퇴직연금 수수료율 결정요인 분석: 규모의 경제를 중심으로
Determinants of Retirement Pension Commission Rates: Focusing on Economies of Scale
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초록
이 연구에서는 2019~2022년 동안 퇴직연금사업자의 수수료율을 운용관리와 자산관리 부문으로 구분하여 제도유형(확정급여형/확정기여형/개인형IRP)별로 집적하고, 수수료율에 영향을 미치는 요인에 대해 분석하였다. 전체 수수료율(운용관리+자산관리)은 2019년 0.3656%에서 2021년 0.3102%로 하락하는 추세를 보였다. 수수료율과 적립금 규모 간 패널 회귀분석 결과, 퇴직연금 전체 적립금에서는 규모의 경제가 나타나지 않았으나 제도유형별로 구분하면, 3개 유형 모두 적립금 규모와 전체 수수료율 간 음(-)의 관계가 확인되었다. 확정급여형에서는 운용관리와 자산관리 부문 모두에서 수수료율과 적립금 규모 간 비선형관계가 발견되었다. 확정기여형은 운용관리 부문에서만 규모의 경제가 나타난 반면, 개인형IRP는 운용관리와 자산관리 부문 모두에서 규모의 경제가 존재하였다. 확정기여형제도의 자산관리 부문에서 규모의 경제가 나타나지 않은 것은 가입자의 협상력 열위에 기인한 것으로 보인다. 따라서, 확정기여형제도 가입자가 정보에 기반하여 퇴직연금사업자를 선정·교체할 수 있도록 유용한 핵심정보를 간단명료하게 비교공시하는 것이 바람직하다.
Abstract
This study analyzed the commission rates of Korean retirement pension service providers between 2019 and 2022 by pension types - defined benefit (DB), defined contribution (DC), and individual retirement pension (IRP) - and service divisions - operational management and asset management. The average total commission rate decreased from 0.3656% in 2019 to 0.3102% in 2021. A panel regression analysis on the total commission rates did not show statistically significant economies of scale. However, when we analyzed the three pension types separately, we could observe negative relationships between the pension fund size and the commission rate in all three cases. For the DB plan, there was a non-linear relationship between the pension fund size and the commission rate in the operational and asset management divisions. In the DC plan, the economies of scale appeared only in the operational management service, while in the IRP plan, in both the operational and the asset management divisions. We deduce that the absence of economies of scale in the asset management sector of the DC plan comes from the lack of negotiating power of pension members. Therefore, we recommend disclosing the key information so that DC plan members can make informed decisions for their pension providers.
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