SEOUL, Feb. 6 (Yonhap) -- The size of South Korea's retirement pension market reached nearly 50 trillion won (US$45 billion) in 2011 as more companies set up such policies for their employees and pension operators vied to sell such products, the financial regulator said Monday.

   The retirement pension reserves totaled 49.92 trillion won as of the end of 2011, growing 71.3 percent from 29.15 trillion won in the previous year, according to the Financial Supervisory Service (FSS).

   Banks accounted for nearly half of the market with their share standing at 48.6 percent. Life insurance companies came next with 25.6 percent, followed by securities firms with 18 percent.

   As of end-2011, a total of 3.28 million workers at 139,151 workplaces had subscribed for retirement pensions, bringing their subscription rate to 36 percent. The comparable figure was much higher at 84.6 percent at workplaces with more than 500 employees, the regulator said.

   The size of South Korea's retirement pension market has nearly doubled each year since the government first introduced a related policy plan in December 2005.

   At the current pace, the regulator projected the retirement pension reserves would grow to around 70 trillion won by the end of this year.

   mil@yna.co.kr
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