Journal of the Korean Data and Information Science Society

The Korean Data and Information Science Society (한국데이터정보과학회)
권호 표지
DOI QR코드

DOI QR Code

An actuarial structure of income replacement ratio in pensions and individual annuity

국민·퇴직·개인연금의 소득대체율 산출을 위한 연금수리모형

  • Han, Jeonglim (National Pension Research Institute) ;
  • Lee, Hangsuck (Department of Actuarial Science/Mathematics, SungKyunKwan University)
  • 한정림 (국민연금연구원) ;
  • 이항석 (성균관대학교 보험계리학과/수학과)
  • Received : 2013.10.08
  • Accepted : 2013.11.04
  • Published : 2013.11.30
Download PDF
⟨ Previous Next ⟩

Abstract

This paper discusses income replacement ratios of national pension, retirement pension and individual annuities in Korea. These ratios are useful indicators for the assessment of retirement income security of workers. This paper projects income replacement ratios, using the pension entry rate, decrement rates, and life tables of the National Statistical Office. The result of the actuarial projection is that the income replacement ratio of national pension is approximately 21.0 to 22.7%, that the income replacement ratio of retirement pension is about 5.8 to 9.7%, and that the income replacement ratio of an individual annuity is about 13.5 to 21.0%, respectively. The income replacement ratio by income varies due to the effects of income redistribution in national pension and retirement pension, but the income replacement ratio of an individual annuity is constant, regardless of income.

우리나라 3대 연금제도별로 가입자의 노후소득보장수준에 대한 평가 지표인 소득대체율을 분석하였다. 분석을 위해 가입자의 연령별 소득수준에 대한 가정은 국민연금과 퇴직연금 및 개인연금의 소득 차이를 반영하여 연금제도별로 상이하게 적용하였으며, 가입기간에 대해서도 가입자의 전이확률을 반영하여 연금제도별로 구분하여 산출하였다. 연금 수급기간에 대해서는 통계청 생명표를 활용하였다. 분석 결과를 살펴보면 분석대상자의 국민연금 소득대체율은 약 21.0~22.7%이며, 퇴직연금의 경우에는 약 5.8~9.7%, 개인연금의 경우에는 약 13.5~21.0%로 나타났다. 소득계층별 소득대체율은 소득재분배 효과로 인해 국민연금의 경우에만 차이가 발생하고, 퇴직연금 및 개인연금의 경우에는 소득계층과 무관하게 동일하다. 이러한 결과는 평균가입기간이 국민 및 개인연금의 경우에는 약 16.8~22.2년, 퇴직연금의 경우에는 11.8~16.3년으로 가정하고, 수급기간의 경우 20~24년으로 가정한 것으로부터 분석된 결과이다. 분석 결과는 가입자에 대한 현실적인 가정을 통해 나타난 결과로서, 기존의 가상적 가입자를 대상으로 가입기간과 수급기간에 대한 시뮬레이션 분석과는 차별성이 있으며, 우리나라 연금 가입자의 소득대체율 결과에 대한 대표성을 지닌다.

Keywords

References

  1. Choi, K. H. (2004a). Comparison analysis of national pension and individual annuity, National Pension Research Institute, Korea.
  2. Choi, K. H. (2004b). Actuarial structure of korean national pension. Insurance Development and Research, 43, 31-59.
  3. Jung, S. C. (2012). The reality of benefits for retirement and the measures for annuitization of the occupational pension. Journal of the Korean Data & Information Science Society, 23, 1165-1172. https://doi.org/10.7465/jkdi.2012.23.6.1165
  4. Lim, B. and Kang, S. (2005). The effect of the income security in the old age from the national pension, the retirement pension and the private pension by the income classes. Insurance Development and Research, 16, 89-121.
  5. Mitchell, O. and Phillips, J. (2006). Social security replacement rates for own earnings benchmarks, University of Michigan Retirement Research Center, Michigan.
  6. NPAVC. (2008). 2008 actuarial valuation long-term actuarial projection for the national pension scheme, National Pension Actuarial Valuation Committee, National Pension Steering Improvement Committee, Korea.
  7. NPDC. (2003). 2003 national pension financial valuation & reform proposals for the national pension scheme, National Pension Development Committee, Korea.
  8. OECD. (2011). Pensions at a glance 2011, OECD Publishing.
  9. Ryu, K. and Lee, B. and Kim, D. (2009). Replacement rate of private pensions and the adequacy of retirement income security in Korea. Korean Insurance Academic Society, 83, 93-121.
  10. Whiteford, P. (1995). The use of replacement rates in international comparisons of benefit systems. International Social Security Review, 48, 3-30.
  11. Worrall, J. D. and Appel, D. (1982). The wage replacement rate and benefit utilization in workers’ compensation insurance. Journal of Risk and Insurance, 49, 361-371. https://doi.org/10.2307/252492
  12. Yun, S. and Son, C. and Yang, H. and Lee, H. and Kim, E. and Choi, M. and Yu, K. and Shin, H. and Bang, H. and Lee, Y. (2012). National pension etc's survey and analysis for public & private pension insurance development, Korea Institute for Heath and Social Affairs, Seoul.

Cited by

  1. Intention to use physical and psychological community care services: a comparison between young-old and older consumers in Korea vol.39, pp.4, 2015, https://doi.org/10.1111/ijcs.12195
  2. Analysis of mortality after death of spouse in relation to duration of bereavement and dependence relation between married couple -using married couples data from survivor's pension of National Pension Service- vol.26, pp.4, 2015, https://doi.org/10.7465/jkdi.2015.26.4.931
  3. The estimation of lifetime income replacement rates vol.25, pp.6, 2014, https://doi.org/10.7465/jkdi.2014.25.6.1315
  4. Analysis of the 2015 reform plan of government employees pension system (GEPS) through monte carlo simulations vol.27, pp.1, 2016, https://doi.org/10.7465/jkdi.2016.27.1.19
  5. A proposal and analysis of finance evaluation indicators for actuarial review of the national pension vol.27, pp.1, 2016, https://doi.org/10.7465/jkdi.2016.27.1.75