勞退新制於94年7月開始實施,由確定給付制改為確定提撥制,以個人退休專戶為主,年金保險為輔,其中目前個人退休專戶係由政府全權委託代操及基金管理;但從國外的退休金制度分析,政府「委託代操」是否應改為「勞工自選平台」,讓勞工雇主擁有投資自主權,以自選平台管理退休基金較能增進勞工退休權益。 本研究採歸納及文獻分析後得知,美國退休金401K計劃及香港強積金計劃,概以雇主及雇員自選平台方案及年金保險退休金管理制度為主;因此,本研究另以蒙地卡羅模擬法以國泰人壽飛翔人生年金變額基金平台淨值隨機抽樣;就其三個帳戶(積極,穏健,保守)基金採不同投資比例配置,與政府勞退基金的績效,比較分析兩者所得替代率之優劣,本研究結果證明商業年金保金基金平台可創造更佳的所得替代率,進而分析對商業年金保險未來的發展影響。
A new Labor Act, Labor Pension Act, was effective on July, 2005. The Act incurred a great change on labors’ pension system: “Defined Benefit” will be gradually took over by “Defined Contribution”. From then, labors can choose to participate “Individual Account of Labor Pension”, the most option, or “Annuity Insurance”, no participant till now. And, the Bureau of Labor Pension Fund commission financial institutions to manage and utilize the Fund. Whereas, if we take a deep look at the development of foreign countries, the “Bureau Commission” of the Fund investment may be transferred to the “Labor Option”. This transfer will give labors options to invest by themselves to increase their pension interest. Through Inductive Reasoning and Documentary Analysis approaches, we know that both the 401K Plan Pension Fund of the United States and the Mandatory Provident Fund in Hong Kong is operated under the participants’ investment option and annuity insurance. Thus, we randomly sample three funds of 飛翔人生 Variable Annuity Insurance of Cathay Life through Monte Carlo Simulation to compare investment performance with the Fund of Labor Pension in Taiwan, now commissioned to financial institutions. The result of comparison show that Annuity’s income replacement ratio is better than the Fund of Labor Pension, operated by commission now. Finally, this study will further analyze the impact of “Participants’ Investment Option Mechanism on Labor Pension Fund” on the development of “Commercial Annuities”.