This study analyzes and compares the return performance of corporate pensions(CPs) with those of public pension funds(PPFs). First, PPFs outperformed their estimated reference portfolio(eRP) by 1.13% per annum. On the other hand, CPs with no return guarantee underperformed their eRP by 0,07~1,07% depending upon the types. This result implies that PPFs like governance structure is more efficient than the current governance structure of CPs. Second, CPs with return guarantee outperformed their eRP. Finally, the eRP of DB type CPs have less composition of stocks than DC or IRP type CPs. It implies that corporations have more risk aversion than individuals in their pension investment. Putting these results together, the results imply that the performances of CPs will be improved by allowing the fund governance structures in addition to the current governance structures.