국내 퇴직연금의 운용성과 제고를 위한 제도 개혁방안

This study examines the current state of retirement pensions in the Korean market and discusses the necessary institutional reforms to improve investment performance. The accumulation of retirement benefit assets of Koreans is shallow compared to advanced pension countries and the OECD average. In a situation where it is not easy to expand the share of public pensions under the multi-layer pension system, the role of the retirement pension is being emphasized more for securing stable retirement income. However, the investment performance of Korean retirement pensions is deficient compared to domestic public pension funds and major OECD countries. From an asset management point of view, retirement pensions cannot achieve the effect of risk pooling and improvement of return through diversified portfolios in various risky assets due to excessive concentration on safe assets. Moreover, due to the lack of an investment portfolio suitable for retirement pension funds, the compounding effect of long-term investment cannot be achieved. From a structural point of view, this result is due to the weakness of the governance structure. In other words, due to the absence of an independent and professional pension asset management organization, expertise and efficiency in asset management decision-making are not being obtained. The goal of the retirement pension system is to serve as a universal retirement income safety device under the multi-layered old-age income security system. Also, the shortcut to accumulating pension assets is improving the investment performance through asset allocation and long-term investment. In Korea's retirement pension system, to achieve the goals, it is necessary to recognize these points and essential to expand its foundation and improve investment performance through long-term investment based on rational asset allocation. Specifically, it is necessary to promote the following policies: 1) Compulsory subscription to the retirement pension system and lifetime annuity of retirement benefits, 2) Increase the contribution amounts and induce long-term subscriptions through tax benefits and financial supports, 3) The introduction of collective DCs (CDC) and trust-type retirement pensions targeting various subscriber groups, 4) Expansion of IRPs. In order to improve the performance and risk management of pension assets, the following measures are required: 1) Securing expertise and efficiency in asset management by improving the governance structure of the retirement pension fund, 2) Development of investment portfolios that diversify in various assets and enhancement of compounding effects through long-term investment, 3) Achievement of economies of scale through expansion of default option and CDC and introduction of trust type pension plans, 4) Use of OCIO service in asset management of trust type and DB type retirement pensions. In terms of supervision, it is essential to establish an integrated supervisory system for pension service providers and asset managers and a risk-based supervisory system emphasized by the IOPS. Also, it is necessary to devise a pension benefits guarantee system for the lifetime annuity of retirement benefits from the long-term perspective and establish and provide a database related to retirement pensions at the national level.