退休基金自選投資制度之研究

A Study of Member-Choice Management Platform for Pension Funds

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。 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.