Over 1 Million People's Retirement Assets Left At Pension Fund Association
It has been learned that retirement benefit assets belonging to more than 1 million people have been left at Japan's public pension fund without proper procedures.
Company employees in the country can join a defined contribution pension plan under which premiums are paid by the firms and pension assets are managed by employees.
The health and labor ministry says about 7.5 million people were enrolled in the plan as of March last year.
Under the plan, when an employee leaves a company, the individual's assets will be automatically transferred to the National Pension Fund Association unless the person completes a procedure to move the assets to an individual-type defined contribution pension plan.
The association says the assets belonging to more than 1.12 million people were left at the public pension fund as of the end of September. The amount was about 259 billion yen, or around 1.7 billion dollars at the end of March.
The association is calling on people to take necessary procedures early, as they can manage their assets in an individual defined contribution plan after paying a commission.