(1) Where a resident with global income has paid contributions or individual shares under public pension-related Acts (hereinafter referred to as “pension contributions”), the pension contributions paid during the relevant taxable period shall be deducted from his/her global income for the relevant taxable period. <Amended by Act No. 11611, Jan. 1, 2013; Act No. 12169, Jan. 1, 2014>1. and 2. Deleted. <by Act No. 12619, Jan. 1, 2014>
(2) Deduction under paragraph (1) shall be referred to as "pension contribution deduction."(3) If the sum of all the following deductions exceeds the amount of global income, it shall be deemed that pension contributions amounting to the excess amount are not deducted: <Amended by Act No. 12852, Dec. 23, 2014>
1. Personal deduction referred to in Article 51 (3);
2. Pension contribution deduction referred to in this Article;
3. Interest expense deduction for the reverse mortgage-backed retirement pension system referred to in Article 51-4;
4. Special income deduction referred to in Article 52;
5. Income deductions under the Restriction of Special Taxation Act.
(5) Deleted. <by Act No. 12169, Jan. 1, 2014>[This Article Wholly Amended by Act No. 9897, Dec. 31, 2009]