Regulatory Policy for the Development in Occupational Pension: Cases of the UK and Switzerland, and the Implication in Korea

Jung Chang Lyul

doi:10.17000/kspr.22.3.201509.235

This paper examines the regulatory policy in the Korean occupational pension at the point of time when it will expand to all employees in the near future. The expansion of private pension is a universal phenomenon in the advanced countries and, the role of government is changing from providers to regulators. The regulatory policy in private pension is widespread but it is generally thought as policy instruments to achieve public ends in private welfare systems. In regard to the matter, it compares regulatory policies between the UK and Swiss occupational pensions. While the UK has changed the policies from de-regulation, strengthening regulations such as fee and insolvency protection, Switzerland has efficiently regulated financial institutions through minimum interest rate. The Korean occupational pension has focused on the coverage extension only since its introduction but the systematic regulations have been absent. At the result, all elements such as fee, funding rule and insolvency protection are likely to increase the burden of members and companies. It is necessary to recognize that the regulatory policy is the prerequisites to achieve public ends in occupational pensions

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