개인연금과 퇴직연금의 연계방안에 관한 연구

As found in other countries, the Korean safety net for aging population is composed of public pension fund (i.e. “National Pension Fund”) and private pension fund. This paper focuses upon private pension fund because National Pension Fund is supposed to operate under unique logic reflecting its public feature. The private pension fund in Korea comprises retirement pension and individual pension. While the retirement pension is basically associated with a person’s employment and of mandatory nature, the individual pension is based upon a person’s choice for further savings. The retirement pension and individual pension, however, have the same goal in their cores: to provide a person with financial support when economic activities get no more active. This paper starts from the idea that accumulated assets management will benefit the investors according to the economy of scale theorem and the combined management of both retirement pension and individual pension would contribute to the wealth maximization of pensioners. In order to explore the possible combination of retirement pension and individual pension, the paper begins with the analysis of current system for associating two pensions (Chapter II to IV). The types of retirement pension include DB(Defined Benefit), DC(Defined Contribution) and IRP(Individual Retirement Pension). On the other hands, individual pension may be classified as non-taxable individual pension and taxable individual pension, the former being the typical one. The current legislations in Korea enables the rollover among various retirement pension schemes or among various individual pension schemes. When it comes to the rollover between ‘retirement pension scheme’ and ‘individual pension scheme’, however, only limited type transfers are allowed: only if a person reach the age of 55, one may apply for the rollover; and a partial rollover is not possible. Chapter V of the paper further reviews foreign models. Under the Australian Superannuation system, the pension fund include both compulsory contribution by employers and voluntary contribution by individuals. Actually an individual may enjoy the economy of scale from combined management. In the United State, the rollovers between 401(k) (i.e. U.S. style retirement pension) and IRA (i.e. U.S. style individual pension) are broadly plausible, while detailed regulation according to conventional or roth scheme might often be triggered. In Chapter VI, the paper suggests the way to achieve efficiency in private pension management. First the retirement pension structure should be reformed so that the pension property should not be influenced by the employer’s direction. Secondly, the DC and IRP should be merged into one scheme.