勞退基金集中管理之鬆綁：開放勞工自選投資標的之分析

勞工退休金制度於2005年掀開嶄新的一頁，流行於國際間的確定提撥制終於受到政府的青睞；勞退基金從此不再是畫在牆上的大餅，而是每月定時存入基金專戶的現金。然而在變更政策的同時，卻未貫徹確定提撥制的精神，賦予勞工選擇投資標的之自由，勞退基金的運用管理仍採集中管理制，使政府握有完全操控勞退基金的權利。是故在勞退新制下，勞工必須對退休基金的操作自負盈虧，但對於投資標的之選擇卻仍無置喙的餘地。所以開放勞工自選投資標的，應是結合制度本質的做法，也是大勢所趨。然而自選必定使勞工無可避免的直接面對所有的市場風險，如政府未能輔以相當的配套措施，則集中管理的鬆綁未必能夠帶來較高收益水平。本文分析開放勞工自選退休基金投資標的之若干問題，並在結論建議政府應有完善的配套措施，同時扮演好退休基金的監督者與教育者的角色。

Taiwan's labor pension system has turned a new page in 2005. The traditional defined benefit system has finally been substituted by the defined contribution system. Labors have obtained pension fund accumulated monthly in their own personal accounts, and that can be withdrew at retirement. However, under the Labor Pension Law, the Taiwan government still plays the key role in managing the fund. Labors have ownership rights on their funds, but no one holds the power to manage their own money. In other words, the fund is centralized managed. The fact shows that Taiwan's system has not fully complied with the nature of defined contribution system, and it requires further adjustments. The paper discusses and analyses the possibility of relaxation of the restriction, and the feasibility of allowing private institutes to manage labor pension fund. In that case, labors may have the opportunity to select their own investment portfolio. The paper also suggests the government to play the role as an inspector and educator, rather than a fund manager. Some suggestions have also been made for the government to transform the system smother.