses of the prosecution and the presidential office,” adding, “When the records were not submitted on the ground that it would obstruct investigations, the entire special activity budget was cut. Now these agencies are refusing to submit materials for the same reason.”

Yoo continued, “How can a review be conducted when there is not a single piece of related material?” Yoo stressed, adding, “If the materials are not submitted, we have no choice but to defer the approval review for that portion.”

In addition, the People Power Party that day also demanded the attendance of Kim Yong-beom, Chief of the presidential Policy Office.

Representative Bae Jun-young argued, “We understand that the presidential office set the important framework not only for the budget proposal but also for the supplementary budget,” and “since policy failures and fiscal waste identified in the settlement must be reflected in next year’s budget, the Policy Chief, who handles the numbers and the policy, must appear.”

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