我國勞工退休金制度改革的最大特色條將退休金給付型態由現行的確定給付制改為確定提撥制,在目前勞退新制的運作下,允許勞工在個人帳戶制與年金保險制之間做轉換選擇,由於此兩制度運作上的不同,將使勞工得以選擇在不同的時間與投資環境下轉換制度以極大化其退休金價值。本文提出在年金保險制下若能提供具有確定給付制特質的定額年金保險,則勞退新制的轉換機制將可賦予勞工一個由確定提撥制再轉回確定給付制的選擇權價值。本文探討勞工在個人帳戶制下轉換到年金保險制之最適轉換時點,並分析轉換制度對其退休所得之影響。研究結果發現勞工若能掌握年金保險制與個人帳戶制之投資報酬率差異來選擇轉換制度時點,便能在透過轉換制度達到降低投資風險與增加退休所得的目的。
Recent pension reform in Taiwan has changed our Labor Pension Plan from defined benefit plan into defined contribution plan. To mitigate the risks under defined contribution plan, this paper develops a theoretical framework to analyze the switch option design between Individual Retirement Account and Annuity Insurance Plan under new Labor Pension Plan. We estimate the optimal timing to exercise the switch option and calculate the increase in the retirement wealth after employees switch their pension plan choice. Our research results show if employees were to exercise the switch option optimally, the switch option design could help to increase the retirement wealth and decrease investment risk under new Labor Pension Plan.