Teachers’ Pension, a South Korean pension scheme for private school educators, has partially changed personnel regulations for specialized public official positions to strengthen the independence and professionalism of its fund management.

Teachers’ Pension recently held a board meeting and decided to partially revise its personnel regulations in a bid to clarify its internal rules on specialized public official positions, according to sources on August 3.

Previously, the pension scheme specified in its internal rules that the CEO of the pension fund can appoint qualified candidates to positions as specialized public officials through internal and external recruiting process but had no detailed information on what their roles are.

Teachers’ Pension has revised provisions related to its personnel management in a sentence that reads: “CEO can appoint qualified applicants to specialized public officials for fields that require professionalism such as audit, pension research, fund management and data processing and they may be hired through internal and external recruiting process,” effective from July 24.

The pension fund has decided to specify the definition of a specialized public official position in its internal rules in a move to strengthen expertise of the position. The pension fund’s fund management organization is currently composed of its investment strategy division, fixed income and equity division and alternative investment division.

Worth 1.98 trillion won ($1.66 billion) and 1.91 trillion won ($1.6 billion) respectively, domestic and overseas alternative investments accounted for a combined 21.4% of the 18.36 trillion won of assets under management by Teachers’ Pension at the end of 2019. Teachers’ Pension plans to increase its exposure to alternative assets to 29.6% by 2024. (Reporting by Hee-yeon Han)