Due to the entry of an aging society and the drop in birthrate, social anxiety toward old-age income is increasing day by day, and accordingly, it is urgent to examine the problems of the current pension system and propose solutions. In particular, supplementation and revision of the retirement pension system are considered to be an effective alternative to the inevitable limitations of public pensions. Accordingly, this study aims to find a way for the pension system in Korea to move forward by looking at the characteristics of successful pension systems abroad and the problems and current status of the Korean pension system. To this end, a case study was conducted through literature research, and as a research subject, the case of Japan, which has similar social conditions to us, and the case of Canada, which successfully established an old-age income system compare to us, were adopted. In addition, this study tried to prepare an effective alternative by analyzing the current status and problems of the Korean pension system. As a result of the study, because the system to reduce the pension burden of companies was insufficient in the case of Korea, the activation of retirement pensions in small businesses was stagnant. On the other hand, Japan was promoting retirement pensions by introducing a pension system specialized for small businesses. Focusing on the Japanese system and targeting small business subscribers, it is expected that the retirement pension system will be vitalized by introducing 1) permission of risk payments, 2) simplification of administrative procedures, 3) permission of multiple user systems, and 4) fund type pension system, etc. Second, in Korea, strict regulations were applied to the management of reserves to protect the entitlement rights, which led to restrictions on operating performance, which increased the burden on pensions by companies. On the other hand, Japan and Canada were enhancing the return on management of retirement pension reserves by easing asset management regulations and diversifying their investment portfolio. This implied that easing retirement pension asset management regulations and presenting various investment products are effective methods for retirement pension activation. Lastly, Korea was only trying to tighten regulations on withdrawal in the middle as a way to alleviate the lump-sum payments of retirement pensions, however, Japan and Canada were encouraging voluntary receipt of pensions for pensioners by providing them with disadvantages for withdrawals in the middle or benefits for retention of long-term reserves. Accordingly, the necessity of establishing a strategy to induce long-term retention of reserves and voluntary participation in receipt of pension was suggested. This study is significant in that it suggested an effective alternative by closely analyzing and comparing Korea’s pension system and overseas cases. Finally, the implications and limitations of the study and suggestions for follow-up studies are presented.