South Korea’s retirement pension in-kind transfer system recorded 15.9 trillion won ($11.5 billion) of cumulative transfers in about 250,000 cases from its launch in late October 2024 through the end of June, the Financial Supervisory Service said on the 24th. First-half transfers reached 6.9 trillion won, more than double the 3.2 trillion won recorded a year earlier. Bank-to-securities-firm transfers were the largest category at 5.2 trillion won, or 33% of the total, while bank-to-bank transfers reached 4.5 trillion won. The FSS plans to develop systems allowing assets to move from defined-contribution plans into individual retirement pension accounts at other providers, include accounts containing funds with suspended redemptions, improve non-face-to-face consent verification and require specific explanations when applications are rejected or cancelled. The revised service could launch as early as next year.