종신연금 가격과 연금전환 분석: 세제비적격 개인연금을 중심으로
Life annuity prices and annuitization decision in non-qualified individual annuities
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본고는 1982.1-2003.3 동안 금리확정형 세제비적격 거치연금에 가입한 계약 중 2008-2011년에 연금개시시점이 도래한 계약을 대상으로 연금전환에 대한 선택행동을 분석하였다. 전체 표본 중 종신연금을 선택한 비중은 75.3%이며, 성별로 보면, 남자와 여자가 각각 73.6%, 77.4%이다. 종신연금 가격이 연금전환에 미치는 효과를 분석하기 위해 가격변수(연금지급률의 보증가치 및 연금급여의 재무적 가치)를 추정하였다. 회귀분석 결과, 전체 표본은 종신연금의 가격이 하락하면(즉, 가치가 상승하면) 일시금 대비 종신연금을 선택할 확률이 높아지는 것으로 나타났다. 계약자를 성별로 구분하면, 남자가 여자에 비해 가격변화에 대한 민감도가 크게 높은 것으로 추정되어 연금가격의 영향은 성별로 상이한 것으로 나타났다. 이러한 결과는 남자와 여자의 연금전환 요인은 동일하지 않으며, 여자의 경우 가격요인 이외의 다른 요인에 의해 설명될 수 있음을 시사한다.
Abstract
This paper analyzes annuitization rates by policyholders with individual deferred annuities (non-qualified type with issue date from January 1982 to March 2003) to assess the impact of annuityʼs value on payout decision between 2008 and 2011. We find a strong impact of the annuity prices on the annuitization: policyholders with the higher value contracts are more likely to choose for a life annuity option than a lump sum distribution. Also, we find gender differences in the annuity price effects of annuitization. Males respond rationally to changes in annuity pricing, the effect is significant. On the other hand, females are unlikely to increase annuitization rates when life annuity prices fall. These results suggest that annuitization factors are different between males and females.
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