本研究將以勞退新制DC( Defined Contribution Plan：確定提撥制 )擬推行之自選平台(Member Select)為研究之基礎，研究1)勞退固定提撥新制下，目前6%雇主提撥方案之下提撥不足的程度。2)2008年之後市場大幅波動經驗，對雇員退休後所得缺口可能造成的衝擊。3)全球人口學趨勢對未來十年以上金融資產價格及債券利率之可能衝擊，對勞退資金投資的影響。3)參考國外相關固定提撥之經驗及其缺失，建議目前依台灣資產管理產業現況可行之自選平台架構及輪廓。4)如何透過自選平台的教育及引導機制增加個人自提意願，較適化退休基金投資組合。5)提升資產管理業界參與的意願以及增加意願。6)金融業評估投資大眾投資屬性的KYC(Know your customer)是否適用於自選平台上產品選擇的參考依據，提出對於一般參與勞退新制的勞工，適性的全方面之理財建議及規劃之方法。以期勾勒出自選平台的整體可行方案輪廓，並建議以基富通基金平台為基礎加載勞退自選基金平台專區以解決退休之後，因理財知識及提撥額度的不足，導致所得替代率偏低，造成嚴重的社會問題。提高參與自選的勞工退休之後可以獲得的所得替代率。強調多層次的年金保障，避免年金貧窮的現象發生。釐清對勞工而言，退休後的經濟安全不僅是政府與雇主的責任，更是勞工與政府、雇主可以共同努力達到的目標。

隨著醫療科技進步，形成高齡化的社會，使全球先進國家人口結構的改變、及老年人口扶養比例不斷上升等不同過往的人文與社會環境變遷，造成許多以隨收隨付制（Pay as you go）為主的第二層退休金保障制度，在未來可能將面臨財務危機。因此近年來許多國家在提倡世界銀行所倡導的「老年經濟安全多層保障制度」之餘，亦根據該國政經情勢及社會環境狀況對本身之退休金制度，加以檢討與規劃，改革方式不盡相同。尤其在第二層保障之勞工退休金部份，除了有從「確定給付（defined benefit）」型態朝向「確定提撥制（defined contribution）」發展外，在退休基金的財務規劃上，亦有逐漸轉為「完全提存準備制(fully funded)」之趨勢。 國內勞工退休新制歷經立法、行政多年的折衝與磨合，於去（2004）年６月間三讀通過，並將於今（2005）年７月１日起正式實施。此勞退新制的改革重點，在於強調退休金之可攜帶性，確保勞工在轉換工作時年資可以繼續維持，期有效改善了舊制中勞工領不到退休金之缺點，進一步強化未來勞工退休後所得的安全性。 退休金制度之變革將對一國的社會經濟環境帯來重大影響，其中採行確定提撥制與完全提存準備制的第二層保障之改革，原則上將透過提升國民儲蓄率、減少對勞動市場的扭曲，以強化國家財政與社會安全體系等不同層面，對一國長期的社會及經濟發展將帶來正面影響。然而，在變革施行前政府的強力宣導、勞工團體對於施行細則及相關管理辦法的關切，在在都表示廣大的勞工對制度選擇的知識仍相當不足。 鑑於各國退休金制度的改革及其資產管理方式之經驗，對我國即將推動之勞退新制具有重大啟示，因此本論文引介國際間退休金制度的變革趨勢，概述較具代表性國家之退休金制度改革實例，並經由探討退休金條例對勞工之影響，試圖歸納並提供不同條件下勞工的選擇策略，又進而探討由確定給付制改為確定提撥制後，勞工對於未來退休所得之因應方式及其適足性問題。

勞工退休金條例的實施喚醒國人對退休後生活的重視，開始著重退休財務規劃。確定提撥制下，提撥期間退休準備金之運用深深影響退休時之帳戶金額，對員工影響甚鉅，故資金運用乃是由員工自行決定，投資風險由員工承擔，而投資報酬率對退休所得替代率影響甚鉅，提升報酬率能讓員工退休時有足夠的退休金，當考量退休金能有抗通貨膨脹風險時，更需要較高的報酬率來避免通貨膨脹風險。 本研究採用隨機投資模型模擬股票、債券及兩年期定存報酬率，運用不同投資策略，衡量各種可能投資組合之投資績效與風險，並進一步設計各投資策略之生命週期投資模式，以期分析多期投資策略是否有較大之報酬率、較小之風險。本研究建立最適投資策略之目標函數，供投資者選擇適用之目標函數，在設定控制變數下，尋找最適資產配置。 在不考慮生命週期策略時，CM投資策略最為有效率，且單位風險報酬最高，CPPI則無論投資組合如何配置，都具有高風險高報酬之特性。比較生命週期時，35年期投資期間，TIPP生命週期投資策略較TIPP為佳，而BH生命週期在35年與20年投資期間有較BH有效率之現象。當高風險投資標的變異大時，不宜採用高風險之投資組合，會造成高風險低報酬之情形。另投資者可以根據本研究之最適投資策略設定，選擇最符合自身風險之最佳資產配置策略。

臺閔地區65歲以上的老年人口於民國82年底占總人口之7.1%，達到聯合國所界定之「高齡化」水準，至民國94年底老年人口大幅增加為占總人口之9.74%，人口老化的趨勢使得退休後的生活保障更顯重要;年長者生活保障的主要來源是退休金，而我國已於民國94年7月1日由確定給付制轉變為確定提撥制(DC制)。基於醫學的快速成長，以及生活環境水準亦顯著提昇，採用現有的生命表預測未來死亡率可能會有極大的誤差，故本文參考許鳴遠(2006)的Reduction Factor模型，預測台灣未來的高齡人口死亡率，進而推計未來的各年齡人口數，再將改善的死亡率應用在確定提撥制的退休基金，並參考MacDonald and Cairns (2007)，假設退休基金投資在五種不同的投資標的，分別考慮20歲的個人與不同時間點20~55歲的各年齡人口，在不同限制函數下找尋確定提撥制退休基金的最適投資策略，並比較不同限制函數對依賴比造成的影響。

本文主要在探討確定提撥退休金計劃下，投資決策對所得替代率之影響，以提供員工退休規劃及政府政策擬定之參考。首先，我們建構退休金累積模型及所得替代率模型，其中所得替代率之計算是以含通貨膨脹率因子的年金方式給付退休金。然後，將影響退休金累積模型的精算因子：累積期間的投資報酬率，依據過去的月資料配適出其母體分配，以模擬員工未來退休時，使用年金方式給付退休金的所得替代率。本文進一步，提供員工在不同投資報酬下應相對提撥多少百分比，以達到適當的所得替代率水準的參考標準，以滿足員工未來退休時的生活所需。我們以民國87年「勞工退休金條例草案」及台灣投資市場的實証資料進行研究，本研究結果如右：當僱主提撥6%月薪資時，(一)若員工可選擇投資標的，女性、男性員工所得替代率分均值分別介於48%~70%、52%~75%，而且選擇高度風險基金之所得替代率平均值皆較低度風險基金高出45 %，但為了使所得替代率小於60%的機率低於10%，女性、男性員工選擇高度風險基金需較低度風險基金分別多提撥3 %、2 %。(二)若退休基金由勞委會統籌管理，以過去實証平均報酬率8%，計算女性、男性員工所得替代率分別為50%、54%，但為達到60%所得替代率，女性、男性員工需分別相對提撥2%、1%。(三)比較「員工可選擇投資標的」與「勞委會統籌分配管理」兩種退休基金管理方式，若員工可選擇投資標的亦有最低保証收益，結果發現員工可選擇投資標的之投資績效及所得替代率皆優於勞委會統籌分配管理。 / The thesis investigates the impacts of the employee’s investment decision making on income replacement rate for defined contribution plan. We first construct the pension accumulation model to compute the final retirement benefit under defined contribution plan. Furthermore, the empirical data of the investment returns from mutual fund market and that from Labor Insurance Bureau are utilized to simulate the possible investment returns distribution for employee before retirement. The replacement rate is then calculated by assuming the employee will use his/her final retirement benefit to buy a single premium annuity with inflation index adjustment from the insurance company. Finally, based on simulation results from different scenarios, we suggest a relative employee contribution rate in order for employee to reach his/her objective replacement rate under different risk aversion levels. Our results show: 1. If the employee can make investment decision by investing in the mutual fund market, in average, female employee can have 48~70% replacement rate, while male employee can have 52~75%. We also find the replacement rate for employee selecting the high-risk mutual fund is 45% higher than those for selecting the low-risk mutual fund. 2. If the employee can not make investment decision and Labor Insurance Bureau allocate the pension asset, female employee can have 50% replacement rate, while male employee can have 54%. 3. Comparing the above two alternatives under the assumption that the employee has minimum guarantee return in both case, we find the first option can generate higher replacement rate for employee.

我國65歲以上的老年人口，於民國82年底達總人口比率7.1％，正式邁入聯合國世界衛生組織所稱之高齡化社會（7％以上）。根據行政院經濟建設委員會之推估，65歲以上的老年人口比例於97年將達總人口數之10.15％，而於116年達總人口數之20.04％，人口老化速度明顯高於歐美國家，未來人口年齡結構將更趨於高齡化。隨著我國老年人口成長，社會安全制度日益受到重視，提供老人經濟安全之適度保障將成為我國未來福利發展之新方向。 本研究根據世界銀行提出的「三層保障」之老年經濟安全保障制度架構為基礎，說明我國公務人員退休制度在老年經濟安全保障方案之定位，闡述有關第二層保障之職業退休金制度理論演變，以釐清公務人員退休金之屬性及正當性，以助於退休制度及其財務規劃的擬定，期使整套制度循著適當的理論脈絡而發展。基於對退休金重要性的認知，先進國家早已發展成熟的職業退休金制度，而我國公務人員退休制度係建制於民國32年，實施50餘年，雖歷經4次修正，由於退休金給付方式仍屬於恩給制，除造成財政上重大負擔外，也產生退休給與偏低等嚴重問題，相關機關自62年開始研究改革，經過22年研議規劃完成，自84年7月1日實施退休新制，其與舊制最大的差異，是將退休經費籌措方式，由政府編列預算支付之恩給制，改由政府與公務人員共同撥繳費用成立退撫基金之共同提撥制，其餘退休對象、退休年資、退休條件、核給退休金原則大致維持不變，而退休金給付方式，也維持著確定給付制。經分析新退休制度之主要內容，實施迄今8年餘，有關改進退撫經費籌措方式，減輕政府財政負擔；及提高退撫所得，加強安老卹孤之改革目標，均已獲致初步成效。然而現階段面臨之問題，是退休經費導致各級政府財政負擔增加，且依公務人員退休撫卹基金管理委員會委託基金精算結果也顯示基金將面臨財務危機。 本研究係分析新制退休金給付方式，全面採行確定提撥制，對解決基金現存財務危機之可行性，為便於瞭解，爰敘明確定提撥制與確定給付制之意涵與優、缺點，及我國採用此兩種制度之適例。茲因退休金給付方式之政策變革方案，影響層面甚廣，方案之可行性如何，必須審慎探討與分析，爰就制度變革方案可行性列舉幾項評估面向進行分析。 例如為解決基金財務問題，除必須從經濟上分析外，茲因制度變革方案，必須符合現時的政治生態，始能確保政策推行之成果，方案的周詳與否，關係到該方案能否被接受及未來能否順利執行。由於退休舊制恩給制時期，因退休經費籌措方式不當，同樣存在著財政負擔之問題及缺失，其能於84年7月改革成功推動新退休制度，在政治方面包括政黨、民意機關、相關主管機關、公務人員，甚至學者等等支持的因素，在現今新制推行後，為解決財政問題，而將退休金給付方式，全面改採確定提撥制，是否同樣具有政治上支持的可能性，自須審慎分析；此外，退休金政策之改變，直接受影響的便是公務人員之退休所得，在退休金採行確定提撥制後，是否仍能達成新制推行時所設定之提高退撫所得、加強安老卹孤改革目標，應為關鍵之所在，由於職業退休金理論中之維持適當生活，係本研究在規劃退休金制度時所考量的重點，因退休後的生活水準應能與退休前相當，乃是探討退休金制度的核心，爰列為評估面向。又世界各國實施公務員退休金制度之經驗，包括採行確定給付制與確定提撥制例證，及面臨困境或改革之趨勢，均能在我國制訂退休金政策時有所啟示，故亦列為評估面向。本研究依據上述重要項目進行整體性評估，針對現存政經環境及職業特性，歸納我國新制退休金採行確定給付制或確定提撥制之個別效益，深入檢討何種給付方式較能維持公務人員權益？及退休前之生活水準？藉以說明並支持可行方案，以作為方案選擇之參據。最後提出本研究之結論與研究發現，進而本於基金能否永續經營，將是制度得否存續的關鍵，減少財務潛在危機，應具有合理的制度設計與有效的經營管理之基本條件，爰研擬若干建議措施，以降低財政問題的嚴重性，俾確保基金日後退休給付之能力，保障參加基金人員之權益。 / Taiwan has officially joined the “aging society” as defined by the WHO (up to 7% of the senior citizen ratio) because senior citizens aged over 65 accounted for 7.1% as of December 31, 1993. The official forecast by the Council of Economic Planning & Development of the Executive Yuan (the Cabinet) indicates that the senior population age over 65 will hit 10.15% of the total population by 2008 and even up to 20.04％ by the year 2027. Taiwan significantly outpaces their European and American counterparts in terms of the ratio of aging citizens. The aging society problems will likely turn from bad to worse in the future. In turn, the social security system is receiving mounting awareness and attention. The efforts to provide sound financial standing, secured social systems and protection to senior citizens will represent the new orientation of future welfare development in Taiwan. The present study takes the “Three-Level Assurance” oriented senior citizen financial security system proposed by the World Bank as the very grounds to elucidate the positioning of the Public Servant System in the senior citizen financial security system, annotate the evolution pension system of the Second-level Assurance to clarify the attribute and justification of the pension granted to civil servants. The present study is intended to help draw up a retirement system and financial planning so that the entire system will develop toward appropriate and justified orientation. With awareness of the importance of pension, those advanced countries have developed sound and mature professional pension systems for quite some time already. In the Republic of China, the retirement system for civil servants was initiated in 1943 and has been updated four times during the subsequent half century. The pension has been granted as a sort of benefit, or a government favor. As a result, pension to civil servants has become a heavy financial burden to the government and has been illogically insufficient. In response, the competent authorities concerned began initiating research for a reform of the pension system in 1973 and completed the research program 22 years later. The new retirement system was officially put into place on July 1, 1995. Between the old and new retirement system, the greatest difference is that the pension fund is jointly contributed by both the government and civil servants themselves in the new system instead of being solely budgeted by the government as a sort of government favor in the old system. Except for this, the aspects of the target retirees, seniority requirements, prerequisites for retirement and the principles to grant pension largely remain unchanged. Pension is paid in an unchanged “Defined Benefit Plan”. Now, with the new system in enforcement for over eight years, the new system proves to have primarily attained the goals in improving the method of pension fund raising, easing up the government’s financial burden, providing added pension to retirees and better safeguarding the senior civil servants. The problems currently confronting the pension practice are largely the mounting financial burden to the government as incurred by the retirement expenses. Meanwhile, the actual calculation outcome consigned by the Pension Management Committee indicates that the Pension Fund is on the verge of financial difficulties. The present study is to analyze the terms of pension payment to determine the feasibility there-of and to solve the present financial problem by means of the “Defined Contribution Plan”. For better a understanding into the issues, the present study elucidates the connotation, strengths and weaknesses of the “Defined Contribution Plan” and “Defined Benefit Plan”, as well as the precedents in Taiwan in adopting such two systems. Where a reform in the policy of pension payments will create quite an extensive impact, the feasibility of the policies calls for prudent analysis to enumerate a few feasible alternatives before further analyses into a few aspects of the assessment. To solve the financial difficulties in the Pension Fund, for instance, other than the economic analyses, the reform of the system must live up to the current political ecology before it can ensure the effects expected through the enforcement. Whether or not the policies are detailed and comprehensive enough will determine whether or not the policies are acceptable and whether or not they can be put into successful enforcement without a ensuing problems. During the extended practice under the old system while pension was budgeted as a sort of government favor, the pension system led to a heavy financial burden and shortcomings on the government. The new pension system was successfully put into enforcement in July 1995, thanks to the unanimous support from the political parties, congress, competent authorities concerned, civil servants as well as scholars. Now, in an effort to solve the current financial problems under the new system, the pension will be paid under the “Defined Contribution Plan”. Will the present reform receive equal political support? It calls for well-advised analyses. Besides, in a change in the pension system, the top impact will be upon the pension income to civil servants. After the pension is under the “Defined Contribution Plan”, will civil servants receive added pension income and receive better security in their retired life? These will be the key issues under the present study. The core consideration should aim at the retired lifestyle, which should be equivalent to the pre-retirement one. The hands-on experiences in enforcing civil servant pension systems accumulated in other countries the world over, including precedents of their practices in adopting the “Defined Benefit Plan” and “Defined Contribution Plan” will function as the constructive examples in Taiwan’s policymaking process regarding pension systems, and will be, therefore, be covered in the assessment in the present study as well. The present study will launch an overall assessment on the aforementioned key issues. Aiming at the existent political and economic climate as well as the professional characteristics, the present study will generalize the individual effects and benefits under “Defined Benefit Plan” or “Defined Contribution Plan” under the new retirement system to find out the optimal terms of payment to assure maximum possible benefits to civil servants, safeguard the quality of their retired lifestyle to be equivalent to the pre-retirement lifestyle. The findings and conclusions yielded through the present study will function as handy reference materials for policymaking. By submitting the findings and conclusions so yielded, the study will help the policymakers draw up sound enforcement rules to ensure the sustained existence of the Pension Fund, alleviate the potential financial crises through reasonable design of systems and effective management as the very fundamentals. Further by offering constructive proposals, the study will help the competent authorities of the government solve the financial difficulties to ensure sustained sound competence of pension payments and to, in turn, safeguard the Pension Fund and the Fund’s beneficiaries.

為使台灣公部門能利用確定提撥的概念及妥善運用投資資源，以期在減少政府負擔的情況下獲得足夠的退休所得，故本研究以所得替代率、金錢價值比及平均數-變異數比等指標來針對公務人員退撫基金附加節約儲蓄制度採行之可能與投資策略彼此運用之模擬結果加以分析，結果如下： 1. 各情境下以BH策略所得出之期末個人帳戶平均累積值表現最佳，然其具相當大的波動變異程度，投資人需承受相當大的風險。而TIPP策略之表現則與前述完全相反。 2. 若投資者採用BH策略或是採用CPPI與TIPP策略(CM策略)且欲追求較高的所得替代率，則建議採用Lifecycle(平衡型)的投資比例配置方式，加計DB制下之給付則平均可提供男(女)性約70.204%-75.204% (65.49%-70.49%)的所得替代率，而金錢價值比則為2.399(2.95)。 3. 無論投資者採用何種策略進行投資，若欲追求最小的可能變異風險，則建議採取平衡型的投資比例配置方式，加計確定給付制下之給付則平均可提供男(女)性約67.924%-72.924%(65.318%-70.318%)的所得替代率，金錢價值比則為2.6835。 本文模擬結果所得出之所得替代率平均維持於70%上下，代表若政府將可藉此制度減輕政府負擔外亦可使員工擁有一定水平的退休生活，故可採用。至於投資策略與配置方式如何取捨須依不同的投資者而定。 　 關鍵詞：公務人員退撫基金、確定提撥制、所得替代率、金錢價值比、Lifecycle / Abstract Because the improvement of medical technology and the structure of population is aging. It makes human worry about the living in the future. In order to enable the public servants of Taiwan to utilize the system of the Defined Contribution and to relief the pressure of fiscal, so we simulate in this article and analysis the results of simulation by using replacement rate, money’s worth ratio, and mean-variance ratio. The result is as follows: 1.When investor adopt the BH strategy in the process of investment, it will create the best replacement rate and money’s worth ratio under every situation, but it can be anticipated more uncertainty. Investors need to think thrice before they act. The TIPP strategy is opposite. 2.If investors adopt BH strategy or CPPI and TIPP strategy (CM strategy) and wanting to pursue the substituting rate of the higher income , the best selection is proposed adopting the Lifecycle (balanced) scenario, and it can offer replacement ratio about 70.204% - 75.204% (65.49% - 70.49% ) for the man (the woman ) under adding the DB system. Besides, the money’s worth rate is 2.399 (2.95). 3. If the investors want to pursue the least influence in the process of investment whatever investors adopt which strategies, the best scenario is the balanced type, and it can offer replacement ratio about 67.924%-72.924%(65.318%-70.318%) for the man (the woman) under adding the DB system. Besides, the money’s worth rate is 2.6835. The outcome of the simulation in this article is keep the replacement rate maintain about 70% equally, What is the best selection for investor that must be contingent upon different characteristics of investors. Keywords: public servants, Defined Contribution, Replacement rate, The money’s worth ratio, Lifecycle hypothesis.

本文採用LIBOR市場利率模型評價確定提撥制退休金計畫所附之收益率保證，此保證收益率連結至隨機LIBOR市場利率，在相關的文獻上(特別在隨機利率方面)，尚未有相關的研究。本文同時考慮兩種保證型態：到期日保證與多期保證，運用平賭過程理論，在延伸之LIBOR市場利率模型(ELMM)下推導此兩種保證的理論公式解。相較於其他利率模型或HJM模型，採用ELMM所推得之評價公式更適合於實務運用。為供實務運用，文中並探討如何進行參數校準，亦進行蒙地卡羅模擬以驗證模型理論解的準確性。 / We derive the pricing formulas for the guarantees embedded in defined contribution (DC) pension plans with the guaranteed minimum rate of return set relative to a LIBOR interest rate. The guaranteed rate associated with a stochastic LIBOR interest rate has not yet been studied in the relevant literature, particularly in the presence of stochastic interest rates. An extended LIBOR market model (LMM) is employed to price the interest rate guarantees embedded in DC pension plans under maturity and multi-period guarantees. The pricing formulas derived under the extended LMM are more tractable and feasible for practice than those derived under the instantaneous short rate models or the HJM model. Calibration procedures are also discussed for practical implementation. Monte Carlo simulation is provided to evaluate the accuracy of the theoretical results.

世界各國人口結構持續改變，高齡化社會正逐漸成形，退休金制度的良窳已成為一國人口未來福利是否受到保障的最關鍵因素。各國政府勞退制度之改革最普遍的就是推動以「確定給付制」改為「確定提撥制」。我國勞工退休金政策亦於2005年7月正式實施勞工退休金新制，以「個人退休金專戶」為中心的「確定提撥制」逐漸取代「確定給付制」之勞退舊制。惟與其他國家最大不同是我國退休基金的管理與運用乃由政府統籌辦理，屬於集中管理模式；反觀先進國家勞工退休金其會員則可依個人風險承擔程度自由選擇投資不同類型退休基金，故自我國勞退新制實施以來，勞工是否傾向自行決定退休金運用方式就值得探討。然2008年金融海嘯發生，勞退基金首次發生虧損，勞工退休金開放自行選擇投資組合是否依然可行？ 本研究之研究方法包括文獻分析法，藉由世界主要國家退休金制度的變革，了解國際間對於勞工自行選擇退休金運用方式之概況與趨勢發展，並比較主要各國運用方式，發現目前國際間採用確定提撥制的國家已多數可由勞工自行選擇退休基金方案；另外採行問卷調查，針對全國總工會之勞工代表與幹部以問卷方式調查其對勞工退休基金運用的看法，發現大部分工會代表在金融海嘯前後均傾向選擇自選，而在教育程度與年齡等變項發現達到顯著性之水準。爰依本研究結論，建議勞工主管單位，應研擬逐步開放的方式推行，且儘速使勞工依個人風險承擔程度，自由選擇不同類型退休基金，並適時給予所需之教育訓練。 / The structure of the world population continues to change; an aging society is gradually taking shape. The virtue of the pension system has become the most critical factor in the future welfare of a country's population. The most of the world‘s governments labor pension system of reform is to promote the "defined benefit" to "defined contribution" system. The new labor pension policy in Taiwan was implemented in July 2005. The individual pension accounts "defined benefit" system was gradually replaced by "defined contribution". But the Taiwan's pension fund management belonging to the centralized management model; which was different with the other countries. On the other hand, other advanced countries, labor pension of its members can choose to invest in different types of pension funds according to personal risk degree of freedom. So the Taiwan’s labor whether the tendency to decide pension use since the implementation of the new labor fun system is worth exploring. In this study, literature analysis was used. We find the international workers to choose the pension use of profiles and the trends by reviewing change of the world's major national pension system. We also found that using defined contribution system in the world the pension fund program was chosen freely by the majority workers. In addition, by using the questionnaire survey of labor representatives and cadres of the China Federation of Trade Unions, we found that the majority of union representatives tend to select the optional before and after the financial tsunami. The level of education and age variables to reach a significant level. In accordance with these conclusions, we recommended that the labor unit in charge opening the way to implement should be developed gradually. To bear the degree of labor as soon as possible according to individual risk, freedom to choose different types of pension funds, and timely given the required training.

針對各國普遍面臨人口結構逐漸老化、退休人口增加問題，世界銀行曾提出應建立至少三層保障的養老制度之呼籲；而我國迄今尚未建構出一套全面性之老年經濟生活安全保障制度，現有退休制度係依國民職業身分作為區分基礎。近幾年政府財政日趨惡化，加以國內經濟景氣不佳，失業率節節升高，公務人員由於工作與薪資相對較為穩定，其退休給付亦較完備；因此，遂引起各界對公務人員退休給付及其條件之合理及公平性的諸多討論。而公務人員退撫基金管理良窳，除攸關公務人員退休權益，亦牽涉政府最後給付責任，在政府可用資源相對減少下，如何防範政治力介入，暨因應現有制度與管理上的若干缺失，避免未來發生嚴重財務危機，均為本研究之重點。 本研究採取文獻探討、比較研究法，並輔以德菲爾法（Delphi Method）、問卷調查等方法，就公平及管理角度檢視現行公務人員退休制度所存在之缺失及具體改進之道。研究結果發現大多數受訪者認為我國對老年經濟生活安全之保障，與個人從事職業別有很大關聯；除軍公教人員以外之其他職域與非工資勞動者的老年經濟生活保障普遍不足，故在制度比較上常衍生出差別性待遇公平性問題；而退撫基金經營決策又常有政治力介入，特別是政經情勢不穩定時，除非逐漸民營化，政府僅擔任監督者角色，否則既使修法明定政府干預、挪用基金等限制條文，只要仍維持現行制度精神，由政府管理，便很難防範政治力介入該基金之實際運作。 基此，本研究提出下述幾點建議：1.政府應致力提升其他職域（身分）人員之老年經濟生活安全保障；2.公務人員請領月退休金年齡條件應予以延後，並適度降低現行給付水準；3.研議增訂彈性退休規定，並研酌展期年金及減額年金之可行性；4.宜朝向「確定給付制」兼採「確定提撥制」混合制方向發展，並逐步提高「確定提撥制」比例及採個人退休金帳戶制；5.修法明確規範退撫基金提撥率之調整機制，以健全基金財務結構；6.宜逐步增加退撫基金國外投資配置比例；7.應研酌未達法定最低收益由國庫補足差額之規定，以免否對資產長期配置造成扭曲；8.對於有價證券之投資應改採市價法評價，以反映基金資產真實價值；9.加強退撫基金財務資訊公開，以利全體投保人之監督；10.現行基金管理與監理組織，可研酌精簡合併為一獨立專業監理機關。11.修法使退撫基金經營管理趨向私有化與自由化。 / To confront the ever growing ageing trend and consequent retirement tide, the World Bank has contended three pillars of old age security over the past few years. The ROC government, however, has not yet launched a national pension scheme to ensure the elderly economic security so far although the Plan has been worked out for some time. The country is currently adopting a retirement system based on people’s occupation. Civil servants all along enjoy relatively sound and stabilized retirement benefits even under the aggravating financial difficulties and the economy recession. Together with the increasing unemployment rate, this phenomenon has augmented a great deal of discussion with regard to its fairness. In addition, since the government has played significant role in terms of Pension Fund Management, how to prevent political intervention and avoid mismanagement particularly during economic crisis certainly deserve close scrutiny. In light of the aforementioned, this study, based on literature review, survey, and Delphi, focuses on the fairness and management perspectives of the existing pension system for civil servants. It is found that most interviewees agree that civil servants comparatively enjoy better retirement benefits than the rest of the population since the current pension system has been designed on occupational basis. It is further observed by the interviewees that political intervention does exist in terms of Pension Fund Management especially during economic recession. It is thus harbored that perhaps only through “privatization”, such intervention can come to its stop. The study, among other things, suggests the followings: 1.A national pension scheme covering all people is required. 2.Postponing the age of receiving annuity from the current 50 to a later age and reasonably cutting off some civil servants’ pension benefits need to be addressed. 3.Adding flexibility to current civil servants’ retirement system is worth pondering. 4.Working out a system blending together “defined benefit” and “defined contribution” in which the proportion of “defined contribution” should be gradually enlarged. Thoughts with regard to “individual account” should also be studied. 5.Adjusting the insurance fee for pension fund is necessary in order to ensure financial viability. 6.Bigger proportion of pension funds’ overseas investment should be allowed. 7.Investment in securities should be evaluated with market price to reflect the actual value of fund assets. 8.Pension funds management report should be released to the general public for supervision. 9.Professional pension fund supervision mechanism has to be established. 10.Law provisions as to privatize and liberalize the pension fund need to be worked out.