私校退撫儲金人生週期基金方案設計分析與建議

Analysis of the Life Cycle Fund Product Design for Taiwan's Private School Pension System

陳彥志(Yen-Chih, Chen) ； 李進生(Chin-Shen, Lee) ； 陳登源(Ding-yuan, Chen) ； 呂鴻德(Hung-Te, Lu)

《證券市場發展季刊》 33卷3期 (2021/09) Pp. 121-165

https://doi.org/10.6529/RSFM.202109_33(3).0004

摘要

本研究探討私校退撫儲金制人生週期基金商品設計，以不同風險衡量指標針對2017年與2019年人生週期基金、積極型、穩健型與保守型投資組合進行退休金不足風險分析，研究結果發現2019年人生週期基金設計能降低退休金不足風險，也更適合作為制度預設選項。此外，本研究也針對不同人生週期基金設計進行探討，包括增加積極型投資組合投資期間以及不完全進入保守型投資組合進行試算。並從數值結果發現人生週期基金商品若能提供更彈性的商品設計，將更能滿足不同退休需求之民眾。本研究結果除能提供私校退撫儲金制制度設計建議與政策擬定參考外，數值結果亦能作為其他確定提撥制退休金制度與商業人生週期基金商品設計之建議。

關鍵字

人生週期基金 ； 目標日期基金 ； 確定提撥制退休金 ； 退休金不足風險

並列摘要

This study explores the product design of the life cycle fund for the Private School's Retirement and Compensation Fund. This study analyzes the shortfall risk for life cycle funds, aggressive investment portfolios, moderate investment portfolios, and conservative investment portfolios in 2017 and 2019 with different risk measures. The results indicate that the 2019 life cycle fund design reduced the shortfall risk and is a more suitable option for the default system. In addition, authors discuss the design of different life cycle funds, including increasing the period of aggressive investment portfolios and the trial calculations for incomplete entry to conservative investment portfolios. The numerical results show that if life cycle fund products can provide more flexible product designs, then they will better meet the people's different retirement needs. The results of this study suggest recommendations for the design of the Private School's pension system and provide references for policy formulation. The numerical results can also be used as recommendations for the design of other defined contribution pension systems and commercial life cycle fund products.

並列關鍵字

Life Cycle Fund ； Target Date Fund ； Defined Contribution Pension System ； Shortfall Risk

參考文獻

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