Toss Securities will introduce a pension savings account as its first tax-saving product.

Toss Securities said on Thursday it will launch the pension savings account.

Users can contribute up to 18 million won a year. Of that, tax deductions are available for up to 6 million won, and deductions can reach 9 million won when combined with an individual retirement pension plan (IRP).

The deduction rate is applied differently depending on income. If a user with total salary of 55 million won or less, or comprehensive income of 45 million won or less, contributes 6 million won, they can receive a tax deduction of up to 990,000 won.

For income brackets above that, a tax deduction of up to 792,000 won applies.

Korean nationals residing in South Korea aged 19 and older can open a Toss Securities pension savings account. Users can also open an additional account even if they already have a pension savings account at another financial institution.

Annual contribution limits apply based on the total across pension savings accounts at all financial institutions. Users managing multiple accounts can set an annual deposit target amount in the "Change deposit limit" menu.

To improve account management convenience, Toss Securities provides a "pension savings account report", "View domestic ETFs", "Stock accumulation" and automatic transfer functions.

A Toss Securities official said, "A pension savings account is a way to prepare both for retirement and for year-end tax settlement deductions."