연금 세제 개편에 따른 수익비 효과 분석

This paper analysed taxation systems of private pension by dividing them into three phases: payment phase, accumulation phase and benefit phase. We also examine the effects of tax reformation in light of Money’s Worth Ratio. We divided into two cases, paying retirement pension contribution only and paying additional pension contribution and compared the Money’s Worth Ratio of before and after the tax reformation by income level. As a result, for the case of Money’s Worth Ratio, workers who pay retirement pension contributions only, receiving the lump-sum benefits more than receiving pension after reforming the pension taxation system. This implies that the government failed to achieve the goal of converting the retirement payment into the retirement pension. On the other hand, the case of paying additional pension contribution showed more improvements at all income level and the Money’s Worth Ratio of low-income bracket greatly increased after the tax reformation. Thus, it is expected to induce additional payments of contribution in pension account. Based on the analysis results, we suggest two reorganization plans for vitalizing the private pension. First, government should amend the law in consideration of the pension income tax which is imposed when receiving pension and lump-sum. Second, to induce additional payments of contribution of pension account from low-income group, subsidy which provides ex-ante benefits should be also considered with tax credit which provides ex-post benefits.