(1) Pension income shall be the following income, generated during the relevant taxable period: <Amended by Act No. 11611, Jan. 1, 2013; Act No. 12169, Jan. 1, 2014; Act No. 12852, Dec. 23, 2014>
1. Various pensions received pursuant to the public pension-related Acts (hereinafter referred to as “public pension income”);
2. Any of the following amounts of pension withdrawn in the form of pension, etc. prescribed by Presidential Decree (hereinafter referred to as “receipt of pension”; withdrawal of money other than the receipt of pension shall be referred to as “receipt other than pension”), regardless of the nature of the income, from a pension account (referring to the account specified by Presidential Decree as an account opened under the title of "pension savings" (hereinafter referred to as "pension savings account") or the account specified by Presidential Decree as an account opened in order to receive retirement pensions (hereinafter referred to as "retirement pension account"); hereinafter the same shall apply):(a) Retirement income not withheld pursuant to Article 146 (2);(b) An amount deposited in a pension account with tax credits under Article 59-3 (1);(c) An amount increased according to the results of the management of a pension account;(d) Other incomes prescribed by Presidential Decree, the income tax of which is deferred after they are transferred to or deposited in a pension account;
3. Income prescribed by Presidential Decree, which is similar to those specified under subparagraph 2 and is received in the form of pension.
(2) Public pension income shall be the pension income received based on either the contributions to pension and employer contributions (including contributions by the State or a local government; hereinafter the same shall apply) paid on or after January 1, 2002, or labor offered on or after January 1, 2002. <Amended by Act No. 11611, Jan. 1, 2013>
(3) The amount of pension income shall be calculated by deducting pension income under Article 47-2 from the total income under the subparagraphs of paragraph (1) (excluding income excluded from pension income under paragraph (2) and non-taxable income; hereinafter referred to as "total amount of pension").
(4) The scope and calculation method of pension income and other necessary matters shall be prescribed by Presidential Decree.[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]