퇴직연금의 운용성 제고를 위한 부동산투자상품설계에 관한 연구 : 부동산간접투자상품을 중심으로 = A study on Real Estate Investment Products Planning for Enhancement of Retirement Pension Management : Focused on Real Estate Indirect Investment Products

다국어 초록 (Multilingual Abstract)

With the rapidly aging populations and the retirements of many workers at relatively younger ages in Korea after the Asian financial crisis, there has been increasing concerns on the welfare of aged people after their retirements.
But the national pension fund as a basic security net is not of much help either since its assets are expected to be depleted by the end of 2020.
In this regard, the newly introduced retirement pension plans would have a substantial impact on the welfare of Korean people as workers and also as investors.
A new retirement pension scheme was introduced in early December of 2005, and the government's proposal for the Capital Market Consolidation Act was announced this past February. With these developments, the Korean capital market is truly at a turning point.
From this point of view, our capital market and pension market can play a major role through providing a broader range of financial instruments and through realizing the type of synergies.
Actually already 152 retirement pension funds were launched by 44 asset management companies, which amount to KW45.3 bill as of November 30.
As of its first anniversary now, the allocation of domestic retirement pension funds are heavily oriented to fixed income securities, and the proportion of stocks out of the total assets of the funds are mostly less than 10%. In addition, a mere 1 percent of companies have adopted a retirement pension scheme.
In the developmental stages of the retirement benefit system, the defined benefit plan will dominant the market. Gradually, the defined contribution plan and IRA accounts will be established. Of paramount importance in this process is the asset management and the profitability of assets cannot but serve as an integral criterion.
By launching the Regulation on Supervision of Securities Investment Trust Business in 2004, we can collect the funds which are invested to real assets. Among them, the most popular fund is to invest in real estate.
Koreans have positive mind to invest in real estate so real estate indirect products can replace deposit or installment deposit for dignified retirement pension management.
Therefore, this master's thesis does not mean that you have to invest in real estate indirect products all of your retirement pension.
This recommends that it is necessary to make diversified investment in stocks, real estate, bonds and so on.
Strong current of "Real estate Securitization" that is blowing worldwide along with stability of real estate indirect investment products is acting as catalyst that promote diversification and activation of real estate indirect investment products.
So I propose some devices for activation of retirement pension.
First we need to encourage real estate securitization more and more. Moreover it will be necessary that for the retirement pension system to work, financial incentives such as tax concessions or benefits.
And it needs to expand depositor protection law in occasion of retirement pension for investor protection in government and financial agency and introduce warranty policy in government.
Financial agency also need to estimate investment target in the advance and to exhibit credit rating of target thing.
Finally, the popularity of Regular Savings Plan Investment in the stock market, which was started last year, will help boost public's confidence in the indirect and long-term type of capital products.
So I suggested that new type of real estate investment product launch. Namely "Regular Retirement Pension Plan Investment in the Real Estate Indirect Products Fund".
While general RE-Fund invests in one real estate development, Regular Retirement Pension Plan Investment in the Real Estate Indirect Products Fund invests several real estate products like ABS, MBS, ABCP, RE-FUND and so on. It is similar to "fund of funds".
Several people are referring that real estate market has bubble so it is dangerous to invest in real estate products with retirement pension.
But most of real estate funds invest in real estate for lease. Those are not real estate with bubble.
Finally, I suggested "Regular Retirement Pension Plan Investment in the Real Estate Indirect Products Fund" for Diversification of Retirement Pension Management.
But much more studies need how to launch and manage the fund, how to solve the tax incentives such as separate taxation and additional tax deductions problems, how government can take care of investors.

목차 (Table of Contents)

• Ⅰ. 서론 = 1
• 1. 연구의 배경 및 목적 = 1
• 2. 연구의 범위 및 방법 = 4
• 3. 선행연구의 검토 = 5
• Ⅱ. 퇴직연금제도에 관한 고찰 = 7
• 1. 퇴직연금제도의 의의 및 종류 = 7
• 1) 의의 = 7
• 2) 종류 = 7
• (1) 확정급여형 퇴직연금제도 (DB형 : Defined Benefit Retirement Pension) = 7
• (2) 확정기여형 퇴직연금제도 (DC형: Defined Contribution REtirement Pension) = 8
• (3) 개인퇴직계좌 (IRA : Individual Retirement Account) = 8
• 2. 주요국의 퇴직연금제도 변천과정 = 9
• 1) 한국 = 9
• 2) 미국 = 12
• 3) 일본 = 13
• 4) 홍콩 = 14
• 5) 외국의 퇴직연금 운용현황과 시사점 = 15
• Ⅲ. 퇴직연금의 적립현황 및 운용상의 문제점 = 18
• 1. 퇴직연금의 적립현황 = 18
• 2. 퇴직연금의 운용구조와 운용현황 = 19
• 1) 운용구조 = 19
• 2) 운용현황 = 26
• 3. 퇴직연금 운용상의 문제점 = 28
• Ⅳ. 퇴직연금과 부동산간접투자상품에의 관련성 검토 = 32
• 1. 부동산 간접투자의 의의 및 역사 = 32
• 1) 부동산 간접투자의 의의 = 32
• 2) 우리나라 부동산간접투자의 역사 = 33
• 2. 부동산 간접투자상품의 종류 = 34
• 1) 자산유동화증권 (ABS ; Asset Backed Securities) = 34
• 2) 주택저당증권(MBS ; Mortgage Backed Securities) = 38
• 3) 자산담보부기업어음(ABCP ; Asset Backed Commercial Paper) = 40
• 4) 부동산 펀드(RE FUND ; Real Estate Fund) = 43
• 3. 부동산간접투자상품과 퇴직연금의 관련성 = 45
• Ⅴ. 퇴직연금의 부동산상품에의 운용활성화 방안 = 48
• 1. 퇴직연금의 부동산간접투자상품에의 투자 방안 = 48
• 1) 부동산증권화의 확대 도모 = 48
• 2) 세제혜택의 부여 = 53
• 3) 투자자 보호제도 강화 = 54
• 2. 새로운 부동산간접투자상품의 개발을 통한 퇴직연금의 운용 방안 = 58
• 1) 새로운 상품 개발의 필요성 = 58
• 2) 적립식퇴직연금부동산간접투자펀드(가칭) 창설 = 58
• (1) 정의 = 58
• (2) 특징 = 59
• (3) 구조 = 60
• ① 이자지급형(가칭) = 61
• ② 안정성장형 = 62
• ③ 수익추구형 = 62
• 3) 적립식퇴직연금부동산간접투자펀드의 수익률 시뮬레이션 = 63
• (1) 상품구성 시뮬레이션 = 66
• (2) 수익률 분석 = 67
• Ⅴ. 결론 = 68