퇴직연금 감독체계 개선방안에 관한 연구

Abstract

The role of the supervisory authority is important in contract based governance retirement pension system in Korea due to the agency problems between employees and pension providers. However, our retirement pension supervision faces problems such as the lack of mechanisms to mitigate conflicts of interest, dual supervisory systems and limited supervisory personnel, and the lack of autonomous surveillance in the market. In this study, we examine the United States retirement pension supervision system providing clear and specific responsibilities and obligations to trustees and the United Kingdom retirement pension supervision system presenting specific codes of conduct and guidelines to stockholders through several recent pension reforms. This study examines the US and UK retirement pension supervision systems and reviews the principles of supervisory retirement pension proposed by international organizations. In particular, in order to establish an efficient retirement pension supervision system in Korea, it is necessary to reflect the specificity of contract-type governance structure and take precautionary measures on trustee risk management prior to introduction to institutional type governance. In addition, the organic integration and functional separation of the supervisory functions, which are dualize by the Ministry of Employment and Labor and the financial authorities, should be considered, while at the same time, the global trend of risk-based supervision should be pursued. Lastly, in order to establish an autonomous oversight system to monitor markets, pension providers should be required to establish an independent governance committee and find ways to strengthen the disclosure system.