• 한국사회정책
• /
• v.25 no.3
• /
• pp.279-303
• /
• 2018

Since the introduction of the Riester Pension Scheme, the controversy has continued in the policy studies and the political debates. This study evaluates the achievements and limitations of the German Riester pension scheme and tries to derive policy implications for South Korea. As a result of the analysis, the most worthwhile achievement of the Riester Pension is to strengthen the role of the private pension schemes. Unlike other private pension schemes, it included a large part of lower income households. It also opened a new perspective of utilizing private pension schemes to accomplish the goals of the family policy. Despite these attainments, it does not reach the promised coverage rate. It also was revealed that the higher income households have concluded more Riester Pension Contracts than the targeted lower-income households. Due to high administration fee and incomplete information problems, benefit levels are supposed to be much lower than expected. It concludes, above all, despite some achievements, the Riester Pension Scheme will not fill completely the gap of old age income security caused by the reduction of the public pension system. The German case provides fruitful lessons for Korea. The introduction of a subsidized personal pension scheme in South Korea can be realized only when some prerequisites would be satisfied such as the consolidation and maturing of public pension schemes and the strengthening of the transparency in the private pension market.

• Journal of the Korean Data and Information Science Society
• /
• v.23 no.6
• /
• pp.1165-1172
• /
• 2012

The purpose of this paper is to investigate the reality of the occupational pension and suggest annuitization over a lifetime of the occupational pension for the purpose of securing income after retirement. A survey and the empirical analysis such as regression and crosstabulation analysis are employed. An research on a case study of an advanced countries is also conducted. The crosstabulation analysis shows that the post-retirement amenities of the self-employed person and the lower income bracket are serious. Individual retirement pension is suggested for the self-employed person and Riester Pension in Germany is recommended for the lower income bracket. The cases in Australia and the UK are useful for annuitization over a lifetime of the occupational pension.