Kim Sung-joo, former lawmaker of the Democratic Party, has been named as the new chairman of National Pension Service, South Korea’s largest institutional investor and world’s fourth-largest pension fund, the Ministry of Health and Welfare said on Thursday.

According to the ministry, it has recommended Kim as the new chief to President Moon Jae-in for nomination on Wednesday. Kim is expected to be appointed as the new chairman early next week.

Kim is a native of Jeonju, North Jeolla, where the pension fund relocated its headquarters from Seoul. He was a member of the National Assembly’s health and welfare committee before leading a group of experts supporting advisory committee members of the specialized advisory committee that shaped President Moon’s policies. Kim is known to have helped mend overall pledges related to welfare.

The term for the NPS chairman is three years, but can be extended by one more year based on performance. The position has been vacant for almost a year since late last year when former chairman Moon Hyung-pyo was jailed for his role in ordering the pension fund to back the controversial merger between Samsung C&T Corp. and Cheil Industries Inc.

By Chun Jung-hong and Lee Eun-joo

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