退撫基金運用之我見   全文下載

A Personal View on the Management System of Public Service Pension Fund in the Republic of China

退撫基金自民國84年7月1日成立，迄至民國97年6月底止，累計基金運用投資報酬率為4.34﹪，基金運用績效尚稱良好。不過，因退撫基金屬國內四大基金之一，其投資動向備受各界關注。本文參考國內外退休基金運作的經驗與個人見解，重申退撫基金資產與負債平衡管理模式的重要性，透過「盈餘管理（surplus management）」有效舒解退休基金給付不足風險，利用退休基金「已提撥比率」（funding ratio）作為指標，可參採不同的基金風險管理重點。至於，現行退撫基金的資產管理與負債管理問題，本研究提出3點建議供作改進參考：一為基金管理會應作為「基金經理人的經理人（Manager of Managers）」角色；次為進行基金資產負債管理研究設定一定期間，欲改善基金已提撥比率之目標；三為採用退休基金負債驅動投資的架構。

The Public Service Pension Fund（PSPF）was established on July 1 of 1995. From that time till end of June of 2008, the cumulated average rates of fund investment return was reached to 4.34﹪. The fund’s performance, in general, with having solid operation and good control that caused most participants of the pension plan satisfaction to the sound record. As one of government funds in the country, PSPF investing was always caught by the all media’s attention on its market actions. The article was referred to the industry experiences of international pension funds and author’s opinion that stress the importance of a well-advised pension fund asset-liability management model. Using fund surplus management can deal with the solvency problems and the funding ratio indicator may support some available options for PSPF to adopt a good management structure. Furthermore, the research on the subject of PSPF management system have been proposed 3 suggestions to the fund administration as following：1. MBPSPF should act as Manager of Managers role in the fund management system. 2. Setting an object with time schedule to improve the status of funding ratio of PSPF. 3.Adopting the investment structure of liability-driven investing by PSPF.