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Actuarial Valuation & Financing ofNational Pension Plan in Korea

  • Journal of Insurance and Finance
  • 2003, 14(3), pp.147-176
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management

Yongha Kim 1

1순천향대학교

Candidate

ABSTRACT

This paper has attempted to find actuarial valuation methodolog y of National Pension Scheme.The paper is composed of as follows. First, the Paper reviewed the financialprojections of NPS(Chapter II), then explored financing methods of pensionsystem(Chapter III), and then the direction of policy measures for financingNPS(Chapter IV). The analysis of this Paper has been based on t he outcome of asimulation model which has incorporated various variables to re flect the factorsaffecting the pension system.The results of the simulation confirmed that financing methods exerts greatimpacts on generational redistribution as well as soundness of national pension.This study confirmed that the suitable combination of pay as yo u go method andfunded method should be made for sustainable NPS.

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