退休基金自選投資制度之研究

A Study of Member-Choice Management Platform for Pension Funds

童嬋娟(Chan-Chuan Tung) ； 林盈課(Anchor Lin) ； 李瑞珠(Grace Lee)

《臺大管理論叢》 29卷2期 (2019/08) Pp. 1-27

https://doi.org/10.6226/NTUMR.201908_29(2).0001

摘要

為了提升我國新制勞退基金經營管理績效，本研究參考相關文獻與先進國家退休金制度的實施經驗，建議勞退新制開放自選平台方案：採單一帳戶具可攜式和連續性，簡化帳戶管理；採政府與民營共管架構，保有二年定期存款保證收益方案供勞工選擇；採自動加入機制，預先設定自提比率3%，每遇加薪超過1%時自動提高提撥比率0.5%直到上限，簡單方便；自提比率上限由現行6%調升至先進國家水準12%，鼓勵儲蓄，但超過6%部分無賦稅優惠；勞工可隨時自行申請調整提撥比率，保有彈性選擇；目標期限型基金為預設標的基金，降低無退休理財觀念或無暇投資理財勞工之投資困擾，該基金以生命週期投資理論建構，依據勞工距退休日期作風險評估與資產配置。Thaler and Benartzi（2004）運用行為經濟學的推力觀念，設計明天存更多（Save More Tomorrow; SMT）退休金方案，大幅提高雇員的自提參加意願與自提比率，值得台灣設計自選平台時參考。

關鍵字

退休金 ； 自動加入機制 ； 生命週期基金 ； 行為經濟學

並列摘要

In order to strengthen the performance of Taiwan's New Labor Pension Fund, this study reviews the pension-related literature and investigates the reform experience in selected developed economies. We suggest a member-choice management platform with the following characteristics: one pension account only for every employee for management convenience, a management structure offering both private services and government services with a guarantee of two-year deposit returns, automotive enrollment with a default savings rate of 3% and automotive escalation linking saving increases to pay increases, raising the savings rate limit from 6% to 12% with no tax benefit for savings above 6%, and target date funds as the default funds by applying life-cyle investment theory to make asset allocation for employees with different retirement dates. Thaler and Benartzi (2004) apply the nudge concept in behavioral economics to design a pension management program, called Save More Tomorrow (SMT). Our suggestion is to take the SMT program as reference when we design Taiwan's member-choice management platform since SMT has significantly increased both pension enrollment rates and savings rates in developed economies.

並列關鍵字

pension ； automative enrollment ； life-cycle fund ； behavioral economics

參考文獻

王儷玲，2013，勞工退休金制度開放自選投資平台，台灣勞工季刊，33 期：54-61。(Wang, Jennifer L. 2013. Opening member-choice investment platform for labor pension. Taiwan Labor Quarterly, 33: 54-61.)

王儷玲與林盈課，2011，我國退休基金管理制度研究報告 (RDEC-RES-099-022)，台北，台灣：行政院。(Wang, Jennifer L., and Lin, Anchor. 2011. Research report of pension plan management (RDEC-RES-099-022). Taipei, Taiwan: Executive Yuan.)

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財政部，2016，統計資料庫－賦稅收入，http://web02.mof.gov.tw/njswww/WebProxy.aspx?sys=100&funid=defjspf2，搜尋日期：2016 年 12 月 1 日。(Ministry of Finance, R.O.C. 2016. Statistics data – taxable income. http://web02.mof.gov.tw/njswww/WebProxy.aspx?sys=100&funid=defjspf2. Accessed Dec. 1, 2016.)