勞退新制之退休金開放投資共同基金績效模擬探討

台灣的勞工退休金制度在民國九十四年七月發生重大的變革，由確定給付制轉變至確定提撥制。在新制實施一年半後，龐大的退休基金在主管機關勞委會的管理下僅有1.6%的收益率，而對基金未來的管理方式，主管機關目前依舊傾向維持現行方式：由勞委會自行操作為主，委外操作為輔，根據勞退基金歷年的報告，現行制度提供給勞工的報酬率，其投資績效不佳，因此，本研究係藉由投資共同基金方式取代過去的管理方式以比較投資績效。本文以「模擬法」設計不同的選擇條件，並以隨機抽取的方式，由勞工自行挑選共同基金，經實證結果發現，此方法確能提升基金的報酬率。

關鍵字

共同基金；退休金制度

並列摘要

On July 2005, Taiwan labor pension scheme had an important reform. Replacing the Defined Benefit Plan, the new reform adopts the Defined Contribution Plan. However, after adopting the new scheme for one and a half years under the management of the Council of Labor Affairs, the return on the labor pension is only 1.6％. In the foreseeable future, it seems that the authority intends to follow the existing system in which the majority part of the pension will be managed by the authority and the rest will be outsourced to third parties. According to the research from the Council of Labor Affairs, over the past years, the yield on pension fund is less than satisfactory. This research focuses on the comparison between two different investing mechanisms on the management of pension fund: one is to allow labors to decide which mutual funds they prefer to invest, and the other is to follow the traditional investment defined by the Authority. This research adopts a simulation approach which allows labors to choose their preferred mutual fund based on different pre-defined criteria. The results suggest that the pension fund managed by the labors themselves yields higher return than that of by the authority.