퇴직연금 제도를 둘러싼 법률관계에 대한 고찰

이세리 노동법이론실무학회 2023 노동법포럼 Vol.- No.39

While retirement pensions have been introduced in Korea for almost 18 years, the scope of its application and amounts contributed has expanded considerably. There have also been noticeable changes in retirement pension systems, such as introduction of a default option system (i.e., automatic management method of retirement pension contributions), etc. Despite the significance of the retirement pension system, not many substantive legal review has occurred on the legal nature of the retirement pension system and how it should be dealt with during litigation. However, there is distinct difference between the severance pay system, where the employer pays a lump-sum amount (as deferred wages) to the employee at the time of retirement as compared to a retirement pension plan, which requires employers to contribute minimum amounts to an external institution (i.e., retirement pension provider) and which depending on the type of retirement pension, gives employees the right to directly manage the funds contributed. Due to such discrepancy, the issues that arise when handling disputes regarding retirement pensions are different from disputes that arise regarding severance pay. The right for an employee to claim severance pay arises when the employee retires, and the employer is the debtor that must pay the severance pay to the employee. With respect to a Defined Benefit (DB) Pension Plan, while the employee similarly has the right to claim the retirement benefits at the time of retirement, depending on the rates contributed, the employee may have rights to claim retirement benefits from both the employer and retirement pension provider. Nonetheless, the employer will be deemed as having the ultimate responsibility to ensure that the employee receives the retirement benefits. With respect to a Defined Contribution (DC) Pension Plan, the employer only bears the obligation to pay a predetermined amount of contributions on the designated payment dates, and the retirement pension provider is responsible for paying the accumulated contributions to the individual employee's IRP account when the triggering event (e.g., retirement) occurs. Due to such difference, under a DB Pension Plan, the employer may be criminally liable for failure to pay retirement benefits within 14 days of the employee's retirement date. In contrast, under a DC Pension Plan, the only instance of which an employee bears criminal responsibility for overdue payment is when the employer fails to pay contributions and late interest within 14 days from the date of retirement. The employer is not otherwise liable for failure to pay the accumulated contributions to the employee's IRP account. With respect to civil liability under a DB Pension Plan, a 10-year statute of limitations may apply (standard statute of limitations for debt) as the current laws provide no basis for applying a shorter 3-year statute of limitations. With respect to contributions under a DC Pension Plan, a 3-year statute of limitations may apply as such contributions qualify as standard debt that has occurred within 1 year pursuant to the Civil Act. The statute of limitations to file a claim with respect to a DB Pension Plan will start running after the day of the employee's retirement, which is when the right may be exercised. However, with respect to a DC Pension Plan, the current legal framework regarding statute of limitations supports a finding that the statute of limitations should start running not after the day of retirement, but after the day that the relevant contributions are made. With respect to this matter, the District Courts and the Ministry of Employment and Labor have issued differing opinions. 퇴직연금 제도가 도입되고 나서도 상당한 시간이 흐르면서, 퇴직연금 제도는 적립금 규모뿐 아니라 그 내용도 괄목할 만큼 성장했고, 최근에도 디폴트 옵션 도입 등 상당한 변화가 있었다. 그런데, 이처럼 퇴직연금 제도가 중요한 위치를 차지하게 되었음에도 퇴직연금 제도의 법적 성격과 소송상 취급에 대해서는 구체적인 법률상 검토가 이루어진 바가 많이 없었고, 막연히 퇴직금과 동일한 제도라는 전제하에 해석하는 경향이 있는 것 같다. 그러나 사용자가 근로자의 퇴직시 후불임금적 성격으로 일시금으로 지급하는 전통적인 퇴직금과 사용자가 외부 기관에 일정 부분 이상을 적립하도록 하고, 퇴직연금 유형에 따라서는 근로자에게 직접 운용에 대한 권한을 주는 퇴직연금은 분명히 차이점이 있고, 이로 인하여 퇴직연금과 관련된 분쟁 사건을 처리함에 있어서도 퇴직금과는 다른 쟁점들이 발견되므로 이에 대한 검토가 필요하다. 우선 퇴직금은 근로자의 퇴직시 비로소 근로자의 청구권이 발생하고, 그에 대한 채무자는 사용자이다. 한편, 퇴직연금 중 DB의 경우 퇴직시 근로자의 퇴직급여 청구권이 발생하는 것이 맞으나, 퇴직연금 사업자에 적립된 비율에 따라서는 퇴직연금 사업자와 사용자 양자에게 청구권을 갖는다고 해석할 수 있다. 다만, 퇴직연금 급여 수급에 대한 종국적인 책임은 사용자가 진다고 볼 수 있을 것이다. 퇴직연금 중 DC의 경우, 사용자는 정해진 납입일에 부담금을 납입할 의무만을 부담하고, 퇴직 등 사유가 발생하였을 때 적립된 부담금을 근로자 개인의 IRP 계좌로 지급하여야 하는 책임은 퇴직연금 사업자에게 있다. 이러한 차이점 때문에 우선 체불에 대한 형사책임과 관련하여 DB의 경우는 퇴직급여 미지급에 사용자가 체불의 책임을 지지만, DC의 경우 사용자가 체불에 대한 형사책임을 지는 경우는 퇴직일로부터 14일 내에 부담금과 그에 따른 지연이자를 납입하지 못했을 때뿐이고, 적립된 부담금이 IRP로 지급되지 못한 것에 대해서는 책임을 지지 않는다. 민사책임과 관련하여 DB의 경우 현재 법규상으로는 퇴직연금 급여 청구권에 3년의 단기 소멸시효를 적용할 근거가 없으므로 10년의 일반채권 소멸시효가 적용되어야 한다고 볼 여지가 있고, DC 부담금의 경우 민법상 1년 내의 정기채권으로 3년의 소멸시효가 적용된다고 해석될 수 있을 것이다. 소멸시효의 기산점과 관련하여, DB는 권리를 행사할 수 있는 때인 퇴직일 다음날부터로 볼 수 있을 것인데, DC의 경우는 퇴직일이 아니라 각 부담금 납입일 다음날로부터 기산된다고 보는 것이 소멸시효의 기본 법리에 부합한다. 이 점에 대해서는 최근 하급심 판결과 고용노동부 행정해석과 의견을 달리한다.

개인연금과 퇴직연금의 연계방안에 관한 연구

노혁준 한국법제연구원 2017 법제연구 Vol.- No.52

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. 우리나라의 노후보장 연금제도는 기본적으로 3층 구조에 의한다. 이 글은 공적인 성격으로 인해 고유의 법리가 적용되는 공적연금(국민연금) 이외의 2, 3층의 사적연금인 퇴직연금과 개인연금을 어떻게 효율적으로 운용할 것인가를 다루고 있다. 2층의 퇴직연금은 근로자의 퇴직 후 생활재원을 사용자의 자금으로 (일부) 충당하는 것에서 비롯된 것이므로, 규제적, 강제적 성격이 강하다. 반면 3층의 개인연금은 그것이 연금저축이든연금보험이든 세제유인 및 개인의 자율적 판단에 따라 이루어진다. 이 같은 성격의 차이에도 불구하고 노후 생활보장이라는 궁극적인 목적은 동일하기 때문에 이를 통합하거나 연계하여 운영할 필요성이 커지고 있다. 먼저 기존 제도를 살펴볼 때, 퇴직연금 내부에서의 상호 전환은 법리상불가능하지는 않지만 그다지 흔하지 않다. 개인연금 내부에서 예컨대 연금저축 금융기관을 변경하는 것은 명시적으로 허용되는바, 특히 2015. 4. 이후에는 신규 가입 금융기관을 한번만 방문하여 계약이전할 수 있도록절차가 간소화된바 있다. 퇴직연금과 개인연금의 상호 전환은 그동안 금지되었으나, 2016. 2. 소득세법 개정을 통해 IRP와 연금저축 사이의 계약이전이 허용된바 있다. 그러나 이러한 계약이전은 가입자가 퇴직 또는 55 세에 달한 경우에 한하여 가입금액 전체에 관하여 가능한 등 일정한 한계가 있다. 해외의 경우 호주의 슈퍼에뉴에이션(Superannuation)의 경우 사용자가의무적으로 출연하는 강제성 출연금 이외에 근로자가 스스로 급여 일부를 출연하는 자발적 출연금을 포괄한다. 따라서 실질적으로 2층의 강제퇴직연금과 3층의 개인연금이 통합되어 운영되는 효과를 갖게 된다. 한국미국의 경우 2층 퇴직연금제도는 401(k)에 의하고 3층의 개인연금제도는개인퇴직계좌(IRA)에 의한다. 401(k)와 개인퇴직계좌는 세금납부 방식에따라 각기 전통형과 Roth형으로 구분된다. 이들 퇴직연금과 개인연금은각기 다른 법령 및 역사에 의해 발전되어 온 것으로 그 자체를 통합 운영하지는 않는다. 하지만 우리나라의 계약이전과 유사한 Rollover를 통하법제연구 / 제52호86 주제어 : 확정기여형 퇴직연금, 확정급여형 퇴직연금, 개인형 퇴직연금, 계약이전, 슈퍼에뉴에이션(호주), 근로자퇴직급여보장법(미국), 고령화 사회, 통합연금계좌여 가입자가 개인연금과 퇴직연금 사이에서 전환할 수 있도록 함으로써 연계를 인정하고 있다. 향후 가급적 퇴직연금과 개인연금의 연계를 위한 방안을 모색할 필요가 있다. 먼저 DC형과 연금저축, 연금보험의 자유로운 계약이전을 인정해야 한다. 또한 고용복지부는 조만간 기금형 퇴직연금제도를 도입할 예정인바, 이러한 제도가 도입된다면 DC와 IRP를 통합하는 것이 바람직할것이다.

퇴직연금의 유족 승계 시 유족연금 비과세 체계에 관한 연구 - 공적연금제도의 유족연금과의 비교를 중심으로 -

김수성,최경진,차명기 서울시립대학교 서울시립대학교 법학연구소 2016 조세와 법 Vol.9 No.2

Recent studies on the tax system on pension system are emerging. That's why an ageing population in taxation support of the pension system is seen as a very important one of the government's tax policy. Much about the prior studies indicate that public pensions and retirement pension, which is private pension having a public characteristic, was mainly discussed. But in case of receiving survivor's pension of retirement pension, related taxation support policy has still not being discussed about the situation. In this study, we tried to argue that pensioners who receive a pension in the retirement pension system, such as a public pension, will not be taxed when the pension is received. The survivor pension taxation of the retirement pension needs to be considered from an institutional standpoint, mutually compatible with the survivor pension taxation of the public pension. The purpose of this study is to examine the taxation system of survivors ‘pensions of retirement pension and to seek tax exemption for survivors’ pension of retirement pension for the reconciliation of taxation similar to public pension system. In order to improve this, this study examined the cases of major countries such as England and Australia and tried to propose a tax support measures for the survivors' pension of retirement pension. Specifically, the survivor's pension, which the retirement pension received by the bereaved family, proved to is even more effective tax burden to ensure that due to tax-exempt. In addition, more big the tax burden of aggregate income taxable income the greater the survivor's pension tax-free effect that appeared. In addition, the larger the taxable income, the greater the burden of tax exemption for survivors' pensions. These tax policy considerations are expected to be of great importance to Korea, which faces an aging society. This study examines the cases of the major countries in the retirement pension for the survivors' pension taxation in Korea facing the aging society and tried to introduce the taxation system of such major countries. In addition, it is important to emphasize that it is necessary to give a certain tax subsidy to survivor pension recipients in order to induce annuitization of the retirement pension. In this process, we think this study is meaningful that we look for the method for aggressive taxation support for retirement pension. 최근 연금세제관련 연구가 많이 등장하고 있다. 그만큼 고령화사회에 있어서 연금제도의 세제지원은 매우 중요한 정부의 조세정책 중의 하나로 보여진다. 선행연구를 살펴보면 공적연금과 퇴직연금제도에 대한 많은 부분이 논의되고 연구 되었지만 퇴직연금을 수령하는 유족연금 수급자에 관한 조세지원정책은 아직까지 논의되고 있지 않은 상황이다. 이러한 점을 감안하여 본 연구에서는 퇴직연금제도에서 실제로 유족이 연금을 수령하였을 경우에 공적연금과 같이 유족이 수령하는 연금에 대하여 비과세할 것을 주장하고자 하였다. 퇴직연금의 유족연금 과세는 공적연금의 유족연금 과세와 상호간에 정합성을 띠고 제도적으로 동등한 입장에서 고찰될 필요가 있다. 본 연구는 우리나라 퇴직연금에서 수령하는 유족연금에 대한 과세체계를 검토해보고 궁극적으로 공적연금제도와 유사한 세제의 정합성을 위해서는 퇴직연금의 유족연금에 대하여도 비과세하는 방안을 모색해보고자 하였다. 이를 개선하는 차원에서 본 연구는 주요국의 사례를 살펴보았으며 주요국의 사례를 참조하여 우리나라에 맞는 퇴직연금의 유족연금 수령시의 세제지원 방안을 제시하고자 하였다. 구체적으로 퇴직연금을 유족이 수령하는 유족연금의 경우 비과세로 인한 세부담 효과는 더욱 크게 나타남을 확인하였다. 게다가 종합소득과세 대상소득이 클수록 유족연금 비과세로 인한 세부담 효과는 더욱 크게 나타나고 있음이 나타났다. 이러한 조세정책적인 배려는 고령화사회에 직면한 우리나라에 시사하는 바가 클 것으로 기대된다. 또한, 퇴직연금의 연금화를 유도하는 차원에서 위해서는 유족연금 수급자에게 일정한 조세지원책을 부여하는 것이 필요함을 강조하고자 하였으며, 퇴직연금의 적극적인 세제지원을 부여하는 방안을 모색해 보았다는 점에서 의의가 있다고 할 수 있다.

고령화 사회의 연금 수급 선택 유인을 위한 연금소득 과세 개선방안

문성훈,김수성 한국세무학회 2014 세무와 회계저널 Vol.15 No.6

고령화 사회를 맞이하여 노후의 생활을 위한 소득보장은 과거에 비해 더욱 중요해지고 있다. 노후소득보장은 연금제도의 다양한 방법을 통해 국가적 차원에서 뿐만 아니라 개인적 차원에서 마련되어야 한다. 국가적 차원에서는 공적연금제도를, 기업적 차원에서는 퇴직연금제도를, 개인적 차원에서는 연금저축제도를 통해 3층보장체계를 구축하였으며, 잦은 이직으로 인한 퇴직연금제도의 통산장치로서 개인형퇴직연금(IRP:Individual Retirement Pension, 이하 ‘IRP’라 함)제도를 마련하였다. 그러나 정부가 3층연금 체계를 마련하였음에도 불구하고 현행 연금소득세제가 종합소득에포함되어 다른 소득이 있을 경우에는 퇴직소득세제에 비하여 상대적으로 불리한 세부담으로 인하여 연금을 수령하기 보다는 일시금을 수령하려는 유인이 존재하게 된다. 일시금으로 수령하였을경우에는 퇴직소득으로 분류과세를 하지만 연금으로 수령하는 경우에는 종합소득으로 과세되며,연금소득만 있을 경우에는 연금소득을 다른 소득과 합산하여 과세하기 때문에 퇴직소득에 비하여연금소득으로 인한 종합소득과세의 세부담이 크게 된다. 이 때문에 퇴직자가 은퇴후에 수령할 수있는 연금의 종류가 많다면 전부 연금으로 수령하려고 하지 않고 그중 일부에 대하여는 일시금으로 선택하려는 유인을 갖게 된다. 이러한 것은 3층연금 체계를 통하여 노후소득을 확보하려고하는정부정책에 반할 수 있다. 이와 같은 문제점을 근거로 하여 본 연구에서는 공적연금과 퇴직연금 및 개인연금 제도와의 통합적 시각을 통해 연금소득에 대하여 보다 강한 세제혜택이 부여될 필요가 있음을 언급하였으며,현행 연금소득 과세체계의 문제점을 지적하고 연금수급으로 유인하기 위한 개선방안을 제시하고자하였다. 연금제도는 보다 폭 넓은 세제유인을 통해 가입단계로부터 급여단계에 이르기까지 연금제도 본연의 목적이 달성되도록 할 필요가 있다. 본 연구에서는 은퇴후 노후소득을 보장받기 위하여연금의 수급유인을 강화할 필요성을 제시하고자 하였다. 즉, 일시금을 수령하여 생활자금으로 소진해버리기 쉬운 일시금의 수령을 방지하고 연금을 선택할 수 있는 방안을 모색해 보고자 하였다. 이를 위해 본 연구에서는 가입단계와 운용단계 및 수령단계로 구분하여 각 단계별 문제점과 개선방안을 제시해 보고자 하였다. 연구 결과의 대안으로 가입단계에서는 소득공제 및 세액공제의 한도를 증가시켜 연금제도의 가입을 유도하는 것이고, 운용단계에서는 중도해지를 피하기 위해 강력한 패널티를 부과하는 것이며,급여단계에서는 세액공제의 한도를 증액하고 가급적 분리과세를 유도하는 것이다. 또한, 연금소득에 대하여 종합소득과세에서 제외하거나 연금소득을 별도로 분류하여 과세하는 방안을 모색해 보았다. 이러한 방안을 통해 일시금의 선택 유인을 감소시키고 연금으로 선택하려고 하는 유인을 증대시킬 수 있을 것으로 본다. 본 연구는 공적연금과 퇴직연금 및 개인연금의 통합적인 고찰을 통해 실질적인 세제 유인책(incentive)을 제공하고자 하였다. 그러므로 본 연구는 공적연금과 퇴직연금 및 개인연금의 통합적인 고찰을 토대로 고령화 사회의 연금수급 선택을 위한 연금소득 세제 개선안을 모색하였다는데의의가 있다고 할 수 있다. To face the aging society, the income security after retirement is considered more important thanin the past. The income security for one’s later years should be provided at personal level as wellas at the national level through a variety of methods of the pension system. Through the nationalpension scheme at the national level, the retirement pension scheme at the commercial level, andthe personal savings pension at individual level, a three-layer security system is built. and thepersonal portable pension system called the Individual Retirement Pension (‘IRP’ hereinafter) isprepared for those with high employee turnover. Although the three-layer pension system isprovided by the government, in case of having other income source, receiving a lump sum isconsidered favourable than a pension due to the fact that the current taxation applied on pensionincome included in comprehensive income tax creates relatively unfavourable tax burden comparedto retirement income tax. In case of receiving a lump sum, it is classified as retirement incometax whereas receiving a pension is taxed as comprehensive income;because the pension incometax is imposed on the combined pension income, the tax burden resulted in comprehensive incometax is relatively heavy compared to the retirement income tax. Therefore, a retiree receivingseveral different pensions has the incentive to choose to receive a lump sum for some of pensionsrather than receive them all as pensions. This can be contrary to the government policy that is setto secure the income after the retirement through a three-layer pension system. On the basis of such issues, this study, through a unified view of the national pension scheme,the retirement pension scheme, and the personal savings pension, states the need of strong taxincentives on the pension income, and also suggests improvements for selecting a pension by pointingout problems of current pension income tax system. The pension scheme needs to be designed toachieve its original purpose by providing broader tax incentives from the initial subscription to thefinal receipt. In this study, it suggests the need to strengthen the incentives of the pension in orderto secure income after retirement In other words, it attempts to prevent the exhaustion of the pensionin a way of receiving lump sum in advance by providing a way in which receiving a pension islikely to be selected. To this end, this study, by the way of categorizing each phases in the subscription likely to be selected. To this end, this study, by the way of categorizing each phases in the subscriptionphase, operational phase, and receiving phase, attempts to present problems and solutions for eachphases. As alternatives to the results, those are increasing the limit of tax credit in the subscriptionphase to attract the subscription of pension, imposing heavy penalties in the operational phase toavoid termination, and providing favourable tax incentives in the receiving phase to place separatetaxation if possible. In addition, it also considered that, for those pension incomes taxed incomprehensive income tax are to be exempted, or to seek a way to classify and treat themseparately. Through those measures, there is much likelihood to reduce the incentive to choose alump sum, yet to increase the incentive to choose a pension. The purpose of this study was to provide a substantive tax incentives (incentive) through acomprehensive review of the national pension scheme, the retirement pension scheme, and thepersonal savings pension. Therefore, this study, in a way of considering improvements of taxincentives on the pension system based on the comprehensive review of the national pensionscheme and the personal savings pension to promote the selection of pension in an aging society,can be said significant.

개인연금 보유 및 연금불입액의 관련요인 분석: 상속동기를 포함하여

주소현 ( So Hyun Joo ) 한국소비자학회 2011 소비자학연구 Vol.22 No.3

은퇴기간동안 자금조달을 위한 상품으로 연금은 일정한 기간 동안 정해진 수입을 보장한다는 측면에서 중요성이 크지만, 개인연금은 예금이나 적금보다 은퇴대비 저축수단으로 활용되지 못하고 있는 실정이다. 본 연구에서는 투자자보호재단에서 실시한 2007년 투자자조사 자료를 이용하여 개인연금보유 현황을 분석하고, 개인연금을 보유한 가계와 보유하지 않은 가계의 특성을 비교하며, 개인연금 보유 및 월평균 연금불입액과 관련된 요인을 분석하고자 하였다. 특히 직접적으로 측정된 상속동기가 개인연금 보유와 관련을 가지는 가를 살펴보아 연금퍼즐관련 문헌에서 밝히고 있는 요인이 우리나라 개인연금 가입에도 적용될 수 있는지를 살펴보았다. 본 연구에서는 개인연금을 은퇴소득재원으로 사용되는 은퇴준비 저축의 일환으로 여겨서 은퇴를 이미 한 경우를 제외하고 분석(총 3,068사례)하였으며 개인연금 보유 및 월평균불입액과 관련된 요인을 Heckman 2 단계 분석을 이용하여 살펴보았다. 연령이 낮을수록, 미혼보다는 기혼의 경우에, 가계의 월평균 소득이 높을수록, 가계의 총자산이 높을수록, 기타의 목적보다는 자녀양육이나 노후대비의 저축목적을 가진 경우일수록, 예측하는 은퇴기간이 길수록, 저축계획기간이 없는 경우보다는 3년 이상 혹은 10년 이상의 저축계획기간을 가지는 경우일수록, 펀드에 투자하는 가계일수록 다른 변수를 통제한 상태에서 개인연금을 보유할 확률이 높아지는 경향이 있는 것으로 나타났다. 본 연구의 분석에서는 응답자의 상속동기와 개인연금보유의 직접적인 관련성을 발견하지 못하였다. 개인연금의 월평균불입액에 영향을 미치는 변수는 결혼상태(미혼일수록), 직업(무직 혹은 주부와 비교할 때 자영업일수록), 주거형태(자가가 아닐수록), 월소득(높을수록) 및 총자산(높을수록)으로 나타났다. 은퇴설계의 관점에서 본 연구의 결과를 바탕으로 각 변수의 영향력을 고려한 노후계획에 대한 교육이 필요하다. 추후에는 보다 다양한 자료를 활용하여 개인연금과 상속동기와의 관계를 규명하고, 개인연금 가입 및 은퇴시 자산의 연금화 의사결정과 관련한 정보를 제공하는 연구가 수행되어 질 것을 제안한다. Retirement planning is one of the most important financial objectives to individuals when considering increasing life expectancy in recent years. Recently, Korean society is experiencing rapid aging and dramatic changes in financial markets and due to the complexities in financial products, planning for retirement is getting harder. Typically retirement income sources are prepared with three-tier approach: national pension, employer-sponsored pension, and personal savings. Among these three, the income replacement rate for the government pension is expected to be decreased due to the rapid growth of aged population compared to the working population and the employer-sponsored pension system is not yet fully established to provide enough income streams during the retirement in Korea. Therefore, the role of personal savings in retirement planning is very significant and urgent. However, in Korea, individuals consider other savings objectives such as preparing for child education expenses or money for a house more significantly than the savings for retirement. In fact, survey in 2009 showed that almost 1 in 4(24.7%) individuals over the age 18 do not save anything for retirement(Korean Statistics Bureau, 2010). For those who answered that they are currently saving for retirement utilized national pension the most(42.6%) and this reveals rather passive savings behavior in retirement planning. Among the various retirement savings products, this study focuses on private pension(annuity) products. Pension products and especially annuity products have a strong benefit as a retirement savings tool because annuity provides constant income streams during the retirement no matter how long the individual survives in retirement. Annuity by nature provides guaranteed and steady stream of income for the rest of the life of a purchaser and due to this characteristic, annuity could be a perfect hedge for a longevity risk. However, the overall annuity markets in the advanced economies(such as US) are less than expected and this phenomenon is called as "annuity puzzle." Many researchers tried to examine the annuity puzzle with economic models, psychological models, and other decision making models and proposed several reasons of the phenomenon. One of the factors that influence annuity decision is bequest motive. When people have bequest motive, they do not want to use up their entire wealth for their retirement expenses therefore the bequest motive prohibits people from fully utilize annuity products to provide retirement income. The purpose of this research was to examine the factors related to the personal pension (annuity) products purchases. A special attention was paid to bequest motives; whether bequest motive is related to private pension purchases when considering individuals` demographic, socioeconomic, and financial planning related factors. This research utilized a direct measurement of bequest motive by asking individuals whether they definitely want to leave any assets to their heir after they die. The research also included a comprehensive list of related factors such as anticipated retirement period, savings motive, savings horizon, and financial risk tolerance along with demographic and socioeconomic characteristics. The data of this research was the 2007 Investor Survey from the Korea Investors Protection Foundation. The 2007 Investor Survey was conducted in November and December of 2007 by utilizing both web-based and personal interview survey with a structured questionnaire with 3,500 adults who aged between 20 to 65 from Seoul and its vicinity and six large metropolitan cities in Korea. The survey tried to gauge investment and financial management behaviors of individuals in Korea and paid special attention to mutual fund investment. The survey also included detailed investment behavior in various financial products and it included decision making in private pension products(personal pension products which belong to the tax benefited financial products according to the income tax code in Korea). To investigate private pension product utilization and its related factors this study limited the sample to non-retirees (N=3,068) and the data was analyzed with descriptive analysis, t-test, χ2-test, and Heckman two step model. Among the non-retirees in the 2007 Investor Survey, 54.4% of the respondents possessed private pension products and average monthly investment amount for the owners of pension products was 263,000 won. The factors related to the private pension product investment were age, marital status, monthly income, total household asset, savings motive, savings horizon, anticipated retirement period, and mutual fund investment behavior. Specifically, those who were younger, married, had higher levels of monthly income and household assets, with savings motive of child education and retirement income preparation, with longer savings horizon, with longer anticipated retirement period, and were investing in mutual funds were more likely to have private pension products when controlling other factors. The relationship between bequest motive and private pension possession could not be identified in this research. The factors related to monthly investment amount on private pension products included marital status, occupation, home-ownership, monthly income and total household asset. Contrary to the ownership analysis, non-married individuals invested more money on private pension products than married individuals when controlling other factors. The self-employed individuals` monthly investment on private pension product was greater than those who are not working while homeowners` monthly investment was smaller than those who rent their house. The monthly income and total household asset had positive influences on the monthly investment amount on the private pension products when controlling other factors. Based on the factors identified in this research, retirement planning professionals, educators, and consumers could develope effective retirement savings strategies or decision-making tools. For example, this research revealed that the savings motive(preparing for retirement) and anticipated retirement period were positive factors on private pension investment decision therefore, setting up specific savings goals and understanding realistic life expectancy and retirement period could be included in retirement planning education to encourage people save more for retirement. The savings horizon also positively related with private pension product investment therefore individuals should be encouraged to avoid myopic perspectives in retirement planning. Even though this research could not confirm the relationship between bequest motive and private pension investment decision, more research on this topic is recommended in the future. Especially research about annuitization decision in retirement could provide useful information about the relationship between bequest motives and private pension and annuity products purchases.

국민연금제도가 중고령 남성 임금근로자의 은퇴결정에 미치는 영향

이기주 ( Gi Joo Yi ),석재은 ( Jae Eun Seok ) 한국사회보장학회 2011 사회보장연구 Vol.27 No.1

This paper aims to identify the impacts of the National Pension Scheme on retirement decision of mid-old-age male salaried workers. This study used the first and second-wave data from the Korean Retirement and Income Study, analyzed male salaried workers aged 55-64 as national pension insureds during the first year of the Study (2005), and identified the retirement status in the second year (2007) to analyze the factors influencing retirement decision and to secure more accurate evaluation of impacts of National Pension on retirement decision. In order to analyze impacts of the National Pension Scheme on retirement, this study applied variables such as ``Peak Value``, meaning the difference of expected lifetime pension wealth by retirement point of time and ``Option Value``, considering differences between expected pension wealth by retirement point of time and earned income in addition to variables that were mostly used in the previous studies conducted in Korea such as ``entitlement to receive pensions`` and ``accrual of expected pension wealth`` upon extension of one year for retirement. Based on this, the advantages and disadvantages of lifetime pension income by retirement point of time were considered while a more elaborate analytic model which can reflect rational decision making and consider dynamic substitute relations between earned income and pension income was constructed to analyze national income factors influencing retirement decision. Based on the analysis, when biographical features, needs for income, substitute income, and the quality of the current work were controlled, the accrual of expected pension wealth and Peak Value were not significant while option value negatively affected retirement. When Option Value increased by one million Won, the probability for retirement decreased by 0.4%. This can be interpreted that a decision-making process considering dynamic substitute relations between earned income and pension income is more likely to take place than decision making that considers the advantages and disadvantages of expected pension wealth when deciding retirement because in Korea, the pension system is still yet to mature. This means that currently, if there is policy support enabling mid-old-age people to maintain earned income, they will choose to delay retirement. However, this also suggests that in the future when the level of pension income and the size of expected pension wealth increase, if relations between the pension system and labor supply are not more complementary than substitute, the pension system will hasten retirement, resulting in negative impacts on labor supply.

퇴직연금 적립금유지 장애요소에 대한 인구통계적 분석과 연금화 필요성 결정요인 연구

김성일 ( Kim Sung Il ),박진용 ( Jin Yong Park ) 한국연금학회 2023 연금연구 Vol.13 No.2

본 연구는 퇴직연금 가입자들의 적립금유지 장애요인과 연금화 필요성에 영향을 줄 수 있는 변수들을 인식조사를 바탕으로 성별, 연령별, 종사기업의 근로자수별 인구통계변수로 분석하였다. 연금화 필요성에 영향을 주는 인과변수로는 ‘수급연령 이전 퇴직연금 해지 및 인출제한 인식’, ‘퇴직연금 중도인출 후회’, ‘초단시간 근로자의 퇴직급여제도 적용 인식,’ 그리고 ‘퇴직연금제도 단일화 정책 필요성 인식’을 고려하였다. 주요 연구결과로서 ‘적립금이 적어 노후소득 실효성 없음’이 가장 중요한 적립금유지 장애요소였으며, 그 다음으로 ‘수익율이 낮아 직접운용이 유리’였다. 이는 인구통계변수별 세부 분석에서도 큰 차이를 보이지 않았다. 결국, 적립금을 유지하는 데는 적립금의 규모가 최우선의 결정요인이라는 것을 알 수 있는 연구결과였다. 한편, 연금화의 필요성에 영향을 주는 변수들의 인과분석에서는 전체적으로 ‘수급연령 이전 퇴직연금 해지 및 인출제한 인식’, ‘퇴직연금 중도인출 후회’와 ‘퇴직연금제도 단일화 정책 필요성 인식’이 유의성을 보였다. 즉, 중도인출 제한이 연금화 필요성 제고에 많은 영향을 주었으며, 중도인출 후회도 중도인출제한과 같은 맥락에서 연금화에 영향을 주는 것으로 나타난 것이다. 퇴직급여제도 단일화의 경우 근속연수가 5~6년에 불과한 우리나라의 사정을 고려해 볼 때 퇴직금과 퇴직연금의 동시 존재로 인해 적립금 누수를 경험한 결과로 퇴직급여제도가 단일화되면 연금화 가능성도 높아질 것을 암시하는 결과로 보인다. 인구통계변수별로는 다소간 차이가 영향변수들에서 나타나기도 했다. This study examines variables influencing the reserve maintenance factors of retirement pension subscribers and the pensionation needs based on demographic variables such as gender, age, and company size. The analysis relies on a perception survey. Causal variables affecting the need for pensionation include awareness of retirement pension termination and withdrawal restrictions before the pensionable age, regret regarding premature withdrawal of retirement pension, perception of the application of the retirement benefit system to very short-term workers, and the retirement pension system unification policy. Recognition of necessity is also considered. One major research finding is that the most significant obstacle to maintaining reserves is the ineffectiveness of retirement income due to low reserves. Following this, direct management is deemed advantageous due to a low rate of return. Detailed analysis by demographic variables does not reveal any significant differences. Ultimately, the research emphasizes that the size of the reserve fund is the most crucial determinant in maintaining it. In the causal analysis of variables affecting the need for pensionization, recognition of retirement pension termination and withdrawal restrictions before the pensionable age, regret over premature withdrawal of retirement pension, and acknowledgment of the need for a unification policy in the retirement pension system are found to be significant. Early withdrawal restrictions significantly impact the increased need for annuity, with early withdrawal regret also influencing annuity similarly. Regarding the unification of the retirement benefit system, the study suggests that the possibility of pensionization could rise, especially in contexts like Korea, where the length of service is only 5 to 6 years. This is based on the experience of reserve leakage due to the simultaneous existence of severance pay and retirement pension. Some differences in influencing variables by demographic variables are observed.

퇴직연금 인식정도를 반영한 제도 활성화와 연금화 정책에 관한 연구

이창수 ( Lee Changsoo ),김성일 ( Kim Sung-il ),( Kristina Djaro ) 한국연금학회 2023 연금연구 Vol.13 No.1

우리나라 미래 노후대비 안정성을 확보하기 위한 연금개혁 국면의 본격적 전개에 즈음하여 퇴직연금제도에 대한 전반적인 인식조사를 통해 퇴직연금제가 발전할 수 있는 방안을 모색하는 것이 요구되는 시점이다. 본 연구에서는 퇴직연금제도 활성화를 위해 필요한 정책, 퇴직급여제도 단일화 정책 필요성, 수급연령 이전 퇴직연금 해지 및 인출제한, 초단기 근로자의 퇴직급여제도 적용, 퇴직연금 연금화를 위한 정책, 퇴직연금 적립금 유지 장애 요인 등과 관련하여 가입자들의 퇴직연금제도에 대한 인식정도(고-중-저)에 따른 정책의 선호도와 인식의 차이에 대해 설문조사 결과를 토대로 연구하였다. 설문조사 대상자는 전국 만 29~69세 남녀 중 국민 연금 및 퇴직연금 가입자 1000명이었으며, 조사방법은 구조화된 설문지를 이용한 전화면접조사(CATI) 방식이 었고, 표본오차는 95% 신뢰수준에서 ± 3.10%p이다. 퇴직연금제도 활성화를 위해 ‘사용자에 대한 재정지원’, ‘퇴직급여제도 단일화’, ‘수급연령 이전 퇴직연금 해지 및 인출제한’, ‘초단기 근로자의 퇴직급여제도 적용’, ‘퇴직연금 연금화’ 등의 정책이 필요하다는 점에 대해 조사대상자들이 보통 이상의 지지를 보인다는 점은 주요 조사결과이다. 퇴직연금 연금화를 위한 정책으로 ‘연금수령 시 세제혜택 확대’, 퇴직연금 적립금유지 장애요인으로는 ‘적립금이 적어 노후 소득보장 실효성이 없음’이 가장 높은 응답률을 보였다. 각각의 항목에 대한 응답결과는 퇴직연금제도에 대한 인식 정도에 따라 차이가 있다는 것을 파악할 수 있었다. 본 연구결과의 정책적 시사점은 기존의 중도인출이나 수익률 문제가 제도 개선의 중요문제가 아닐 수 있으며, 퇴직금제를 점진적으로 축소시켜 급여제도 단일화나 연금화를 위한 세제지원 그리고 적립금보존정책의 필요성이 시급한 것으로 정책개발에 대한 함의를 도출하였다. This study is a search for the ways to develop the retirement pension system through an overall awareness survey on the retirement pension system in the pension reform phase of Korea. Authors of this paper assessed public opinion about the policies to vitalize the retirement pension system, policies for the unification of the system, policies to restrict cancellation and withdrawal of the retirement pension before the retirement age, the application of the retirement benefit system for short-term workers, and the necessary policy for the retirement pension annuitization based on the results of the sampling survey. Especially factors that hindered the maintenance of retirement pension reserves were evaluated reflecting the effect of the degree of awareness (high-middle-low) of members of the retirement pension system. One of the main focus of the study was which policy was preferred by members of the pension system and how they recognize about potential policies. Main finding from the study was that more than average consent was observed among the respondents of the survey for necessary policies for the revitalization of the retirement pension system. Those policies are ‘financial support for employers', ‘need to unify the retirement benefit system', ‘restriction on cancellation and withdrawal of retirement pension before the retirement age', ‘application of the retirement benefit system for short-term workers' and ‘annuitization of retirement pensions'. Regarding the necessary policy for annuitization of the retirement pension, ‘expanding tax benefits upon receipt of pension’ was the most frequent response. And as a main obstacle against maintaining retirement pension reserves, ‘ineffectiveness of old-age income security due to low reserves’ was the most common response in the survey. Significant differences in response depending on the respondent’s degree of awareness of the retirement pension system were observed. In the survey 1,000 members of both of national pension system and retirement pension system within age range in between 29 and 69 were selected randomly according to stratified sampling. Method of the survey was CATI and sampling error was ±3.10% at the confidence level of 95% The policy implications of the results of this study are that the existing mid-term withdrawal or rate of return problems may not be important issues for system improvement, and that it is necessary to unify the benefit system by gradually reducing the severance pay system. In addition, the need for tax support for annuitization and reserve preservation policy was urgently needed, and implications for policy development were derived.

연금 바이아웃 기법을 활용한 단체연금상품 활성화 방안 연구

손성동 ( Seongdong Son ),김대환 ( Daehwan Kim ) 한국연금학회 2020 연금연구 Vol.10 No.1

본 연구는 우리나라에서 퇴직연금제도 확산과 가입자의 수급권 강화를 위한 단체연금상품 활성화 방안을 다루고 있다. 이를 위해 최근 해외에서 활발하게 진행되고 있는 연금바이아웃 기법을 접목 하였다. 연금바이아웃은 연금바이인, 장수스왑과 함께 DB형을 운영하는 기업의 퇴직급여채무 리스크를 제거하는 방법으로 널리 활용되고 있다. 단체연금은 연금바이아웃을 할 때 활용되는 상품이다. 우리 나라의 퇴직급여제도에서 단체연금을 활용하면 퇴직급여제도 단일화 시 예상되는 사업장의 혼란 축소, 중소사업장 가입자의 수급권 강화, 퇴직연금제도 도입률 제고, 연금수령률 개선, DB형 적립비율 개선 등의 효과를 기대할 수 있을 것으로 예상된다. 우리나라에서 단체연금상품을 활성화하기 위해서는 근퇴법 내에 단체연금을 퇴직급여제도의 하나로 인정할 필요가 있다. 이를 위해서는 근퇴법의 퇴직급여제도 정의에 단체연금을 포함하는 방법, 단체 연금을 퇴직급여제도의 하나로 격상시키는 방법, 단체연금계약을 체결하면 퇴직급여제도를 설정한 것으로 인정하는 적용제외 방법 중에서 하나를 선택할 필요가 있다. 본 연구는 단체연금 활성화를 제기한 최초의 시도라는 점에서 그 의의가 크지만, 단체연금의 수수료가 기존의 퇴직연금제도 대비 어느 정도 경쟁력이 있는지를 다루지 않는 등의 한계를 갖고 있다. This paper deals with ways to vitalize group annuities to strengthen participants' entitlements retirement pension in Korea. For this purpose, the pension buy-out method, which has been actively conducted in foreign countries, is applied. Pension buy-out is widely used as a method to eliminate the risk of retirement benefit debt for companies operating DB type of retirement pension with pension buy-in and longevity swap. Group annuities are a product used for pension buyout. The use of group annuities in Korea's retirement benefit system would reduce the confusion of expected workplaces when the dual retirement benefit systems is unified into one, strengthen the entitlement of participants in small and medium-sized businesses, help the companies adopt the retirement pension and employee choose the annuitization instead of the lump-sum receipt, and improves the retirement assets’ reserve rate in DB type of retirement pension. In order to activate group annuities in Korea, it is necessary to recognize the group annuities as a specific type of the retirement pensions within the Workers' Retirement Benefit Guarantee Act. To do this, we need to choose one of the methods of including the group annuities in the definition of the retirement pension plans in the Workers’ Retirement Benefit Guarantee Act, admitting the group annuities as one type of the retirement pension plans, and recognizing the company as offering the retirement pension if it adopts the group annuity.

소비자의 확정기여(DC)형 퇴직연금 관리역량 및 심리적 편향이 관리행동에 미치는 영향

장경영,최현자 한국FP학회 2022 Financial Planning Review Vol.15 No.3

This study attempted to solve the problem that the subscribers of defined contribution(DC) retirement pensions are very passive in managing their pensions despite the investment decisions determining the asset size at the time of retirement. This study examined the retirement pension management capability and behavior of DC subscribers, to understand the current situation and determine the effect of the retirement pension management capability and psychological bias on the retirement pension management behavior. The Wiggins & McTighe (1998) method of organizing the hierarchy of knowledge (big ideas, core knowledge, and content that needs to be familiar) was used to clarify the details of management knowledge and management skill required for DC subscribers. As a result of the analysis, the level of retirement pension management capability of the DC subscribers in Korea was 74 points (out of 100 points), with the highest management attitude of 76.3 points, followed by management knowledge of 73.3 points and management skill of 67.9 points. In the case of management behavior, more subscribers did not act than those who did in the first stage (management goal setting and checking behavior) or in the third stage (management execution behavior). In the second stage (management method search and comparison behavior), the information search behavior was relatively higher than that of the other management stages. In the fourth stage (management performance evaluation behavior), the subscribers regularly check the management performance but are passive in reflecting the results in their investment portfolios. An analysis of the effect of DC retirement pension management capability on management behavior found a statistically significant effect on the overall management behavior and each stage of the management behavior. In other words, the higher the retirement pension management capability, the more actively the retirement pension is managed. This is commonly applied to all stages of retirement pension management. The methods were compared and searched, and the execution and management performance evaluations were more active. These results confirm that a higher level of retirement pension management capability indicates a higher level of management behavior. Moreover, these results can be used as an empirical basis to prove that retirement pension management capability needs to be improved for active retirement pension management behavior. Finally, as a result of examining the moderating effect of psychological bias on the effect of retirement pension management capability on retirement pension management behavior, the moderating effect of self-confidence in the second stage(management method search and comparison behavior) and the moderating effect of status quo bias in the fourth stage(management performance evaluation behavior) were confirmed.