세제적격 개인연금 계약자의 지급옵션 선택 분석
Empirical Study on the Payout Choices of Tax-Qualified Individual Annuities in Korea
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참고문헌
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초록
본 논문에서는 세제적격 개인연금보험(1994.6~2000.12 판매) 중 2008~2011년사이에 만기가 도래한 계약을 대상으로 계약자가 실제 선택한 옵션(일시금, 확정기간형연금, 종신연금, 대기 중)과 연금전환에 영향을 주는 요인에 대해 분석하였다. 표본 계약자 8,402명 중 78.9%와 6.0%는 각각 종신연금과 확정기간형 연금을선택하였으며, 4.9%는 일시금 인출을 선택하였으나, 나머지 10.1%는 선택을 미루고대기 중인 것으로 나타났다. 종신연금을 선택한 비율이 높게 나타난 것은 공적연금 및퇴직연금제도를 통한 연금급여의 불충분, 연금전환 시 비과세 혜택, 종신연금의 디폴트옵션 설정, 높은 수익률 등과 관련된다. 이들 요인 중 특히 높은 수익률로 인해종신연금 선택 비중이 높게 나타난 것으로 추정된다. 연금전환에 영향을 줄 것으로 예상되는 변수를 대상으로 회귀분석한 결과, 성,수익률, 적립금 규모 등이 유의한 변수로 나타났다. 일시금 대비 종신연금을 선택할가능성은 리스크 회피도가 높은 여자가 남자에 비해 34% 높고, 적용 사망률이 높아사망률의 상호보조 효과가 큰 계약자가 53% 높다. 또한, 적립금 규모가 커질수록일시금 대비 종신연금을 선택할 가능성도 높아지는 것으로 나타났다.
Abstract
We analyze the payout choices (lump sum, annuity certain, life annuity, waiting) and determinants of annuitization in tax-qualified individual deferred annuities sold from June 1994 to December 2000 in Korea. Of the 8,402 individual annuities reaching maturity between 2008and 2011, 78.9 percent elected life annuity, 6.0 percent elected annuity certain, 4.9% percent chose lump-sum withdrawal, and the remaining 10.1 percent chose waiting. Three factors explain the high annuitization rate in the sample data: the role of public pensions and occupational pensions in the provision of old age income, behavioral factors (tax incentives and default options in the payout phase), and the price of life annuities. Among these factors, price is assumed to be a major factor. Our results from the empirical analysis show that for a female, a guarantee of the reinvestment risk increases the probability that the policyholder will choose a life annuity compared to lump-sum withdrawal. Also, an increase in accumulated assets makes it more likely an individual will choose a life annuity over the lump-sum.
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