공적연금 불변가 재정수지표 작성을 위한 동적 기금추계모형의 구축 및 적용

The actuarial projection model is a common international tool for long-term financial estimates in public pension fund valuation. Its use normally provide the fund asset financial balance table in current money. The basic weakness behind such tables is that these exclude the inflation risk due to the time difference between the valuation date and the projected date, so that we would have some inevitable difficulties in establishing, at each valuation date, a financial plan for continued solvency as well as continued goodwill. The object of this paper is then to illustrate some recent critical issues arising in the drawing-up of public pension fund financial balance table and then give an acceptable solution to such issues. One of our main contributions is to provide an admissible conversion methodology from the estimated current-money cash-flow balance table into the estimated constant-money table as well as from the current-money actuarial projection model into the constant-money model, without any loss of rationale.