台灣退休金自選方案之帳戶管理人作業模型研究與建議

Abstract

我國現行勞工退休金制度，包括73年8月「勞動基準法」所定舊制勞工退休金（確定給付制）與94年7月之「勞工退休金條例」所定新制勞工退休金（確定提撥制）雙軌併行。目前兩種制度之退休基金皆由政府委託之機構及監理單位負責統籌運用、保管與收支等作業。 綜觀世界各國採取退休金確定提撥制度成熟之國家，皆已開放勞工自選退休金投資標的政策，使勞工個人退休金管理績效最大化，符合各類型勞工投資人之需求。我國產、官、學業近年來亦積極推動個人退休金得自選投資標的之政策。 未來我國一旦開放退休金自選方案，即需有負責執行中後台作業「帳戶管理人」機制，處理退休金之每月款項提撥，勞工投資人投資標的下單指示，及提供與基金管理人或投資標的發行人資訊連線之作業平台。 本文首先介紹我國勞工退休金之制度發展歷程，及各界對於退休金自選方案之建議與期待，並將透過比較與分析美國、澳洲、香港、新加坡及印度等五個實行個人退休金自選政策之國家，其帳戶管理人機制與實務運作經驗，從而提出我國未來個人退休金自選方案之帳戶管理人作業模型與各項機制之建議。

Taiwan labor retirement pension fund includes two systems：the “old pension fund” （Defined Benefit Plan, DB） stipulated under the Labor Standards Act in August 1984, and the “new pension fund” （Defined Contribution Plan, DC） implemented under the Labor Pension Act in July 2005. The investment, custody, and capital utilization of above two pension schemes currently are managed and controlled by Taiwan Government pension supervisory and compliance authority （Labor Pension Fund Supervisory Committee）or its designated institute. To enhance the best returns and performance of the labor pension in order to match different needs of each individual labor, most countries adopted defined contribution pension plan sophisticatedly has allowed employees to choose their preferred investment products. Recent years, the professionals of Taiwan pension industry, Government authority and academy have aggressively proposed and promoted the personal opted-investment policy for the individual pension account. Once Taiwan applies the personal opted-investment pension policy, it has to establish record-keeper system for the individual pension account to deal with the back office works, such as making monthly contribution, delivering investment instructions, providing an information and operation platform to connecting fund managers and investment products issuers. This paper introduces the development and history of Taiwan labor pension system from the beginning, and representing the suggestions and expectations from pension industry with respect to the personal opted-investment account policy. By analysis and comparison with record keepers’ operational experiences and practices of following five countries: USA, Australia, Hong Kong, Singapore, and India which are adopted personal opted-investment pension account system, we propose and suggest functions and operation platform models for Taiwan personal opted-investment pension account system in future.