일본의 퇴직연금 디폴트옵션제도 도입 사례 분석 및 시사점

Case Analysis and Implication of the Introduction of Default Options for Retirement Pension in Japan

Purpose: While the amount of reserve in retirement pension in Korea has been increasing rapidly, the rate of return is low due to fact that most of the corporate pension reserve is invested in financial products that guarantee the principal and interest. This study focuses on deriving implications for the introduction of domestic default options after investigating the default option system in Japan, which operates mainly under the contract-based governance structure. Research design, data, and methodology: We begin with examining the outline of the Japanese default option system, and the selection criteria and selection process for default option products. Next, after conducting the case studies on Aeon Group and Gunje, we investigate the supervision and participation protection aspects of the Japanese default option system. Results: We suggest that the principle and interest guarantee type is included in the default product requirements through labor-management consultation, and the number of products presented is limited to below an appropriate level to help participations selection. The principle and interest guarantee type is included in the default product requirements through labor-management consultation, and the number of products presented to help subscribers selection is limited to below an appropriate level. Implications: We draw the implication from the perspective of providing information on default option product selection requirements, setting the period and grace period, imposting a fiduciary duty to employers, and providing information on principal and interest guaranteed products.