국민연금에 대한 세제의 소득재분배 완화효과 분석

The Korean national pension (NP) system has an income redistribution effect in its basic annuity formula and a lot of research so far has proved this effect. By the way recent studies reflecting the mortality differentials based on income differences show that the redistribution effect is reduced or disappeared. This study examines the effect of the taxation on the NP system (i.e., income tax deduction on premiums and the taxation on annuity payments) on the income redistribution of the system. First, the examination on the effect of income tax deduction on premiums shows that net premium charges after deducting tax refunds on premiums is reduced from 100 percent of the premiums paid actually for the participant of zero percent of marginal tax rate to 61.5 percent for that of 35 percent, i.e., the net premium charges decrease as the marginal tax rates increase. Second, the income redistribution effect of the taxation on the NP system depends on the difference between a participant's marginal tax rate of premium-paying period and that of annuity-receiving period. The difference ranges from zero percent to 35 percent and high-income earners have the chance of larger difference compared to low-income earners and thus take a greater tax advantage. As a result, it can be concluded that the income redistribution effect becomes reduced when considering the taxation of the NP system.