勞工退休金條例採用個人帳戶制之退休金型態，勞工退休時可以領到多少退休金則視帳戶內的投資績效而定。若不審慎選擇投資策略，除了不能給予勞工適當的退休所得外，一旦發生帳戶價值低於兩年期定存利率的情形時，政府就必須補足之，因此勞退基金資金運用之績效將是勞退新制成功與否的重要關鍵之一。 本研究依勞工退休金條例之規範來建構模型，並整理過去的文獻將投資策略分為50/50、BPFA、TPFA、Lifestyle、Threshold、CPPI、γ=1、γ=3與γ=5。結果發現：（一）平均所得替代率會隨著合併提撥率的增加而提高；（二）對於20歲與30歲的勞工而言，透過適當的提撥率可以達到目標所得替代率；而對於40歲與50歲的勞工來說，平均來說所得替代率偏低；（三）政府補貼成本的平均值與標準差會隨著合併提撥率的增加而提高；（四）以平均補貼成本來看，情境一下γ=3為最低，CPPI或BPFA為最高，而情境二下50/50為最低，BPFA為最高 ；（五）以補貼機率來看 ，情境一下各投資策略的補貼機率非常小，情境二下除了50/50之外，其餘投資策略的補貼機率皆提高，其中以BPFA與TPFA的補貼機率高於50％ The Labor Pension System is a individual retirement account system. The retirement benefit will depend on the investment performance. Choosing appropriate investment strategies will make the retirement benefits sufficient .If the accumulated value is below two-year deposit rate, the administration has to make up the balance. This research constructs the model under the Labor Pension System. Investment strategies are 50/50、BPFA、TPFA、Lifestyle、Threshold、CPPI、γ=1、γ=3 andγ=5. We find that: (1) The more the contribution is, the higher the average replacement rate is. (2) For 20 age and 30 age labors, the appropriate contribution rate is a way to achieve the target replacement rate. For 40 age and 50 age labors , the average replacement rate is insufficient. (3) The mean and standard deviation of subsidy increase with the contribution. (4) In scenario 1, the average subsidy of γ=3 is lowest, but CPPI or BPFA is highest. In scenario 2, the average subsidy of 50/50 is lowest, but BPFA is highest.(5) The probability of subsidy in scenario 1 is very low, but BPFA and TPFA in scenario 2 is higher than fifty percent.
