Korea Capital Market Institute

Improving Retirement Pension Returns: The Role of Target Date Funds [Research Fellow] Hong, Wonku The low returns of retirement pensions are often attributed to the high reliance on principal-and－interest-guaranteed products. However, simply increasing the share of performance-based products is unlikely to resolve the issue. The fundamental problem lies not only in the allocation of risk assets, but also in the structure of investment decision-making itself. Under the curre... Introduction of the Security Token Framework and Future Market Changes [Senior Research Fellow] Hwang, Seiwoon In February 2026, Korea’s capital market reached a technological turning point with the promulgation of amendments to the *Electronic Securities Act* and the *Financial Investment Services and Capital Markets Act*, marking the formal incorporation of security tokens into the institutional framework. The most fundamental significance of this reform lies in the innovative expansi...