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감독원, DB도입 기업에게 주주배당보다 퇴직연금 적립에 주력하라고 경고
"확정급여형 제도를 도입한 기업은 주주들에게 높은 배당을 주기 전에 연기금의 적립부족을 빠른 기간 안에 해소해야 한다"고 영국 연금감독원의 Anthony Raymond 수석 감독정책담당자가 이야기 했습니다.
기업은 자신의 고유자산과 연기금을 통합해서 운용하는데, 주주에게 주는 배당금은 커지는데, 연기금 적립부족을 해소하기 위해서 납입하는 퇴직연금 부담금은 그만큼 커지지 않아서 차이가 점점 벌어지는 것을 경고한 것입니다.
물론 이 차이를 측정하는 것은 연금부채를 평가하는 할인율이고 이 할인율은 고유자산과 연기금을 통합해서 운용하는 기업이 선택하는 거죠.
최근 기업들이 연기금의 부담금 책정에는 인색하면서도 주주에게는 넉넉하게 배당을 챙겨주는 통에 재정안정화계획서에 적립부족해소 계획이 실패하는 경향이 있다고 하네요.
Companies should fund pension plans, not pay big dividends, Pensions Regulator says
Large plan sponsors should commit to reducing defined benefit fund deficits over a shorter period of time instead of paying out high dividends to shareholders, the U.K. pensions regulator said in its annual funding statement Thursday.
The Pensions Regulator said it was concerned about the increasing gap between dividend payments and deficit-reduction payments, and called on plan sponsors to reconsider the choice of valuation methods and investment strategies to counter these deficits.
"The discount rate should be chosen using integrated risk management principles that are consistent with their long-term funding and investment targets and the view of the employer covenant," the TPR statement said.
In addition, the regulator warned that intragroup loans and transfers of business assets at less than fair value were as detrimental as dividend payments.
"In our 2018 (report) we are being clearer about our expectations of how trustees should approach their plan valuations. Recent corporate failures have shown the risks of long recovery plans while payments to shareholders are excessive, relative to deficit-repair contributions," Anthony Raymond, interim executive director of regulatory policy at the TPR, said in a news release.
"Trustees should negotiate robustly with the sponsoring employer to secure a fair deal for the pension plan, while employers should balance the interests of participants with returns to shareholders and investors," Mr. Raymond said in the release. "We are working more closely than ever with trustees to support them in this process. However, if trustees fail to act we can intervene to protect participants by using the full range of powers available to us now."
The TPR also asked plan sponsors and trustees to focus on risk management and contingency planning in the context of persisting economic uncertainty.
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