Key Takeaways
- • 101 alternative investment staff, spanning private equity, real estate and infrastructure, resigned from the National Pension Service (NPS) Fund Management Headquarters between its 2017 relocation to Jeonju and August 2026, the largest share of the 274 total departures, according to data from the office of National Assembly member Han Jia (People Power Party).
- • Alternative investment managers receive the lowest average base salaries among the seven fund management units, with private equity and venture staff averaging 84.65 million won, the bottom of all departments.
- • A gap of roughly 10 million won in annual base pay between alternative and non-alternative managers has persisted since 2022, after emerging at 5.84 million won in 2021.
- • NPS pay rises are constrained by the Ministry of Strategy and Finance's public institution payroll system, and average total annual pay per fund manager (194 million won in 2023) remains well below CalPERS (415.87 million won).
- • Junior and associate manager positions have a 78.5% fill rate in 2026, and 98.7% of NPS alternative assets are externally managed, versus 78% directly managed in-house at CPPIB.
Summary
The National Pension Service's Fund Management Headquarters, which relocated to Jeonju, has experienced significant staff attrition, with the alternative investment segment recording the highest number of resignations. According to data obtained by the office of Han Jia, a People Power Party member of the National Assembly's Health and Welfare Committee, 274 employees left the headquarters from its 2017 relocation through August 2026. Of these, 101 were in alternative investments, including private equity, real estate and infrastructure. Infrastructure recorded 29 departures since 2019, real estate 24 and private equity and venture investment 22. Equity and fixed income units accounted for 83, strategy 49, risk management 27 and support functions 12.
The attrition has been linked to pay. NPS base salaries must follow the wage increase rate set by the Ministry of Strategy and Finance under its public institution total payroll system, limiting the pension fund's ability to match private-sector compensation. Within the headquarters, alternative investment managers have the lowest average base salary among the seven fund management units. Private equity and venture staff average 84.65 million won, real estate 85.49 million won and infrastructure 87.11 million won. The gap with non-alternative units was negligible through 2020, opened to 5.84 million won in 2021 and has been roughly 10 million won annually since 2022.
Overall compensation also trails overseas peers. Following a revised performance-based pay structure, average total annual pay per fund manager rose from 115.44 million won in 2024 to 194 million won in 2023 figures cited in the report, still under half of the 415.87 million won average at CalPERS. Per-capita payroll stands at 565.38 million won at the Canada Pension Plan Investment Board (CPPIB) and 255.02 million won at the Netherlands' APG.
Staffing shortfalls persist despite increases in authorized positions, which rose from 365 in 2023 to 441 in 2026 under a Ministry of Health and Welfare improvement plan. The fill rate stood at 89% as of August 2026, with junior and associate managers at 78.5%. In September, the headquarters posted openings for three principal managers and 27 associate managers.
Critics argue that expanding in-house management would lower costs and increase direct investment. CPPIB manages 78% of its alternative investments directly and employs 585 alternative investment managers, while 98.7% of NPS alternative assets were externally managed as of June 2026. The report estimates that GP management fees of up to 1.5% annually on the NPS's 257.4 trillion won alternative investment outsourcing could total as much as 3.86 trillion won per year. Assemblywoman Han said that competitive compensation and an upgraded personnel and rewards system are needed to retain talent and sustain the fund's management capabilities.
The attrition has been linked to pay. NPS base salaries must follow the wage increase rate set by the Ministry of Strategy and Finance under its public institution total payroll system, limiting the pension fund's ability to match private-sector compensation. Within the headquarters, alternative investment managers have the lowest average base salary among the seven fund management units. Private equity and venture staff average 84.65 million won, real estate 85.49 million won and infrastructure 87.11 million won. The gap with non-alternative units was negligible through 2020, opened to 5.84 million won in 2021 and has been roughly 10 million won annually since 2022.
Overall compensation also trails overseas peers. Following a revised performance-based pay structure, average total annual pay per fund manager rose from 115.44 million won in 2024 to 194 million won in 2023 figures cited in the report, still under half of the 415.87 million won average at CalPERS. Per-capita payroll stands at 565.38 million won at the Canada Pension Plan Investment Board (CPPIB) and 255.02 million won at the Netherlands' APG.
Staffing shortfalls persist despite increases in authorized positions, which rose from 365 in 2023 to 441 in 2026 under a Ministry of Health and Welfare improvement plan. The fill rate stood at 89% as of August 2026, with junior and associate managers at 78.5%. In September, the headquarters posted openings for three principal managers and 27 associate managers.
Critics argue that expanding in-house management would lower costs and increase direct investment. CPPIB manages 78% of its alternative investments directly and employs 585 alternative investment managers, while 98.7% of NPS alternative assets were externally managed as of June 2026. The report estimates that GP management fees of up to 1.5% annually on the NPS's 257.4 trillion won alternative investment outsourcing could total as much as 3.86 trillion won per year. Assemblywoman Han said that competitive compensation and an upgraded personnel and rewards system are needed to retain talent and sustain the fund's management capabilities.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.