由於退休金帳戶不是一次提足，而是定期依薪資比率提撥，像這種會與歷史薪資相關之路徑相依特性，為了提升效率又不失其準確性，本文利用蒙地卡羅模擬，針對約當證券複製它的現金流量，進而估計證券的價值，可有效評估個人退休金帳戶實質本金保證價值。 There has been a global shift in pension schemes from defined benefit (DB) to defined contribution (DC) plans over the past two decades. A notable distinction between the two schemes is that employers must bear the investment risk in a DB plan, while employees take charge of their own investment decisions and therefore bear the investment risk in a DC plan. This article develops a contingent claims in insurance valuation model to price real principal guarantees on individual pension accounts (IPAs). The stochastic salary, return on assets connected to an IPA, and inflation are incorporated. The up-front guarantee values are numerically estimated for the new Taiwan labor IPAs based on some specified scenarios.