Actuarial Structure of Benefits in the KoreanNational Pension System
Publisher : Korea Insurance Research Institute
Research Area : Business Management
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This paper analyses the Korean National Pension system through the actuarial model that is the standard practice of private insurance, though recognizing its fundamental limitation caused by complicate benefit systems and deficient related basic rates. The specific actuarial model constructed is a joint life annuity model with invalid benefits. The core of model is the estimation of expected contributing years using the concept of curtate life expectancy. Based on this model with a representative male entering the system at the age of 28 with three year younger wife, this paper estimates the actuarial structure of Korean National Pension system. The size of survivors benefit is estimated to be in the range of 9.2% - 10.5% depending on the discount rate of total benefit and the size of invalid benefit is estimated to be in the range of 2.1% - 2.9% much smaller size than that of survivors benefit. The remaining 86.5% - 88.7% pertains to the old age benefits. Thus all existing studies can be said to underestimate the benefits by 11.3% - 13.4% virtually omitting the survivors and disabled benefits.
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