Sources#

Sources for the tax-qualified pension savings product (yeongeum jeochuk boheom, 연금저축보험) — product-spec.md, technical-notes.md and model.md. Access date for every entry: 2026-09-03.

The numbering is per product. S1 and R1 mean different documents in every other product’s sources.md, and they are carried verbatim from the numbering in _research/pension-savings.md, which is frozen and is never renumbered — the product documents cite against it, so a renumber would silently redirect every citation. Three tag families are in use, and they mean different things:

Tag	Resolves to	What it is
`[S#]`	this page, Primary product sources	A fact read off a carrier’s own document — 약관 (policy conditions), 상품요약서 (statutory product summary), 상품안내장 (compliance-approved sales literature) or 공시자료 (regulatory rate disclosure). These are what the contract says
`[R#]`	this page, Regulatory and actuarial references	A statute, an enforcement decree, a supervisory 고시 or 별표, a tax-authority page or a statistical source that only this product needs. Mostly 소득세법 and its Decree, because the tax wrapper is what makes this product a distinct object
`[REG-R#]`	`references/regulatory-and-actuarial-references.md`	The cross-product Korean regulatory library, numbering frozen at R1–R62 and shared by all ten products. Reprinted in short form at the end of this page so a reader of this page alone can resolve them

Two more tags resolve to definitions rather than to sources. std marks a standardization introduced for the reference implementation: a value no retrieved document gives, carried with a rationale and, where one exists, the observed range across insurers. unverified marks a claim that could not be confirmed against a retrieved document. [derived] is not a citation: it marks a figure computed here from published ones.

Retrieval outcomes are recorded, never hidden. Of the 18 primary sources, 14 were retrieved in full and 4 in part; of the 22 regulatory references, 18 in full, 2 in part and 2 not at all. The two that failed — 소득세법 시행령 제187조의2 R7 and 보험개발원’s big-data platform R24 — are named at the point of use rather than papered over.

Unused research numbers are omitted, so there are gaps, on the same convention the sister libraries follow. _research/pension-savings.md carries S1–S21 and R1–R25; six of those are not cited by any of this product’s documents and so have no entry here:

S17 and S18, the 손해보험협회 공시실 연금저축 비교공시 displays — the portal is REG-R62, and no figure from either display reaches a document.
S21, 한화생명 공시실 「적용이율」 — not retrieved (navigation shell only); that carrier’s guarantee ladder came from its 약관 instead [S4].
R15, 보험업감독규정 (본문) — not retrieved; the whole 고시 was retrieved in the cross-product pass as REG-R9, which the documents cite instead.
R23, a 2013 news item describing the pension-tax reform as proposed. Its 1/15 cap and 22% rate are not the law that was enacted, and nothing rests on it.
R25, a carrier explainer on the 경험생명표 vintage question — not retrieved (DNS timeout). Its loss is why that question is answered from 약관 wording instead. Nothing was newly added at drafting: every entry below is already in the research file.

Primary product sources#

S1 — 「무배당 우리WON인터넷연금저축보험 상품요약서」, ABL생명 (상품요약서)#

URL: https://abllife.co.kr/cms/pban/prdtPban/whlPrdt/__icsFiles/afieldfile/2026/07/09/NP_우리WON인터넷연금저축보험_상품요약서(260101).pdf
Publisher: 에이비엘생명보험주식회사 (ABL Life). Document: 판매 vintage 260101, 9 pp. PDF.
Accessed: 2026-09-03. Retrieved: yes — downloaded and parsed locally with PyMuPDF and read in full; the markdown-converting fetcher returned only the binary stream.
The single most quantitatively complete document behind this product, and the source of the composite’s whole charge structure: 계약체결비용 1.50% of the monthly 기본보험료 for seven policy years, 계약관리비용 3.00% a month while premiums are due and 0.67% after 납입완료, the 추가납입 charge of 2.00% bearing 계약관리비용 only, the 연금수령기간 관리비용 of 0.5%, a 모집수수료율 table of 0.00% in every year and a 해약공제액 table of all zeros. It also gives the 최저보증이율 ladder 1.25 / 1.00 / 0.50, a 예정이율 of 2.50%, the 공시이율 with its month (2.40% at 2026-01), three 연금사망률 rates by sex at ages 50 / 60 / 70, a 해약환급금 예시 over twenty years on two interest bases, the 연금수령한도 as a typeset equation, and the statement that 계약이전 is not a withdrawal.
Rests on it: pricing_table.csv’s charge rows and expense_table.csv’s two commission rows; the nil surr_chg_pp; three of the six anchors in mort_anchor_table.csv; the guarantee ladder; and the finding that the composite’s early-duration 환급률 is the direct-channel product’s rather than the tied-channel product’s.

S2 — 「연금저축나이스플랜연금보험2601」 상품안내장, ABL생명 (보험안내자료)#

URL: https://www.abllife.co.kr/cms/prdt/anutSav/__icsFiles/afieldfile/2026/01/06/연금저축나이스플랜연금2601_20260101.pdf
Publisher: 에이비엘생명보험주식회사. Document: 제작 2026-01-01, 준법감시인 심의필 제2025-PA474호, 8 pp. PDF.
Accessed: 2026-09-03. Retrieved: yes — downloaded, parsed locally with PyMuPDF, read in full.
A participating 연금저축보험 carrying three complete 연금액 예시표 on one model point — 남자 40세, 기본보험료 월 50만원, 20년납, 연금개시나이 65세 — on three interest bases (최저보증이율, min(평균공시이율 2.50%, 공시이율 2.15%), and 공시이율 2.15%), each giving the fund at annuitisation and the monthly annuity under 종신연금형 10년 / 20년 보증 and 확정연금형 10 / 15 / 20년, with the matching 해약환급금 예시표.
Rests on it: the anchor model point itself; the 공시이율 of 2.15% and hence the whole base scenario; all eight derived annuity factors and therefore the calibration of mort_table.csv and the 0.5% annuity charge; the 100.1%-of-premiums floor at the 연금개시일; the 2026 평균공시이율 of 2.50%; the 예금자보호 limit; and the fact that surrender is available up to the day before the 연금개시일. It is the one document in the set that fixes accumulation and annuitisation on a single consistent basis.

S3 — 「무배당 ABL인터넷연금저축보험 보험약관」, ABL생명 (약관 — policy conditions)#

URL: https://www.abllife.co.kr/cms/pban/prdtPban/whlPrdt/__icsFiles/afieldfile/2021/09/24/20210925_NP_ABL인터넷연금저축보험.pdf
Publisher: 에이비엘생명보험주식회사. Document: 약관 with 부록, 127 pp. PDF, posted 2021-09-25.
Accessed: 2026-09-03. Retrieved: yes — downloaded and parsed locally; the tax article, the annuity benefit table and the 부록 statute reproduction read in full.
제21조[계약의 세제혜택 등] verbatim: the 세액공제, the 16.5% 기타소득세, the three-limb 연금수령 test, the 연금수령한도 equation, the six 부득이한 사유 with their caps and the spouse-succession rule. Critically its 부록 reproduces 소득세법 시행령 제40조의2제2항–제5항 verbatim, which is the cleanest retrieved copy of that provision, and it carries the three 최소 연금지급기간 tables that translate the 연금수령한도 into a minimum payout term.
Rests on it: tax_table.csv’s 연금수령 rows — min_annuity_age, min_account_years, limit_denominator_base and limit_uplift — and annuity_limit_pp, jointly with R6.

S4 — 「한화생명 e연금저축보험 무배당 약관」, 한화생명 (약관 + 가이드북)#

URL: https://direct.hanwhalife.com/products/downloadProxy/한화생명 e연금저축보험 무배당_1772-029_032_약관_20240401.pdf
Publisher: 한화생명보험주식회사 (Hanwha Life). Document: 문서번호 1772-029/032, 2024-04-01 vintage, 122 pp. PDF.
Accessed: 2026-09-03. Retrieved: yes — downloaded and parsed locally; the rate, annuity, tax and surrender sections read.
A direct-channel carrier with a different 최저보증이율 ladder from every other retrieved document — three bands stepping at 3 and 5 years rather than two stepping at 5 and 10 — which is what shows the ladder to be a product-vintage variable. It carries 제6조 「공시이율의 적용 및 공시」 verbatim including the 공시기준이율 construction, a 별표1 benefit table with 종신연금형 at 10년 / 20년 / 100세 보증 and 확정기간연금형 at 10 / 15 / 20년, the 100.1% minimum guarantee with its two disapplication triggers (별표1 주10), the annuity-mortality ratchet clause (주11), and the statement that a contract crediting the floor still bears its charges.
Rests on it: the death benefit as the fund and nothing more; the floor’s disapplication, which is model point 9’s min_fund_on = 0; one of the six independent statements of the ratchet clause; and the rule that charge_from_av_pp does not consult the guarantee.

S5 — 「삼성생명 연금저축골드연금보험 B1.4(무배당)」 상품안내장, 삼성생명 (보험안내자료)#

URL: https://image.kebhana.com/cont/download/insdocument/leaflet/08L03014230_r.pdf
Publisher: 삼성생명보험주식회사 (Samsung Life), sold through KEB하나은행. Document: 판매개시일 2016-04-01, 준법감시필 BA 제16-28호, 4 pp. PDF.
Accessed: 2026-09-03. Retrieved: yes — downloaded, parsed locally, read in full.
An older-vintage contract, retained deliberately: it shows the tax parameters before the 2023 and 2026 reforms (₩4,000,000 credit cap, ₩12,000,000 threshold, 종신연금형 4.4%), and carries the fullest published 연금지급 예시 — 종신연금형 at four guarantee lengths and 확정기간연금형 at five terms, each on three interest bases — plus a 해약환급금 예시 with a 세후지급 예상액 column uniformly 83.5% of the surrender value, exactly 1 − 16.5%. It also publishes a 13-month 공시이율 history falling 3.55% → 2.98% in steps of two to seven basis points without reversing, a 평균공시이율 of 3.5% for 2016, a 최저보증이율 of 1.5% / 1.0%, and 「보험료 납입면제 사유 : 없음」.
Rests on it: the treatment of the declared rate as a slow-moving step function rather than a market rate; the 0.67% paid-up charge as a market feature rather than one carrier’s; the empirical confirmation of the 16.5% 기타소득세 bite; the absence of a premium waiver; and the top of the observed guarantee range.

S6 — 「e-NH연금저축보험(무배당)_2404 약관」, NH농협생명 (약관 — policy conditions)#

URL: https://image.kebhana.com/cont/download/insdocument/provide/L42014209M_agree.pdf
Publisher: NH농협생명보험주식회사. Document: 주계약 + 특약 + 별표, 88 pp. PDF, 판매월 2026-01.
Accessed: 2026-09-03. Retrieved: yes — downloaded and parsed locally; the benefit table, the age article, the contract-variation article and the rate notes read.
The widest annuity-form menu of any retrieved contract — 종신연금형 at 10 / 20 / 30년 보증, 확정기간연금형 at 10 to 30년, and a 자유설계연금형 splitting the fund between the two in 10% units. It is also the only retrieved contract stating the 보험나이 / 만나이 rule explicitly (제20조): 보험나이 governs except the statutory 만 55세 test. Its annuity basis is 「무배당 경험 개인연금사망률」 and the ratchet appears as 별표1 주10.
Rests on it: the age-basis convention of the whole model and the std simplification that reads both statutory tests off age(t); the payout-form menu; and one more independent statement of the ratchet and of the death benefit.

S7 — 「우체국연금저축보험 2504 상품요약서」, 우체국보험 (상품요약서 — statutory summary)#

URL: https://www.epostlife.go.kr/resources/js/biz/ip/gs/pdf/yoyak_P210061_202504.pdf
Publisher: 우체국예금·보험, 체신관서 (Korea Post Insurance). Document: 2504 vintage, 14 pp. PDF.
Accessed: 2026-09-03. Retrieved: yes — the default extraction dropped the numerals because of the layout, so pages were re-extracted with sort=True, after which the document read cleanly.
The only retrieved 연금저축보험 with a non-zero 해지공제액 — ₩104,000 at year 1 falling to zero at year 5, published both in won and as a percentage of premiums paid (8.7% → 0%). It also gives a full 개인연금사망률 table at ages 40 / 60 / 80 for both sexes, a 예정이율 of 2.5%, a 최저보증이율 of 1.0% / 0.5%, a five-year 계약자배당 history with its 기준율, a 해약환급금 예시 at two premium sizes, 전건 무진단 underwriting, and a fee schedule split into 판매보수 / 유지보수 / 계약관리비용 / 연금수령기간 관리비용 / 추가납입 비용.
Rests on it: model point 8’s front-end surr_chg_rate; the other three of the six anchors in mort_anchor_table.csv; the corroboration of the 0.5% annuity charge at a second carrier; and the corroboration that the 연금사망률 is handed to the policyholder at inception, which is the evidence for the issue vintage being the base reading.
Publisher note: 우체국보험 is supervised by 과학기술정보통신부 rather than by the FSC — a statutory carve-out from 보험업법 — so its schedule is quoted as a bracket on market practice, never as evidence of what 감독규정 requires.

S8 — 「연금저축손해보험 현대해상다이렉트연금보험(Hi2504)」, 현대해상 (약관 + 상품안내)#

URL: https://direct.hi.co.kr/dhNAS/terms/CM106N_20250901.pdf
Publisher: 현대해상화재보험주식회사 (Hyundai Marine & Fire), a non-life insurer. Document: file CM106N dated 2025-09-01, 97 pp. PDF.
Accessed: 2026-09-03. Retrieved: yes — downloaded and parsed locally; the product-envelope, rate, annuity and tax sections read.
The non-life form of the same statutory wrapper, and the cleanest demonstration of what a 손해보험사 may and may not write: its only 연금지급형태 is 정액형 over 5년 ~ 25년, there is no 종신연금형 at all, and therefore no annuity mortality in the contract. It names its crediting rate 「연금저축 공시이율Ⅴ」, gives a 1.25% / 1.0% / 0.3% ladder (the lowest long-duration floor observed), defines 해약공제액 as 미상각 신계약비, states 「공시이율이 0.1%로 낮아지더라도 적립금은 … 최저보증이율로 적립됩니다」, and cites 감독규정 제1-2조’s 저축성보험 definition as the reason the annuity start date is deferred.
Rests on it: the statement that the floor guarantees the credited rate and not the return; the bottom of the observed guarantee range; the 납입유예 shape; and the life/non-life scope boundary the specification draws.

S9 — 「연금저축 교보First연금보험 약관」, 교보생명 (약관 — policy conditions)#

URL: https://lawinsider.com/ko/contracts/aXubiP59oQE
Publisher: 교보생명보험주식회사 (Kyobo Life). Document: 주계약 + 별표1 + 별표2, vintage unknown.
Accessed: 2026-09-03. Retrieved: in part — fetched through a third-party contract mirror rather than the carrier’s own 공시실; the articles quoted returned, but the edition date and filing reference did not, so the vintage is unknown and is treated as older-generation.
A much higher guarantee ladder than any other retrieved contract — 연복리 2.0% under ten years and 1.5% at ten years and over — which brackets the top of the observed range. Also 종신연금형 at 10 / 20 / 30년 / 100세 보증, 확정연금형 at 5 to 30년, 연금지급개시나이 만55세~80세, the bar on surrender after the first instalment of a 종신연금형, and the same ratchet clause at 별표2 주9.
Rests on it: the observed range of the guarantee ladder, and one more independent attestation of the ratchet. No composite parameter is taken from it.

S10 — 「(무)AIA 여유+ 변액연금보험 상품요약서」, AIA생명 (상품요약서 — statutory summary)#

URL: https://www.aia.co.kr/content/dam/kr-wise/ko/docs/products/saving/summary/AIA_kr_Form107_20260101.pdf
Publisher: AIA생명보험주식회사 (AIA Life Korea). Document: Form 107, 2026-01-01 vintage, 18 pp. PDF.
Accessed: 2026-09-03. Retrieved: yes — downloaded, parsed with sort=True, the annuitisation sections read.
Scope caution, carried from the research file: this is a 변액연금보험, not a 연금저축보험. It is cited only for annuitisation machinery — the fullest annuity-form taxonomy retrieved (보증기간부 종신연금형 with 정액형 and 체증형, 보증금액부 종신연금형, 확정연금형, 상속연금형, 실적연금형), the definition that 「100세 보증」 means a (101 − 연금개시나이)-year guarantee, and the same mortality-vintage ratchet clause at 주4. No accumulation, expense, tax or rate parameter in this product rests on it. It belongs primarily to _research/variable-annuity.md.

S11 — 「e원금보장 KDB하이브리드연금저축보험(무)」 상품 페이지, KDB생명 (product page)#

URL: http://direct.kdblife.co.kr/edirect/product/hybrsavingDetail.do
Publisher: KDB생명보험주식회사. Document: product page, rates stated as at 2024년 10월.
Accessed: 2026-09-03. Retrieved: yes (HTML fetch, converted and read).
A hybrid rate design absent from every other retrieved carrier: a fixed 연복리 3.5% 확정이율 for the first five contract years, then the ordinary 신공시이율(무배당 연금저축Ⅳ), with a 1.0% / 0.5% floor. Also 가입나이 만19세 ~ (연금개시나이 − 납입기간), 연금개시나이 만55~80세, the annuity-form menu, and a plain statement of the 16.5% / 13.2% credit rates with the resulting maximum refunds of ₩990,000 and ₩792,000.
Rests on it: the hybrid scenario of decl_rate_table.csv, which model point 8 runs; the 2024-10 point in the observed declared-rate range; and the consumer-side corroboration of the grossed-up credit rates.

S12 — 「금리연동이율공시」, DB생명보험주식회사 (공시이율 disclosure)#

URL: https://www.idblife.com/notice/product/tmo_int
Document: monthly declared-rate disclosure, table dated 2026-09-01. Accessed: 2026-09-03. Retrieved: yes (HTML fetch, table read).
The current market level of the 연금저축 공시이율, two days before the access date, with the prior month beside it: 3.01% and 2.82% on two 연금저축 vintages inside one carrier on one date. It is the only retrieved source that dates a declared rate to the current month.
Rests on it: the top of the 2.1%–3.0% observed range against which the composite’s 2.15% is described as the conservative arm, and the 19-basis-point intra-carrier spread [derived].

S13 — 「적용이율 공시 — 최저보증이율 및 경과기간별 중도해지율」, 하나생명 (공시자료)#

URL: https://www.hanalife.co.kr/anm/interestRate/interestRate_tab5.do
Accessed: 2026-09-03. Retrieved: yes (HTML fetch, table read).
A by-vintage 최저보증이율 table across one carrier’s whole 연금저축 shelf, keyed to each product’s 판매개시일 — the evidence that the ladder is a function of sale date rather than of carrier, with two ladders running side by side inside one shelf. Its second column is the 경과기간별 중도해지율, and every row of it reads 「적용안함」.
Rests on it: guar_rate_table.csv’s ladder; and, as negative evidence, the whole argument that lapse_table.csv must be std — this is the one regulatory disclosure in Korea that has a lapse-by-duration column, and the carrier declines to populate it.

S14 — 「적용이율 공시 — 표준이율 및 평균공시이율」, 하나생명 (공시자료 — rate disclosure)#

URL: https://www.hanalife.co.kr/anm/interestRate/interestRate_tab6.do
Accessed: 2026-09-03. Retrieved: yes (HTML fetch, both tables read).
The 평균공시이율 time series 2016–2026 with the current year’s value of 2.50%, and the definition of the 평균공시이율 as the regulator-defined average of all insurers’ declared rates — a supervisory parameter, published by carriers, that enters illustration and discounting rules directly.
Rests on it, jointly with REG-R48: pricing_table.csv’s avg_decl_rate, which enters the model only inside surr_chg_cap_pp (별표 14 주6’s discounting) and as the ceiling reference for the std policy-loan rate.

S15 — 「적용이율공시 최저보증이율(연금저축상품)」, 교보라이프플래닛 (공시자료)#

URL: https://www.lifeplanet.co.kr/disclosure/good/HPDA45S2.dev
Accessed: 2026-09-03. Retrieved: in part — the guarantee-ladder rows returned; the current-month declared rate and the 경과기간별 중도해지율 tab are rendered client-side and did not return.
A third guarantee-ladder shape, 1.25% / 1.00% / 0.75%, with the effective dates of the products it applies to. Cited only in the variation table of product-spec.md.

S16 — 「연금저축 비교공시 — 가입시 유의사항」, 하나생명 (비교공시 boilerplate)#

URL: https://www.hanalife.co.kr/anm/annuityProduct/annuityProduct_tab4.do
Accessed: 2026-09-03. Retrieved: yes (HTML fetch, read).
The four-way comparison of 연금저축신탁 / 연금저축펀드 / 생보 연금저축보험 / 손보 연금저축보험 across 납입방식, 연금수령기간, 원금보장 and 예금자보호 — the crispest single statement of what distinguishes the three statutory wrappers, and of the fact that only the life-insurer leg can pay a life annuity.
Rests on it: the wrapper comparison in product-spec.md’s overview, and the 16.5% 기타소득세 statement counted among the nine carrier documents that state it identically.

S19 — 연금저축 비교공시 › 판매회사별 적립금, 금융감독원 (통합연금포털 display)#

URL: https://www.fss.or.kr/fss/lifeplan/goodsCmpr/list.do?menuNo=200961
Accessed: 2026-09-03. Retrieved: in part — the page returned a stale quarter (‘22.2분기) rather than the current one, because the quarter selector is a client-side control. The category list (수익률 / 수수료율 / 장기 수익률 / 장기 수수료율, each at 3 / 5 / 7 / 10 years) was read and is reliable; the figures are four years out of date and are not used for any current parameter.
Rests on it: nothing quantitative. It is cited as negative evidence in the lapse argument — the supervisor’s own comparison display exists, and it did not yield a current behavioural series.

S20 — 공시실 (pub.insure.or.kr), 생명보험협회 (industry disclosure portal)#

URL: https://pub.insure.or.kr/
Accessed: 2026-09-03. Retrieved: in part — the landing page returned its category tree (상품비교공시 with a 저축성보험 › 연금 branch, 경영공시, 대출공시, 기타공시) but every leaf table is loaded client-side and none returned.
Recorded because the house brief names this portal as the best single source of quantitative Korean product data. In this session it was reachable but not readable, and its role was filled by the carriers’ own 상품요약서 [S1] [S7] and 상품안내장 [S2] [S5]. Cited only in the scope note of product-spec.md, and no parameter rests on it.

Regulatory and actuarial references#

R1 — 소득세법 제59조의3 (연금계좌세액공제), 법제처 (primary legislation)#

URL: https://casenote.kr/법령/소득세법/제59조의3 (consulted through CaseNote). Accessed: 2026-09-03. Retrieved: yes. Version returned: 법률 제19196호, 시행 2023-01-01.
The credit itself: 12% of amounts paid into a 연금계좌, or 15% where 종합소득금액 is ₩45,000,000 or less (총급여액 ₩55,000,000 for employment income only); contributions to a 연금저축계좌 above ₩6,000,000 a year disregarded, and 연금저축 plus 퇴직연금계좌 above ₩9,000,000 disregarded. The retrieved consolidation is the amendment that raised those caps and removed the age-and-income sub-cap; no later amendment was found, and the caps match every 2026-vintage carrier document [S2] [S11] and the tax authority’s own page R8.
Rests on it: tax_table.csv’s credit_* rows and tax_credit_pp, and the statement that Korean relief is a credit and not a deduction.

R2 — 소득세법 제20조의3 (연금소득), 법제처 (primary legislation)#

URL: https://casenote.kr/법령/소득세법/제20조의3. Accessed: 2026-09-03. Retrieved: yes. Version returned: 법률 제19933호, 시행 2024-01-01.
제1항제2호 makes an amount withdrawn from a 연금저축계좌 in a 연금형태 into 연금소득, split into 가목 untaxed 퇴직소득, 나목 contributions that received the credit, and 다목 investment return. That 가/나/다 split is the whole architecture of the withdrawal tax: money that never received a credit is outside the charge entirely.
Rests on it: the wrapper definition in product-spec.md and the reason the 기타소득세 base is the payout less uncredited contributions rather than the whole payout.

R3 — 소득세법 제14조 제3항 (분리과세 소득), 법제처 (primary legislation)#

URL: https://casenote.kr/법령/소득세법/제14조. Accessed: 2026-09-03. Retrieved: yes. Version returned: 법률 제19933호, 시행 2024-01-01.
제9호 defines 분리과세연금소득 and fixes the ₩15,000,000 threshold, raised from ₩12,000,000 for the 2023 tax year; 제8호나목 routes 연금외수령 기타소득 into separate taxation as well.
Rests on it: tax_table.csv’s aggregation_threshold and the routing of the 16.5% 기타소득세 as a final separate charge rather than an aggregated one.

R4 — 소득세법 제64조의4 (분리과세연금소득 세액계산 특례), 법제처 (primary legislation)#

URL: https://casenote.kr/법령/소득세법/제64조의4. Accessed: 2026-09-03. Retrieved: yes. Version returned: 법률 제19196호, 시행 2023-01-01, 신설 2022-12-31.
Where pension income exceeds the separate-taxation threshold, the tax may be computed by applying 100분의 15 to it — the statutory basis of the “16.5% including local income tax” election every carrier document describes for an above-threshold annuity.
Rests on it: the above-threshold branch of the tax discussion in product-spec.md. Nothing in net_cf depends on it.

R5 — 소득세법 제129조 (원천징수세율) 제1항제5호·제5호의2, 법제처 (primary legislation)#

URLs: https://www.law.go.kr/LSW//lsLawLinkInfo.do?chrClsCd=010202&lsJoLnkSeq=1000821176&lsId=001565&print=print (the print=print article form is the law.go.kr shape that returns text) and https://casenote.kr/법령/소득세법/제129조. Accessed: 2026-09-03. Retrieved: yes, and in two versions, which is the point.
CaseNote returned 법률 제19196호, 시행 2025-01-01, whose 제5호의2 다목 reads 「… 100분의 4」; 국가법령정보센터’s print form returned 법률 제21221호, 시행 2026-01-01, in which the same 다목 reads 「… 100분의 3」. 가목 taxes private pension income at 5% under 70, 4% from 70 to under 80 and 3% at 80 and over. The 종신계약 reduction from 4% to 3% with effect from 2026-01-01 is the most recent substantive change in this file.
Rests on it: tax_table.csv’s four pension_tax_rate_* rows and pension_tax_rate(t), and the finding that the tax code pays a 2.2-percentage-point standing premium for annuitising for life.

R6 — 소득세법 시행령 제40조의2 (연금계좌 등), 법제처 (enforcement decree)#

URLs, three independent retrievals: https://www.law.go.kr/LSW//lsLawLinkInfo.do?chrClsCd=010202&lsJoLnkSeq=1000656323&lsId=003956&print=print (대통령령 제36343호, 시행 2026-07-01); https://www.nhis.or.kr/lm/lmxsrv/law/lawLinkContentView.do?SEQ=393&LINKCODE=c004000200; and the 부록 of [S3], which reproduces 제2항–제5항 as filed contract wording. Accessed: 2026-09-03. Retrieved: yes.
제2항 sets the ₩18,000,000 annual contribution ceiling and bars contributions once annuitisation has been requested. 제3항 sets the three-limb 연금수령 test and the 연금수령한도 formula. 제4항 defines 연금수령연차 and its disapplication from 11; 제5항 deems any excess over the limit to be 연금외수령.
Rests on it: tax_table.csv’s contribution_ceiling, min_annuity_age, min_account_years, limit_denominator_base and limit_uplift; annuity_limit_pp, annuity_year_no and check_annuity_limit; and the statutory constraints the projection is required to respect.

R7 — 소득세법 시행령 제187조의2 (종신계약의 범위), 법제처 (enforcement decree)#

URLs tried: https://www.taxcanvas.kr/core/law/0039562026052236343/history/2026-05-22/articles/0187021; https://www.nhis.or.kr/lm/lmxsrv/law/joHistoryContent.do?SEQ=393&SEQ_CONTENTS=4454757&DATE_START=20241112&DATE_END=20240702; https://elaw.klri.re.kr/kor_service/lawViewTitle.do?hseq=42184. Accessed: 2026-09-03. Retrieved: no — the first two returned navigation only, and the KLRI site returned the article’s title in both languages (「종신계약의 범위」 / “Scope of Life-Long Pension Agreement”, 대통령령 제27829호, 2017-02-03) but not its body.
The existence, number and subject of the article are verified; its operative text is not. Search snippets gloss it as 「사망일까지 연금수령하면서 중도 해지할 수 없는 계약」, and that gloss matches every retrieved 종신연금형 wording [S4] [S5] [S9] [S10], but the definition itself is unverified.
Consequence carried in the documents: whether a guarantee period of any length preserves 종신계약 status is unverified, and with it the flat 3.3% withholding at the anchor cell and the 100%-life-form annuitisation election.

R8 — 「연금계좌 세액공제」, 국세청 (National Tax Service) (tax authority guidance)#

URL: https://www.nts.go.kr/nts/cm/cntnts/cntntsView.do?cntntsId=7875. Accessed: 2026-09-03. Retrieved: yes.
The administrative restatement of R1 as a two-row table (≤ ₩45m → 15%, > ₩45m → 12%, both on ₩6,000,000 / ₩9,000,000), the account-type definitions, and the ISA-conversion add-on of 10% of the transferred amount capped at ₩3,000,000.
Rests on it: corroboration of the credit rates and caps, and the ISA add-on noted as out of scope in product-spec.md.

R9 — 「연금소득 원천징수 방법」, 국세청 (tax authority guidance)#

URL: https://www.nts.go.kr/nts/cm/cntnts/cntntsView.do?mi=6608&cntntsId=7888. Accessed: 2026-09-03. Retrieved: yes.
The withholding table for private pension income — 70세 미만 5%, 70–80세 4%, 80세 이상 3% — and separately 종신계약 3%, footnoted as applying from 2026-01-01 (previously 4%), which corroborates R5 from an administrative source. It also gives the 이연퇴직소득 rule and its 2026 variants, and states the above-threshold 분리과세 15% election.
Rests on it: the same pension_tax_rate_* rows as R5, read twice from independent sources because the 2026 change is recent enough to be mis-stated in secondary material.

R10 — 「연금세제 안내 › 연금저축 세제 › 세액공제」, 금융감독원 (supervisory guidance)#

URL: https://fss.or.kr/fss/main/contents.do?menuNo=201007. Accessed: 2026-09-03. Retrieved: yes (the rate table returned; the worked examples and the last-updated stamp did not).
The supervisor’s own statement of the credit grossed up for local income tax: ≤ ₩45,000,000 → 16.5%, above → 13.2%, cap ₩6,000,000 in both rows. This is the document that ties the statutory 15% / 12% of R1 to the rates every carrier quotes.
Rests on it: tax_credit_rate()’s 16.5%. The grossing-up arithmetic itself remains unverified at instrument level because the 지방세법 imposing the surtax was not retrieved — see REG-R56.

R11 — 사적연금제도 › 개인연금제도 › 연금저축, 법제처 (plain-language consolidation)#

URL: https://easylaw.go.kr/CSP/CnpClsMain.laf?popMenu=ov&csmSeq=2056&ccfNo=3&cciNo=2&cnpClsNo=1. Accessed: 2026-09-03. Retrieved: yes.
The government’s own consolidation with article pinpoints throughout: the 연금저축계좌 definition, the three wrapper forms, the ₩18,000,000 ceiling, the three-limb 연금수령 test, the 세액공제, and — most usefully — the current withholding table including the 2026 change: 70세 미만 확정형 5.5% / 종신형 3.3%, 70–80세 4.4% / 3.3%, 80세 이상 3.3%.
Rests on it: the third independent statement of the withholding bands, and the wrapper taxonomy in product-spec.md.

R12 — 「연금저축 길라잡이」, 금융감독원 (consumer guide, 12 pp. PDF)#

URL: https://abllife.co.kr/cms/adm/attach/attach06/attach061/attach0611/연금저축_길라잡이(150401).pdf (the guide is the FSS’s; the copy retrieved is the one republished by ABL생명, whose file name and internal navigation are the FSS’s). Accessed: 2026-09-03. Retrieved: yes (parsed locally with sort=True).
Vintage caution: its tax figures are the 2015 ones (₩4,000,000 cap, 13.2%) and are superseded; it is cited for structural facts only. Content used: the four-column wrapper comparison; the statement that 생보사 products can pay a life annuity and 손보사 products for at most 25 years; the fee-shape contrast (banks and securities firms charge on the balance, insurers on the premium); and a worked 연금수령한도 calculation.
Rests on it: the fee-shape contrast that separates this product from its two sibling wrappers, and an independent worked example of the 연금수령한도 formula.

R13 — 「2025년 우리나라 연금저축(PSA) 투자 백서」 보도자료, 금융감독원 (press release)#

URL: https://www.fss.or.kr/fss/bbs/B0000188/view.do?nttId=218674&menuNo=200218, 등록일 2026-06-18. Accessed: 2026-09-03. Retrieved: in part — the press-release body returned (title, issuer, headline statistics); the attached hwpx and pdf, which hold the detailed tables including the payout-phase and behavioural statistics, did not convert.
Retrieved content: end-2025 적립금 198.2조원 (+19.3조원, +10.8%); 가입자 840.3만명; by wrapper 연금저축보험 114.1조원, 연금저축펀드 61.3조원 (+50.7%), 연금저축신탁 13.8조원; 2025 return 10.6%.
Rests on it: the market context in product-spec.md, and — as the third strand of the lapse argument — the money moving from insurance to funds, which is 계좌이체 rather than surrender. The failure of its attachments is one of the two reasons lapse_table.csv is std.

R14 — 보험업감독규정 [별표 14] 표준해약공제액 (제7-66조 관련), 금융위원회 (고시 별표)#

URL: https://www.law.go.kr/LSW//flDownload.do?flSeq=137472119&flNm=[별표+14]+표준해약환급금계산시+적용되는+해약공제액(제7-66조관련)
Document: 개정 2011-01-24 / 2015-05-07 / 2020-01-15, 법제처 stamp 2024-02-01. Accessed: 2026-09-03. Retrieved: yes — the whole table and all seven notes extract cleanly.
The statutory cap on the surrender charge, including 주5’s 연금저축보험-specific rule: 3% of the 연납순보험료 for a 무배당 연금저축보험 and 4% if 배당, against the general 5%, with 주4’s 6% concession expressly denied to this product. 주2 caps the coefficient at a twelve-year premium term, 주3 defines the 연납순보험료, 주6 subtracts the discounted loading.
Rests on it: the whole of surr_chg_cap_pp and check_surr_chg_cap, the four coefficient rows of pricing_table.csv, the ₩1,421,988.72 at the anchor cell, and the reason the composite is written 무배당. Cited jointly with the cross-product copy of the same schedule at REG-R20, which was retrieved separately.

R16 — 보험업법 제176조 (보험요율 산출기관), 법제처 (primary legislation)#

URL: https://casenote.kr/법령/보험업법/제176조. Accessed: 2026-09-03. Retrieved: yes. Version returned: 법률 제17636호, 시행 2020-12-08.
The statutory office of the 보험요율산출기관 — in fact 보험개발원 — covering 순보험요율의 산출·검증 및 제공, the collection of insurance statistics, and research; 제5항 obliges it to accumulate industry statistics systematically. The retrieved page also carries commentary noting that an insurer is not bound by the 참조순보험요율 it files. There is no publication obligation.
Rests on it: the legal frame for 경험생명표 and 개인연금사망률, and hence the central statement that mort_table.csv must be a std construction rather than a copy.

R17 — 보도자료 목록, 보험개발원 (KIDI) (press-release index)#

URL: https://www.kidi.or.kr/user/nd11592.do. Accessed: 2026-09-03. Retrieved: in part — the list returned rows 740–746 (2026-05 to 2026-08) with titles and dates, but no 경험생명표 item appears in the visible window, and every item link is a javascript:goBoardView(...) call, so no individual release could be opened. The 제10회 경험생명표 announcement is older than the visible window and could not be reached by paging.
Cited as negative evidence: the primary KIDI release could not be opened, which is why the 제10회 summary statistics are taken from trade reporting R18 R19 and from the cross-product entry REG-R33, and why every quantitative mortality row in this product is std.

R18 — 「제10회 경험생명표 개정…소비자에 미치는 영향은」, 보험매일 (news report)#

URL: https://www.fins.co.kr/news/articleView.html?idxno=99460, 김명재 기자, 2024-01-10. Accessed: 2026-09-03. Retrieved: yes. News source, used because the primary release could not be reached R17.
제10회 경험생명표 평균수명 남 86.3세, 여 90.7세 (+2.8 / +2.2 on the 제9회); pricing on it from April 2024; annuity premiums to rise and 종신보험 premiums to fall; and the operative limitation that the revised table applies to new business only — existing policyholders’ premiums do not change.
Rests on it: the size of the vintage step that annuitant_revised represents, and — jointly with R20 — the corroboration that the base factor is struck on the 가입시점 table.

R19 — 「4월부터 연금보험 수령액 줄어든다…」, 보험저널 (news report)#

URL: https://www.insjournal.co.kr/news/articleView.html?idxno=21975, 강성용 기자, 2024-02-15 (수정 2024-02-20). Accessed: 2026-09-03. Retrieved: yes. News source.
A three-generation comparison on a fixed ₩200,000,000 fund annuitising at 60: 6차 to 78.4세 at ₩906,000 a month, 9차 to 85.3세 at ₩709,000, and 10차 to 86.3세 at “60만원 후반” — about 15% off the monthly annuity. The article does not distinguish 가입시점 from 개시시점 application.
Rests on it: the magnitude used to argue that a revision normally decreases the annuity, so the ratchet is out of the money in the base run.

R20 — 「2024년 개정 경험생명표 보험료 영향은」, 웰스매니지먼트 (opinion column)#

URL: http://www.wealthm.co.kr/news/articleView.html?idxno=11407, 김희정, 2024-07-03. Accessed: 2026-09-03. Retrieved: yes. News/opinion source.
Quantified premium effects of the revision (종신보험 about −5%, 암보험 about +10%; the 2019 revision cut 종신보험 premiums 3.8% on average) and the statement that 「기존 가입자는 가입 당시 경험생명표를 바탕으로 이미 보험료가 결정돼 있어 영향을 받지 않는다」.
Rests on it: the second corroboration that a table revision reaches new business only, which is the inference the issue vintage default is built on.

R21 — 「근로·퇴직·이연퇴직소득 등 과세제도 개선」 (2025년 조세개정안), 조세일보 (news)#

URL: https://m.joseilbo.com/news/view.htm?newsid=549483, 2025-07-31. Accessed: 2026-09-03. Retrieved: yes. News source, used to date and explain the amendment whose enacted text is R5.
The 2025 tax bill reduced the 종신계약 withholding rate to 3% and extended the 이연퇴직소득 reduction to 50% for payouts running beyond 20 years, applying to pensions received on or after 2026-01-01.
Rests on it: the dating of pension_tax_rate_life = 3.3% and the description of the change as recent rather than settled.

R22 — 「연금저축 적립금 198조 돌파…」, 뉴스핌 (news report)#

URL: https://www.newspim.com/news/view/20260618000323, 2026-06-18. Accessed: 2026-09-03. Retrieved: yes. News source, reporting R13; used for figures the press-release body did not carry.
계약건수 1,079.6만건 (+11.1%); 납입액 13.5조원 (+18.1%); 신규 계약건수 144.3만건 (+51.9%); wrapper shares 보험 57.6%, 펀드 30.9%, 신탁 6.4%; by seller 보험회사 114.3조원 (57.7%), 금융투자회사 55.4조원 (27.9%), 은행 19.5조원 (9.8%), 공제기관 9.0조원 (4.6%).
Rests on it: the market-size and mix figures in product-spec.md, and the second strand of the lapse argument — the direction and speed of the move to funds.

R24 — 「경험생명표」, 보험개발원 빅데이터 플랫폼 (data portal)#

URL: https://bigin.kidi.or.kr:9443/boarddetail/nd00017_6041. Accessed: 2026-09-03. Retrieved: no — connect ECONNREFUSED 61.107.27.12:9443. The host resolves but refuses connections on that port from this session.
Recorded as a fetch failure, not hidden. It is the second of the two channels through which a Korean industry mortality table might have become public, and its failure — with R17 and REG-R34 — is what closes the question and makes mort_table.csv std.

Cross-product references ([REG-R#])#

These resolve against references/regulatory-and-actuarial-references.md, whose own R1–R62 numbering is frozen and is not this page’s. Reprinted in short form so a reader of this page alone can resolve every tag, with a note on what this product uses each for.

REG-R3 — 보험업법 제120조 (책임준비금 등의 적립). The statutory hook for the reserve; cited in the paragraph saying what this model does not compute.
REG-R4 — 보험업법 제176조 (보험요율 산출기관). 보험개발원’s statutory office and the absence of any publication obligation — the cross-product form of R16.
REG-R5 — 보험업법 제181조·제184조 (보험계리, 선임계리사). The 선임계리사 owns the basis and verifies the reserve; why result_cf() is an input to a valuation rather than one.
REG-R9 — 보험업감독규정 (고시 제2026-16호), the whole 고시. 제1-2조’s definitions of 저축성보험, 금리연동형보험 and 평균공시이율, and the nil hit count for 예정이율.
REG-R10 — 감독규정 제6-11조·제6-11조의4·제6-11조의5 (책임준비금, 보증준비금). The post-2023 reserve taxonomy, and the 보증준비금 inside which the 100.1% floor would be valued.
REG-R11 — 감독규정 제6-11조의6 (해약환급금준비금). The Korea-specific surrender-value reserve, measured off cv_pp — which on this product is the entire account value.
REG-R12 — 감독규정 제6-11조의7·제6-13조 (계약자배당). The dividend reserve and its distribution; the composite is 무배당 and declares zero.
REG-R13 — 감독규정 제7-1조·제7-2조·제7-2조의2 (K-ICS 지급여력). The economic-value solvency regime this product’s cash flows feed.
REG-R14 — 감독규정 제7-17조~제7-19조 and 고시 제2022-53호 부칙. The commencement provisions that date both IFRS 17 and K-ICS to 2023-01-01.
REG-R16 — 감독규정 제7-60조 (생명보험의 보험상품설계 등). 제2호 (a 저축성보험’s survival benefits must exceed premiums paid — why 100.1% and not 100%), 제9호 (the death-benefit exemption for a premium term ending at 80 or below), 제10호 (a floor is compulsory).
REG-R18 — 감독규정 제7-64조·제7-65조 (산출방법서, 계약자적립액). 제7-65조제1항’s 계약자적립액, 제2항’s annualised-premium permission — the licence the earlier annual grid ran under, and which the monthly grid no longer needs — and 제3항’s 공시이율 construction.
REG-R19 — 감독규정 제7-66조 등 (해약환급금, 계약자적립액의 적립). 제1항제1호 is check_cv_floor’s identity; 제1항제2호 the seven-year 해약공제기간 cap; 제1항제3호 the reference to 별표 14; 제1항제4호 the monthly accrual of the account before 납입완료, which is what the monthly grid follows directly.
REG-R20 — 감독규정 [별표 14] 표준해약공제액. The cross-product retrieval of the same schedule as R14; 주2, 주3, 주5 and 주6 are what surr_chg_cap_pp implements.
REG-R22 — 감독규정 제4-32조·제7-45조·제7-51조 (수수료, 공시, 신고). The commission ring around the cap, and acquisition cost amortised over seven years at 100% online.
REG-R24 — 시행세칙 [별표 27] 공시기준이율 산출 기준. The index the 공시이율 is set off, with the external weight α capped at 60% — why a declared rate is not a market rate.
REG-R25 — 시행세칙 [별표 15] 표준약관. 제21조 (보험나이), 제17조 (청약철회), 제26조 (납입최고), 제27조 (부활, 평균공시이율 + 1%), 제33조 (대출), 제37조 (소멸시효).
REG-R26 — 시행세칙 [별표 22] (K-ICS) and [별표 24] (보증준비금 산출기준). Not retrieved. Everything resting on the 대량해지 shock or on the guarantee-reserve basis is second-hand and carries unverified.
REG-R27 — 제4차 보험개혁회의 보도자료 (계리가정·할인율). The supervisory 무·저해지 lapse guidance, which this product deliberately does not use — it is 순수보장성 calibration.
REG-R29 — 금융위원회, 2019 사업비·모집수수료 개편 보도자료. The 표준해약공제액 as a multiple of the monthly premium — 저축성보험 3배 — which ₩1,421,988.72 passes.
REG-R32 — 금융위원회, 예금보호한도 1억원 (2025-09-01). Dates the increase in the deposit-protection limit.
REG-R33 — 보험개발원 제10회 경험생명표, as reported. 평균수명 남 86.3 / 여 90.7, 65세 기대여명 남 23.7 / 여 27.1 — the only public figures the std table is judged against.
REG-R34 — 보험개발원 public channels. Negative evidence: the visible listing carries no 경험생명표, 참조순보험요율 or 보험통계 item — so the qx table is not public.
REG-R36 — 보험연구원 CEO Report 03호. The K-ICS 대량해지 shock table, sourced there to the unretrieved 별표 22 REG-R26, and the 해약환급금준비금 at ₩23.7tn / ₩32.2tn.
REG-R38 — 국가데이터처 「2024년 생명표 작성 결과」. 65세 기대여명 남 19.5 / 여 23.7 — the population anchor against which the fitted annuitant table’s 33.31 is reported.
REG-R39 — KOSIS 완전생명표 (single-year qx). Not downloaded in this session; recorded as a live task for any rebuild of the mortality file rather than as a closed gap.
REG-R48 — 평균공시이율 and 공시기준이율, carrier disclosure. The series 2016–2026 with 2.50% for 2026, and the finding that 예정이율 is not a supervisory parameter.
REG-R49 — 상법 제4편 보험, 제1장 통칙. 제638조의3’s duty to deliver and explain the 약관, and 제662조’s three-year 소멸시효.
REG-R51 — 금융소비자보호법 제46조 (청약의 철회). The 15-day / 30-day cooling-off right the 표준약관 implements; scoped out of the model, which begins where cover is in force.
REG-R52 — 예금자보호법 시행령 제18조. The ₩100,000,000 limit and its four buckets, the second being 연금저축계좌 claims — separate from the saver’s other claims.
REG-R56 — 소득세법 제59조의3·제20조의3·제129조 and 시행령 제40조의2. The whole 연금저축 tax package, cited beside R1 R2 R5 R6; it carries the 지방소득세 unverified note.
REG-R58 — 소득세법 제16조제1항제9호 and 시행령 제25조 (저축성보험의 보험차익). The non-qualified 종신형 연금보험 route — a different product, cited at the scope boundary.
REG-R60 — 한국회계기준원, K-IFRS 제1117호 「보험계약」. The Korean adoption of IFRS 17, mandatory for Korean insurers rather than voluntary.
REG-R61 — 보험개발원, 「장기손해보험 참조순보험요율」 공시. Retrieved: yes. Cited on this page and in product-spec.md for one purpose only, and it is a boundary: the bureau does publish reference morbidity rates — the 「기타피부암 및 갑상선암 이외의 암 발생률」 and 질병입원율 grids by age and sex — on a numeric display of its own site, which is why REG-R34’s negative finding is about the 보도자료 channel and the life side and must not be read as “보험개발원 publishes nothing”. No life-side 참조순보험요율 and no mortality table appears there, so nothing in this product’s mortality basis is sourced from it and mort_table.csv stays std.
REG-R62 — 손해보험협회 공시실 (kpub.knia.or.kr). Cited on this page only, at the two omitted research sources in the orientation; no fact in the three documents rests on it.

Provenance note#

Every entry above traces to _research/pension-savings.md, the citation ground truth for this product: the fetch record, the fact extraction, the carrier-by-carrier variation table and the full gaps register live there, and this page is the reader-facing digest of its source lists. Its numbering is frozen and never renumbered — S1–S21 and R1–R25 there, of which S1–S16, S19, S20 and R1–R14, R16–R22, R24 are cited by this product’s documents and reprinted here, the six unused numbers being accounted for in the orientation above.

The gaps these documents inherit, in order of how much they matter: no Korean industry mortality table at any level of detail R17 R24 REG-R34 — and the boundary matters, because the bureau does publish a 장기손해보험 참조순보험요율 display REG-R61, but it carries morbidity and no life-side rate, so nothing on this page is reachable through it — so the annuitant basis is a std construction shipped with its recipe; no lapse statistic by policy year from any public source [S13] [S19] R13, so the lapse vector is argued rather than fitted; no operative text for 소득세법 시행령 제187조의2 R7, so the 종신계약 withholding status of a guaranteed life annuity is unverified; no published 보험계약대출이율 [S1] [S2] [S4] [S5], so that module is off in the base run; and no cash expense basis from any carrier, the published 사업비 figures being contractual loadings rather than the insurer’s own costs [S1] [S7]. Each is stated at the point of use, and each is why a parameter carries std rather than a citation.