(2013) Operating Guidelines for the Third National Pension Financial Projection

(As of 2013, up until the third National Pension financial projection,

there was at least a set of operating guidelines prepared for how to carry out the financial-projection work, and

at the committee's outset, these rules were resolved before the committee began its activities.

This is the content recorded in Appendix 5, page 151, of the 2013 third financial projection report.)

The Financial Estimation Committee had operated this way, but starting with the fourth financial projection in 2018, that operation began to be seriously destabilized.

In particular, the 2023 fifth Financial Estimation Committee will be remembered as a leading example of dysfunctional operation. This is because there were no small number of cases in which content already decided by the committee members' vote was later overturned.

There were also quite a few cases in which the committee's discussion topics themselves became known only on the day of the meeting, at the meeting venue itself, without prior consultation with the members. In particular, a large number of agenda items related to raising the fund's investment return were added.

This is why a retrospective evaluation is needed as to whether the Committee's operation matched the Financial Estimation Committee's inherent role of checking the National Pension's fiscal health based on the results of the financial projection.