勞退新制開放自選之研究

Abstract

勞退新制的啟用，為勞動人口的退休金提供另一份保障。隨著平均餘命上升，人口結構老化，醫療看護需求上升，通貨膨脹節節上升，薪資卻沒有足夠上升幅度，台灣勞動人口將面臨退休後所得替代率不足的問題。勞退新制退休金之收支保管及運用委託金融機構辦理，若平均收益低於兩年期定存，由國庫補足其差額。未來規畫開放勞退新制自行選擇投資平台，為退休金參與者提供更多元化投資選擇。設計規劃時必須探討投資人行為: 惰性、拖延與過度自信將嚴重危害退休金資產的累積。因此投資平台，應設計良好的預設基金，人生週期型基金是最佳的設計。自行選擇投資平台必須規劃年金保險商品，提供參與者在退休後規避長壽風險的工具，除了在退休金累積期可已將提撥金額購買分期付款型年金。在退休時，也可以把一次性給付退休金總額購買即期年金，降低退休金消耗過快的風險。退休理財規劃必須持續不斷推廣，政府應結合民間保險業者能力，教育民眾退休理財規劃的重要性，建立更完整的個人理財觀念。

Labor Pension New Scheme provides another source of pension for the labor force. With the rise in the average life expectancy, population aging, rising health care needs and inflation, labor force will face the problem of inadequate income replacement rate after retirement. Government manages the pension fund and guarantees the minimum investment rate, biennium deposit rate. National Treasury takes the responsibility to cover the shortage between biennium deposit rate and the real investment rate. The proposal for members’ choice enables employee to choose their portfolio but investor behavior such as inertia, procrastination and overconfidence would seriously damage the accumulation of pension assets. The investment platform should be well-designed and life-cycle fund is the best design for default fund. There will be two annuity insurance products to hedge the longevity risk after retirement. Members could use their contribution to purchase installment-premium annuity before retirement or they can use their pension to purchase single-premium annuity at the point of retirement. Government should cooperate with private financial institution to continuously promote the concept of pension management.