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KMID : 1001320100370010051
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Social Welfare Policy
2010 Volume.37 No. 1 p.51 ~ p.73
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A Study on fundamental characteristics of the National Pension Fund: Examination of Various Status and Possibility
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Jung Chang-Lyul
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Abstract
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The National Pension reform in 2007 changed the overall structure of old age income security in Korea but it is not over yet, and the reform of National Pension fund governance which is now under discussion will complete the pension reform. The major alternative of the governance reform that the government plans is to exclude the participation of stakeholder in the National Pension Fund Management Committee and for financial experts only to participate in the Committee. The government plan seems to ingnore the fundamental characteristics of the National Pension Fund (NPF) which is a public fund and to regard it as general mutual funds. It does not correspond with the global standard and, the status of the foreign pension fund which is regarded as a role model is fundamentally different from that of the NPF. Comparing the NPS with the Sovereign Wealth Funds (SWFs) which is often examined in the developed countries, the NPS has not only the characteristics of pure trust funds but also those of public funds (or SWF). Accordingly, the current plan that ignores the various management methods of the NPF a risky alternative that supports benefits for financial stakeholder. There is possibility that the ’pension fund capitalism’, which ostensibly supports the logic that ’high earnings rate stabilises pension regime’, has represented the benefits of financial institutions or conservative mass media instead of pensioners or contributors. This article criticizes the current standardized debates in terms of the NPF governance reform and tries to examine the essence of public pension fund which has been ignored and to apply it to the NPS.
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KEYWORD
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National Pension Scheme, Sovereign Wealth fund, Pension fund capitalism, pension fund governance
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