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KMID : 1124020110270010317
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Korean Social Security Studies
2011 Volume.27 No. 1 p.317 ~ p.340
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A Study on Retirement Pension Governance and Contracts: Based on a Comparative Analysis of UK and Germany
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Kim Jae-Hyun
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Abstract
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Since the retirement pension system was introduced in 2005, the pension governance has been a major issue, yet it was out of the research area. The most critical mistake in the law is to allow a retirement pension provider to make an administration contract and an investment management contractor, simultaneously with one pension plan, while the law gives the prudentman’s duty and monitoring power to the administrator over the investment manager. In the mean time, self-dealing by retirement pension providers is threatening the employees’ vesting right. In an effort to partly resolve the problem, this study investigates pension governance systems in U.K. and Germany. This paper suggests that the administration contract and investment management contract practically must be separated in a retirement pension plan. Also this paper argues that the investment management contract must be solely based on trust. The insurance contract is to be removed from the investment management contracts and revive as the retirement pension insurance. This means that the retirement pension system needs to provide various type of vehicles to employers as well as employees.
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KEYWORD
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Retirement pension, Pension governance, Trust
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