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    Title: The portable guarantee to exchange back an old defined benefit for a new defined contribution (DC) pension plan
    Authors: Chen, Chao-liang
    Contributors: 淡江大學經濟學系
    Date: 2006-04
    Issue Date: 2009-11-30 18:37:16 (UTC+8)
    Publisher: Taylor & Francis
    Abstract: As a defined contribution (DC) pension plan is introduced to replace a defined benefit (DB) pension plan, the portability benefit from a DC pension plan costs the employees to bear the investment risk from managing the pension fund. To protect the retirement income and maintain the portability benefit, a guarantee to exchange back the old defined benefit is supposed to be demanded for the new DC plan's participants in the guarantee market. In light of such a demand, this article applies a claim-terminating insurance pricing model to offer a contingent claims pricing model for a portable pension guarantee. Using the new labor pension plan of Taiwan as an illustration, a guaranteed DC pension will carry an extra cost of almost 50% up to over 100% of the plan's contributions over the participant's work life, given the current mandatory minimum requirement of a contribution rate of 6%.
    Relation: Applied Economics 38(6), pp.699-706
    DOI: 10.1080/00036840500397127
    Appears in Collections:[經濟學系暨研究所] 期刊論文

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