특수직역연금 퇴직수당의 연금계좌(연금저축ㆍIRP) 이전에 관한 연구

김수성 ( Kim Su-sung ),최경진 ( Choi Kyung-jin ) 한국연금학회 2024 연금연구 Vol.14 No.2

This study discusses the introduction of a pension system for retirement allowance and explores ways to transfer retirement allowance for special occupational pension subscribers. The aim was to actively utilize pension accounts as a consolidation mechanism for retirement allowance, which is a lump-sum payment for special occupational pension subscribers, to convert it into a pension. Additionally, the study proposed a method for kindergarten teachers, nurses, and other special occupational pension subscribers who frequently change jobs to transfer severance pay directly to an Individual Retirement Pension(IRP) at the time of retirement, allowing them to receive it as a pension. Through this, the study aimed to address the pension blind spots for special occupational pension subscribers who lack opportunities to prepare for retirement income. This study is significant in that it provides improvement measures to address the retirement blind spots of special occupational pension subscribers. Furthermore, the proposed measures in this study are expected to be useful as basic data for future policy formulation.

연금연구 : 국민연금의 임의계속가입제도 운영방안에 대한 소고: 임의계속가입제도의 역할 및 연기연금제도와의 관계를 중심으로

최옥금 ( Ok Geum Choi ) 한국연금학회 2013 연금연구 Vol.3 No.1

The purpose of this study is to suggest policy alternatives for voluntarily & continuously insurance in National pension which strengthens current voluntarily & continuously insurance. In order to suggest policy alternatives for voluntarily & continuously insurance, first of all, definition and role of voluntarily & continuously insurance in pension system are examined and issues of current voluntarily & continuously insurance in National pension are analysed. Then, voluntarily & continuously insurance and coverage criteria in other countries are compared. That is, in order to get policy implication for voluntarily & continuously insurance from other countries, voluntarily & continuously insurance and coverage criteria in Japan, UK is examined. Based on the above policy implication, the policy alternatives for voluntarily & continuously insurance are proposed in this pape.

한국의 지속가능한 연금인출전략 모색

이규성 ( Kyusung Lee ) 한국연금학회 2024 연금연구 Vol.14 No.2

This study evaluates the applicability of Bengen's 4% withdrawal rate rule in Korea using historical and Monte Carlo simulation methods to assess the sustainability of retirement assets. The historical simulation was used to measure the probability of maintaining assets for 25 and 30 years based on stock and bond data from 1987 to 1999, and the Monte Carlo simulation was used to determine whether assets could be maintained for 30 years using various variables (stock returns, bond interest rates, FX rate, and consumer price index). The simulation results show that Bengen's 4% rule is valid in Korea. This suggests that a pension withdrawal strategy with global diversification and an appropriate currency hedging strategy can contribute to the stability of pension assets and adequate retirement income for Korean pensioners.

종신연금의 접근성이 은퇴소득 보장강화에 미치는 영향

장철 ( Chul Jang ) 한국연금학회 2024 연금연구 Vol.14 No.2

본 연구는 Vasicek-GBM 금융·연금시장을 가정한 은퇴소득 모형을 설계하고, 실험을 통해 종신연금의 접근성이 은퇴소득에 미치는 영향을 분석하였다. 근로·적립기간(40세-64세) 동안 퇴직연금적립금의 투자포트폴리오와 은퇴 시점(65세)의 연금포트폴리오는 은퇴소득 효용함수의 기댓값이 극대화되도록 최적화하였다. 연금포트폴리오는 즉시종신연금과 소득인출프로그램을 기본으로, 거치종신연금 및 장수연금 상품을 추가하며 종신연금의 접근성에 관한 실험을 수행하였다. 연구 결과, 종신연금의 접근성이 강화됨에 따라 은퇴소득과 소득대체율의 분포가 개선되었으나, 장수연금의 영향이 기존연구와 달랐다. 최적 연금포트폴리오의 구성은 부가보험료의 크기, 적립금의 규모, 이자율의 수준에 민감하였다. 적립금이 적고 이자율이 낮을수록 종신연금에 대한 선호가 급속히 감소하였다. 우리나라의 경우, 연금 선택에 이자율의 영향보다 적립금의 영향이 더욱 컸으리라 예상된다. 노후소득 보장강화라는 시대적 과제에서 종신연금이 제 역할을 수행하려면 데이터(합성)의 수집(생성)부터, 생명표, 상품설계, 퇴직연금 제도에 관한 인식 등, 전반에 검토가 시급하다 I develop a retirement planning model to analyze the impact of annuity accessibility on retirement income security. The investment portfolio during the accumulation phase (ages 40-64) and the annuity portfolio at the retirement age of 65 are optimized to maximize the expected utility of retirement income and bequests. The annuity portfolio includes immediate annuities and income withdrawal programs as a baseline, with deferred and longevity annuities added to examine the effects of annuity accessibility. Greater annuity accessibility is found to enhance the distributions of retirement income and replacement rate, though the impact of longevity annuity diverges from that reported in existing studies. The optimal composition of the annuity portfolio is highly sensitive to annuity loadings, accumulated pension fund values, and interest rates. Annuity purchases decline significantly as pension fund values decrease and interest rates drop. This study underscores the need for a comprehensive review of data collection, mortality tables, product design, and the workplace pension system to ensure annuities effectively support retirement income security.

국민연금 부양가족연금제도 개선방안

성혜영 ( Heayoung Sung ) 한국연금학회 2024 연금연구 Vol.14 No.2

본 연구의 목적은 국민연금의 부양가족연금의 현황 및 문제점을 검토하고 개선방안을 제안하는 것에 있다. 부양가족연금의 급여액은 매우 적어 단위 가구에 실질적 도움이 되지 못하나 전체 지출 규모는 커 이를 관리하기 위해 많은 행정력이 소모된다. 현실적 측면에서 부양가족연금액을 현재보다 증액하는 것은 어려우며 제도 운영의 합리화를 위해 유족연금과 장애연금의 부양가족연금은 유지하되 노령연금의 부양가족연금 중 부모 급여와 배우자 급여의 대상자를 축소하는 방향의 개선이 필요하다. 기초연금과 부양가족연금을 동시에 수급하는 부모와 배우자를 급여 대상에서 제외하고 신규 노령연금수급자에 대한 부모 대상 부양가족연금액은 서서히 일몰 시킬 것을 제안하고자 한다. 또한 배우자 대상 부양가족연금은 65세 이상 노인 중 국민연금 수급자 비율을 전망하여 장기적으로 없애는 것이 바람직하다. The purpose of this study is to review the current status and problems of the National Pension's dependent family pension and to propose improvement measures. The amount of dependent family pension is very low and does not provide practical help to individual households, but the total expenditure scale is large and requires a lot of administrative power. In a realistic aspect, it is difficult to increase the amount of dependent family pension from the current level, and in order to rationalize the operation of the system, it is necessary to improve the direction of reducing the number of beneficiaries of the dependent family pension of the old-age pension while maintaining the dependent family pension of the survivor's pension and the disability pension. We propose to exclude parents and spouses who receive both the basic pension and the dependent family pension from the beneficiaries and to sunset the dependent family pension amount for parents for new old-age pension recipients. In addition, it is desirable to sunset the dependent family pension for spouses in the long term by predicting the ratio of national pension recipients among the elderly aged 65 or older.

타깃데이트펀드의 투자성과 평가 및 시사점

장덕진 ( Deogjin Jang ),임규순 ( Gyusun Im ) 한국연금학회 2024 연금연구 Vol.14 No.2

생애주기 관점에서 운용하는 타깃데이트펀드(TDF)에 대한 퇴직연금가입자의 투자가 증가하면서 국내에 출시된 타깃데이트펀드 시리즈가 26개에 달하고 있다. 하지만, 동일한 빈티지 내에서도 TDF별로 수익률 편차가 크게 발생하여 TDF별 성과분석 정보가 퇴직연금가입자에게 제공될 필요성이 증가하고 있다. 본 논문에서는 DC형 퇴직연금가입자가 처음부터 TDF에 투자할 경우 은퇴 시점에 달성할 수 있는 소득대체율을 추정하였다. 분석대상 TDF의 소득대체율은 중앙값 기준으로 17.9%이고 편차는 최대 1.2%포인트에 불과한 것으로 추정되었다. 하지만, TDF 단기수익률의 성과분해 결과 2023년 기준으로 펀드운용역의 적극적 운용 활동이 TDF 수익률에 부정적 영향을 준 것으로 나타나 이러한 현상이 지속된다면TDF별 소득대체율은 꽤 차이가 발생할 가능성이 있다. 본 논문의 결론으로서 퇴직연금 가입자가 TDF또는 사전지정운용방법을 선정하는 데 도움을 줄 수 있는 다양한 방법을 제안하였다. 이는 TDF 및 사전지정운용방법의 공시 강화방안, 퇴직연금가입자를 보호하기 위한 퇴직연금 사업자의 모니터링 강화방안과 함께 펀드평가기관의 건설적 기여에 대한 방안을 포함한다. As participants for defined contribution retirement pension plans increasingly invest in Target Date Funds (TDFs), managed from a life-cycle perspective, the number of TDF series launched in Korea has reached 26. However, significant performance heterogeneity among TDFs within identical vintages underscores the imperative for comprehensive performance analytics to be made available to plan participants. This study quantifies the projected income replacement rates at retirement for defined contribution (DC) plan participants who initiate TDF investments at the onset of their careers. Our analysis reveals that the median income replacement rate across the evaluated TDFs is estimated at 17.9%, with a maximum inter-fund variation of merely 1.2 percentage points. Notably, a performance attribution analysis for the year 2023 indicates that active management strategies employed by fund managers had a negative impact on TDF returns. Should this trend persists, it could potentially result in substantial disparities in income replacement rates among TDFs over the long term. In conclusion, this paper proposes a multifaceted approach to assist retirement plan participants in the selection of TDFs or default option products. Our recommendations encompass enhanced disclosure protocols for TDFs and default option products, more robust monitoring mechanisms implemented by plan administrators to safeguard participant interests, and constructive engagement from fund rating agencies to improve overall market efficiency and transparency.

국민연금의 퇴직연금시장 참여에 대한 고찰

김성일 ( Sung-il Kim ) 한국연금학회 2024 연금연구 Vol.14 No.2

국민연금공단의 퇴직연금 시장참여가 현실화되어 가고 있다. 이와 관련하여 제기되는 문제의 초점을 취합하자면 첫째, 퇴직연금은 저조한 수익률을 거두어 국민의 노후복지 제도로서의 역할을 다하지 못하며, 둘째, 퇴직연금은 ′준(準) 공적 연금′이며, 셋째, 가입자의 ′정보 부족′ 문제 해결 및 ′규모의 경제′이익 실현이 중요하며, 넷째, 퇴직연금을 운용하는 국가치고 기금형이 없는 나라는 우리나라가 유일하다는 주장 등이다. 이런 움직임들에 대해 본 글에서는 다음과 같은 의견을 제시하고자 한다. 첫째, 저조한 퇴직연금 수익률은 확정급여형의 원리금보장상품 편중에서 비롯된 ‘평균의 함정’ 가능성이 있고, 둘째, 퇴직연금이 ′준(準) 공적연금′이라는 주장은 퇴직연금제의 본질을 간과한 것으로, 퇴직연금은 사용자와 근로자 간의 사적 계약에 의하며, 국가가 법으로 강제한다고는 하지만 제도운영은 국가와 무관한 사용자와 근로자대표 간 합의에 의한 단체 협약사항이며, 셋째, ′정보 부족′ 문제 해결 및 ′규모의 경제′ 이익 실현은 퇴직연금 시장에서 정보가 부족한 것이 아니라, 가입자가 정보 소비 욕구 수준이 낮은 것이 원인이며, ′규모의 경제′효과는 가입자 개인 적립금의 자기 의사결정 원칙에 의한 운용이라면 해당 사항이 없다고 볼 수 있으며, 넷째, 퇴직연금 운용국가치고 기금형이 아닌 나라는 우리나라가 유일하다는 점은 다른 나라가 기금형을 운용한다고 우리도 따라 가야 한다는 논리는 설득력이 약하며, 특히 우리나라가 과연 기금형 운영을 해외의 여러 국가의 자본시장 성숙도와 견주어 충실히 할 수 있는가를 고려하지 않은 주장으로 고찰하였다. The National Pension Service's participation in the retirement pension market is becoming a reality. To gather the focus of the issues raised, first, retirement pensions do not play a role as a retirement welfare system for the people due to poor returns, second, retirement pensions are semi-public pensions, third, it is important to solve the problem of lack of information of subscribers and realize economic of scale profits. Fourth, Korea is the only country that operates retirement pensions without a fund type. In this article, I would like to present the following opinions on these movements. The poor retirement pension yield raised by some is a misconception due to the trap of average stemming from the concentration of principal and interest guaranteed products of the defined benefit type. The claim that the retirement pension is a quasi-public pension overlooked the nature of the retirement pension system. Although the retirement pension is based on a private contract between employers and workers, and although the state enforces it by law, the operation of the system is a collective agreement by agreement between user and worker representatives unrelated to the state. Third, solving the problem of lack of information and realizing economic benefits on a scale are not due to a lack of information in the retirement pension market, but because subscribers have a low level of desire to consume information. The economic effect of scale is not applicable if it is based on the principle of self-determination of individual subscribers' reserves. Fourth, the fact that Korea is the only country that operates a retirement pension that is not a fund type is weak in persuasive logic that we should follow other countries that operate a fund type. In particular, it may be seen as an argument that does not take into account whether Korea can faithfully manage the fund-type operation compared to the maturity of capital markets in many countries abroad.

퇴직연금 실적배당형 상품 평가 필요성

김성일 ( Sung Il Kim ) 한국연금학회 2013 연금연구 Vol.3 No.2

The key word of retirement pension plan is “investment”. But there is scarcely cases but investing risk products in Korean retirement pension plan. This reason is that Korean retirement plan participants are very sensitive in investment risk. Of course, Korean retirement pension plan have two risk reduction methods. First, it is investment limit in risk products. But this is no use without employers and subscribers`s investment intention. Second, it is the duty of education for subscribers. But it is also ineffective because depute education duty from retirement sponsors to retirement plan providers. From now, participants should seek substantial methods for risk reduction method. So we suggest pre-post evaluation duty about retirement pension risk products. This reasons are first, reducing participants` risk sensitivity, second, avoiding excessive ratio of principals and interest. This way is effective and efficient method for preparing subscribers`old age. And pre-post evaluation methods must include quantitative and qualitative approach mechanisms. If without qualitative approach mechanism, it will be impossible to catch future`s fund variations from qualitative factors. Hereafter, principals and interest products are not alternatives in retirement pension asset management. Because age of low interest rate will be lasted in the future. Therefore all retirement pension participants consider pre-post evaluation duty about retirement pension risk products for subscribers` old age and retirement pension evolutions.

확정기여형 퇴직연금의 자산운용 성과 분석 및 정책적 시사점

성주호 ( Joo Ho Sung ),김인걸 ( In Geol Kim ),최윤호 ( Yun Ho Choi ) 한국연금학회 2013 연금연구 Vol.3 No.2

In this study, we examined the investment performance of DC retirement pension funds in Korea financial market using ex-post analysis with experienced salary rates and returns during 2005-2012. Further, for testing the efficiency of current asset allocation, we used the yields on bonds provided by KIS(Korea Investors Service) and KOSPI 200 index and guaranteed market interest rates. In particular, 5 different scenarios investing in guaranteed fixed deposit products and 7 different scenarios investing in stocks and bonds are set up for testing. And then, their investment performances each are compared in the same conditions. We find out that in general, investing in stocks and bonds outperformed investing in guaranteed fixed deposit in Korea financial market, as in global market. Hence, we would suggest that current investment regulations have to be modified following global standards and practices: that is, in a direction to weakening the current DC asset allocation regulation.

동적헤징을 이용한 변액연금 보증옵션 리스크관리

송창길 ( Chang Gil Song ),이창수 ( Chang Soo Lee ),이준희 ( Joon Hee Lee ) 한국연금학회 2013 연금연구 Vol.3 No.2

Variable annuity is an alternative way of investment satisfying both demands of high rate of return and risk management. Potential market for variable annuity in Korea is expected to grow in mid to long term perspective considering increased demand of retirement income by baby-boomers who are beginning to retire. Consequently insurance companies are strongly required to be equipped with capability of managing risk from increasing sales of variable annuity. In this paper methods of risk management for GMAB and GMDB which are being sold as a part of variable annuity policy are evaluated. More specifically analysis of dynamic hedging effect based on simulation is main target of this paper. Effect of applying delta hedging is evaluated. Risk reduction effects of applying gamma and vega hedging are evaluated additionally. The results of the analysis show that combination of different hedgings may be more efficient for the risk management purpose.