[Editorial] Was Independence Protected in the Decision to Expand the National Pension’s Domestic Investment? (January 27, 2026)

What particularly draws attention is the decision to temporarily suspend even the “rebalancing” that adjusts the National Pension’s holdings when they exceed the permitted share. This means the fund will not have to mechanically sell off assets just because they exceed the ceiling.

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It is also questionable whether independence was maintained in the Fund Management Committee’s decision-making process. In December of last year, President Lee Jae-myung directly raised the issue of the National Pension’s domestic stock investment ratio during a policy briefing by the Ministry of Health and Welfare.

At the time, President Lee said, “I have heard that the recent rise in domestic stock prices has pushed back the timing of the National Pension’s depletion, and that the fund has also exceeded its domestic stock holding limit,” adding “while I am cautious about commenting on the domestic stock market, I think the National Pension also needs to consider (its allocation to domestic stocks),” he said.

After that, the Ministry moved up the Fund Management Committee’s first meeting — normally held in February or March — to January, before even the settlement of accounts had been completed. Such a process, in which swift, decisive decisions follow so closely on the heels of a presidential remark, inevitably invites various political interpretations and controversy.

Earlier, controversy also arose when the government sought to use the National Pension as a “firefighter” after the exchange rate spiked. Treating the National Pension as a policy tool that can be mobilized at any time is forbidden. The number one principle of National Pension fund management is not propping up the stock market or stabilizing the exchange rate, but safely growing the public’s retirement funds.

https://n.news.naver.com/article/025/0003499212?sid=110