우리나라 퇴직연금의 효율적 지급방안에 관한 연구

This study examines and searches for the most efficient retirement pension payout scheme for the Korean workers. More precisely, we propose the lump sum payment, life annuity, and the programmed withdrawal as the three possible alternative payout polices, and then compare their economic effects by using the simulation method. Our analysis is performed under the realistic economic environment where the workers receive the pension benefits from the National Pension System as well as their retirement pension plans. We analyze the effects of the three payout policies in terms of life-time utility, income replacement rate, shortfall risk, and terminal wealth of the workers with different income levels and different risk aversions. As for the life-time utility, the choice of payout schemes is not so important to the high income workers with low risk aversion, while the high income workers with high risk aversion prefer the life annuity or the 100% programmed withdrawal scheme to the other alternatives. On the other hand, the middle or low income workers prefer the 50% programmed withdrawal program, which implies that those who are likely to suffer from the insufficient old age income take some investment risk for higher income. Especially, the low income workers with low risk aversion are shown to strongly prefer the lump sum payment scheme. This reflects the real world situation where the low income workers use their lum sum money to invest in their own business. Since the risk of their own business is usually very high as compared to the financial assets like stocks, the strong preference for the lump sum payment by the low income workers is not desirable.