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確定提撥退休金計劃的應用與相關精算之研究 / A Review and Actuarial Analysis of Defined Contribution Pension Scheme林妙姍, Lin, Miao Shan Unknown Date (has links)
退休金計畫依給付方式的設計,可以分為兩大體系:確定給付退休金計畫與確定提撥退休金計畫。無論是公共退休金計畫或是企業退休金計畫,最初實行時多採用確定給付的方式來實施。但隨著經濟環境的變遷,部份的國家與企業雇主,已開始傾向確定提撥方式的採用。本論文有鑑於退休金的改革潮流,欲探討確定提撥退休金計畫的實施回顧與給付的精算分析。
本論文分為四個主要部分,分別為:(1)確定提撥計畫的理論架構回顧;(2)主要國家制度的分析;(3)精算模型的建立與精算假設的分析;與(4)精算假設的給定與給付水準的模擬分析。在主要國家制度的回顧上,公共退休金計畫方面以新加坡「中央公積金制」與智利「公共退休金私有化」為探討的對象;在企業退休金計畫方面則以美國為討論對象。實證分析部分,則是先建立確定提撥退休金精算模型,再撰寫模擬程式介面,並以我國1998年「勞工退休金條例」草案為模擬對象,給定精算假設進行模擬,最後分析精算假設與模擬給付間的關係。
以台灣「勞工退休金條例」草案為例進行分析,其實證部分分為兩部分,先前給定平準的預定利率假設,而其他薪資成長率、通貨膨脹率、提撥率、開始工作提撥年齡、退休年齡、退休後各年存活率則根據台灣目前的經濟、就業環境給定;模擬結果發現, 6%合併提撥率無法達到模擬所給定50%-60%的退休後給付所得替代率;若將合併提撥率提高至12%以上,25歲開始工作65歲退休者才能累積足以支應適足所得替代率50%-60%的給付。
第二個模擬部份為給定利率時間序列的情境假設,在此給定簡單的七種利率情境假設,其他精算假設則同樣根據台灣的經濟環境給定之。模擬結果發現,若合併提撥率為9%,基金提撥累積期間40年,給付所得替代率對利率的變動敏感性高,只有在累積期間利率穩定成長的情形下,才能累積足夠的退休金,因此,可以表示9%的合併提撥率在其他非樂觀的利率情境假設下,無法達到50%-60的給付所得替代率。
略 / Due to population aging, the countries that operated their Social Security System on pay-as-you-go financial method have begun to encounter the solvency risk due to the growing financial burden. Since the defined contribution (DC) scheme is considered as a fully funded financial system, it could be one of the solutions to avert the upcoming financial crisis. Hence our study is motivated to investigate the current development of the DC scheme and scrutinize its financial adequacy on providing the retirement benefits to its plan participants.
First, the features of current public pension programs in the form of the DC plan are surveyed and their progress is reviewed in Chapter 2. Practical applications applying the DC scheme in private sector are also compared and studied in Chapter 3. Secondly, the actuarial models of the proposed DC scheme are built to investigate the adequacy of the retirement benefits in Chapter 4. Computer codes that can be used to simulate the income-replacement ratios by giving the actuarial assumptions are programmed. Based on this approach, the relationship between income-replacement ratios and the actuarial assumptions (i.e., the interest rate, the salary increase and the inflation rate) can be obtained. In Chapter 5, sensitivity analyses of the benefit adequacy through computer simulations incorporating possible scenarios are performed. The recent proposal of reforming Taiwan Employee Retirement Income Security Act (TERISA) is investigated. An explicit actuarial model closely following this proposal is built to study its impact on the retirement benefits.
Finally the empirical results based on this study are summarized. Based on the scenarios under the current economic perspectives, we found the contribution rate at 6% can not attain the income-replacement ratio at 50%. Only over certain optimal interest rates, the retiree can receive the projected income-replacement ratio given the contribution rate at 9%. Based on the proposed draft in reforming the benefit scheme, the retirement benefits are not sufficient to achieve the income-replacement ratio at 50% unless the contribution rates increase to 12%.
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新加坡中央公積金制度管理運用之研究 / Singapore’s central provident fund scheme – a study of management and investment王昌鴻, Hong, Vuong Xuong Unknown Date (has links)
新加坡的中央公積金制度,曾被人稱之爲新加坡經濟起飛的秘密武器,它對於新加坡人民生活的保障、社會的穩定、經濟和社會的發展都起著十分重要的作用。新加坡中央公積金制度乃政府立法强制實行的個人儲蓄計畫,其最初目的是為確保勞工能備有足夠的養老金,有尊嚴地應付退休生活。經過五十多年的實踐,在促進了國家的發展的同時,該制度也成爲一種全面性的社會保險制度,可以滿足人們退休、購房、醫療保健、教育及投資等具有創意的制度,其良性循環正顯示出很强的生命力。不斷改革完善、創新的新加坡中央公積金制度爲許多國家進行社會保障制度改革提供了很好的思路和富有價值的借鑒。
根據本研究結果發現,嚴格規範、富有成效的基金管理是新加坡中央公積金制度成功運行的重要保障。爲此,新加坡政府建立了一整套較成熟的法律規範,對整個制度的運行過程實施嚴格周密的法律監督與管理。此外,在基金的投資運用方面:以個人而言,中央公積金參與者在個人投資意願上並不高,大多數仍偏好將帳戶金額留置,賺取政府給予之帶有最低保障收益率的利息,即使採取自主投資者,仍以尋求低風險的保險商品為主;以政府而言,因適逢全球性的市場低利率水準,因此讓新加坡公積金局負責運用之基金部分的報酬率,僅有最低保障利率之水準。
綜觀之,新加坡中央公積金制度在管理方面井井有條,頗為健全且富有創新,然而,其投資運用方面卻顯得績效不彰,有待改善。新加坡中央公積金制度雖不是完美的制度,但無論如何,其參考及借鑒的價值是一直得到肯定。 / Singapore's Central Provident Fund (CPF) Scheme, which has been regarded as Singapore's secret weapon for its economic takeoff, plays very important role in Singapore's security, social stability, economic and social development. As a compulsory savings scheme, CPF ensured that workers could support themselves with dignity in retirement. Over the years, CPF has also been used to accelerate national growth. To meet the population's needs in housing, healthcare, education, family protection and investment, several innovative schemes were introduced over the last five decades. Its virtuous circle is showing strong vitality. Constantly reforming and perfecting innovation of Singapore’s CPF Scheme also provides a good ideas and valuable lessons for many countries to reform their social security system.
In this study, Singapore's CPF Scheme has an effective fund management with strictly relative act, an importantly safeguard to lead it to success. In this, the Singapore Government has established one whole set mature legal act, to ensure an efficient implementation of entire process under close legal supervision and management. In addition, about fund investment: for individual, it seems like Singapore’s CPF Scheme’s members are not high in individual investment wish, majority still by leave fund to their own account to earns lowest minimum returns interest rate paid by the government, even for independent investors, they most sought the low-risk and insured’s investment products; for the government, as it meet the global market low interest rate standard period, therefore Singapore's Central Provident Fund Board be responsible for fund of part the utilization return rate, only has standard of the lowest safeguard interest rate.
Finally, in management aspect, Singapore's CPF Scheme has been successful at implementation with strictly legal criteria and it also more innovation, however, in investment aspect, its achievements is not so clear, still need some necessary improvements. On balance, the CPF scheme, although not perfect, is worthy of consideration for other countries.
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