국민연금자산이 개인연금자산 보유행위에 미치는 영향과 정책시사점

We calculated the lifetime national pension wealth and examined if the national pension wealth has an impact on the household behaviors to hold the private pension wealth, the size of the private pension wealth, and the private pension wealth paid in the monthly premium, with the sample of household heads aged between 45 and 59 selected from the 1st wave of the Korean Retirement and Income Study(KReIS). Our estimation results say that the national pension wealth has no effect on three variables of the private pension wealth with the 10-percent significance level, meaning that the private pension wealth does not shrink from the national pension wealth, and the decrease in the size of the national pension wealth does not stimulate the saving propensity by the private pension wealth. These tell us that a private pension is not a substitute for the national pension, saying that the national pension act revision by cutting down the national pension benefit has a negative influence on the individual income security after retirement. Consequently, the national pension reform might lead to the income inadequacy problems after retirement without an individual effort to increase the private pension saving and thus it implies that the private pension scheme needs to be under consideration as revising the national pension act.