Foreword

This OECD Pension Review provides an assessment of Korea’s retirement income provision from an international perspective and focuses on the capacity of the pension system to deliver adequate retirement income in a financially sustainable way. The review highlights OECD best practices for the design of pensions by covering public pensions and private funded plans. The analysis is based on both OECD flagship pension publications, Pensions at a Glance and Pensions Outlook, and country-specific sources and research.

The report was prepared by a team of pension analysts from the OECD’s Directorate for Employment, Labour and Social Affairs (ELS) and the Directorate for Financial and Enterprise Affairs (DAF): Hervé Boulhol and Andrew Reilly (ELS) and Pablo Antolin, Diana Hourani and Romain Despalins (DAF). Editorial assistance was provided by Lucy Hulett and Natalie Corry (ELS).

The OECD is very grateful to numerous officials at the Ministry of Health and Welfare, the Ministry of Employment and Labour, the National Pension Service (NPS), the National Pension Research Institute, the Government Employees Pension Service (GEPS), the Korean Insurance Research Institute, the Korea Institute for Health and Social Affairs, the Financial Supervisory Service (FSS) and the Financial Services Commission (FSC) amongst others and in particular Hyungyung Moon from the NPS who co-ordinated the OECD exchanges with Korea. The report benefited greatly from discussions with a wide range of experts and officials during two OECD missions held virtually.

The authors are also grateful to Stefano Scarpetta (ELS Director), Mark Pearson (ELS Deputy Director), Monika Queisser (ELS Head of Social Policy Division) for their useful comments.

The opinions expressed and arguments employed herein should not be taken to reflect the official views of the Government of Korea.