OECD Reviews of Pension Systems

OECD Reviews of Pension Systems

This review provides policy recommendations on how to improve the Korean pension system, building on the OECD's best practices in pension design. It details the key features of the Korean pension system and identifies its strengths and weaknesses based on cross-country comparisons. The Korean p...

Descripción completa

Detalles Bibliográficos
Autor principal: OECD (-)
Autor Corporativo: Organisation for Economic Co-operation and Development, author, issuing body (author)
Formato: Libro electrónico
Idioma:Inglés
Publicado: Paris : Organization for Economic Cooperation & Development 2022.
Edición:1st ed
Materias:
Old age pensions.
Retirement income.
Pensions > Finance.
Ver en Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009704834106719
Tabla de Contenidos:
  • Intro
  • Foreword
  • Table of contents
  • Executive summary
  • Recommendations to improve public contributory pensions
  • Main recommendations to improve funded private pensions
  • 1 Introduction to the Review of the Korean pension system
  • 1.1. OECD Reviews of Pension Systems
  • 1.2. Why review the Korea pension system now?
  • 1.3. Historical background
  • 1.3.1. Introduction of the Mandatory Pension System
  • 1.3.2. Transformation of the private voluntary scheme into a severance scheme
  • 1.3.3. Coverage of private-sector workers by public pensions
  • 1.4. Economic and demographic context
  • 1.4.1. Demographics
  • 1.4.2. Economic context
  • 1.4.3. Labour market
  • References
  • Notes
  • 2 Description of the Korean public pension system
  • 2.1. Introduction
  • 2.2. Old-age stylised facts in Korea
  • 2.2.1. Total pension spending
  • 2.2.2. Labour market exit age
  • 2.2.3. Relative income of older people
  • 2.3. National Pension Scheme
  • 2.3.1. Expanding coverage
  • 2.3.2. Eligibility
  • 2.3.3. Retirement age
  • 2.3.4. Contribution rate
  • 2.3.5. Average-earnings component and accrual rate
  • 2.3.6. Pension formula
  • 2.3.7. Supplements
  • 2.4. Pension schemes covering specific occupations
  • 2.4.1. Government Employees Pension Scheme
  • Retirement age
  • Contribution rate
  • Accrual rate and reference wage
  • Indexation
  • 2.4.2. Military Personnel Pension Scheme
  • 2.4.3. Private School Teachers Pension Scheme
  • 2.4.4. Special Post Office Pension Scheme
  • 2.4.5. Comparison with other OECD countries
  • 2.5. Old-age income protection for the self-employed
  • 2.6. Survivor pensions
  • References
  • Notes
  • 3 How to improve the public pension system in Korea
  • 3.1. Introduction
  • 3.2. Comparison of pension replacement rates for private-sector workers
  • 3.2.1. Replacement rates from the NPS
  • Gross replacement rates.
  • Net replacement rates in international comparison
  • 3.2.2. Early and late retirement
  • Early retirement
  • Late retirement
  • 3.2.3. Impact of career breaks
  • 3.2.4. Self-employment
  • 3.2.5. Old-age safety net
  • Non-contributory basic pension
  • Short careers with low wages
  • Additional benefits
  • 3.3. Special regimes
  • 3.4. Pension finances of the National Pension System
  • 3.4.1. Building up the National Pension Fund
  • 3.4.2. The 1998 reform of the National Pension Fund
  • 3.4.3. Current financial position
  • 3.4.4. The projected depletion of the NPF
  • 3.4.5. Required contribution rate to ensure the financial balance of the NPS
  • 3.4.6. Alternative sources of funding
  • 3.5. Pension finances of the special regimes
  • 3.5.1. Government Employees Pension Scheme
  • 3.5.2. Private School Teachers Pension Scheme
  • 3.5.3. Military Personnel Pension Service
  • 3.6. Policy options
  • 3.6.1. Increasing contribution rates
  • 3.6.2. Extending the contribution period
  • 3.6.3. Unifying the pension schemes
  • 3.6.4. Raising the wage ceiling
  • 3.6.5. Increasing coverage
  • 3.6.6. Expanding tax resources to finance pension redistributive components
  • 3.6.7. Linking the retirement age to life expectancy
  • 3.6.8. Increasing the flexibility to combine work and pensions
  • 3.6.9. Providing greater pension protection for career breaks
  • References
  • Notes
  • 4 Governance, investment policy and risk management of the National Pension Fund
  • 4.1. History of Korea's reserve fund
  • 4.2. Governance of the National Pension Fund
  • 4.2.1. Responsibilities
  • 4.2.2. Governing body
  • 4.2.3. Accountability
  • 4.2.4. Suitability
  • 4.2.5. Delegation and expert advice
  • 4.2.6. Auditor, actuary and other third party
  • 4.2.7. Risk-based internal controls
  • 4.2.8. Disclosure
  • 4.3. Investment and risk management policies of the National Pension Fund.
  • 4.3.1. Retirement income objective, prudential principles and prudent person standards
  • 4.3.2. Investment policy
  • 4.3.3. Portfolio limits and other quantitative requirements
  • 4.3.4. Portfolio valuation
  • 4.3.5. Performance assessment
  • 4.4. Concluding remarks and policy recommendations
  • References
  • Notes
  • 5 Funded private pension arrangements in Korea
  • 5.1. Structure of private pension arrangements
  • 5.1.1. Types of private pension arrangements
  • 5.1.2. Private pension providers
  • 5.2. Coverage
  • 5.3. Contributions
  • 5.4. Tax treatment of retirement pension plans and personal pension plans
  • 5.5. Assets and investment
  • 5.5.1. Assets
  • 5.5.2. Asset allocation
  • 5.5.3. Investment performance
  • 5.6. Solvency and funding requirements
  • 5.7. Pay-out phase
  • 5.8. Market structure and competition
  • 5.9. Fees
  • 5.10. Supervision
  • 5.11. Public education and attitudes towards retirement
  • 5.12. Complementarity of public and private pension systems
  • 5.12.1. Objectives and goals
  • 5.12.2. Key risks in complementary pension arrangements
  • 5.12.3. Benefits and shortcomings of funded arrangements
  • 5.12.4. Trade-offs between DB and DC pensions
  • 5.13. A framework for assessing retirement income adequacy in Korea
  • 5.14. Policy options
  • References
  • Notes.

Ejemplares similares