| Summary: | 碩士 === 國立臺灣大學 === 財務金融學系 === 86 === The optimal allocation ratio of three-level annuity
Taiwan is going to enforce a new social insurance policy in coming years.
Normally, there are three main income sources for retired
persons. One is from the government---Social Pension Fund,
another is from the entrepreneur pension system, and the other
is from the commercial annuity which is purchased according to
one*s precautionary motive. Because these three sources are
somewhat substitute, the thesis provides us an allocation ratio
of these three income sources. This ratio gives us a reference
so that one can do his whole life saving planning in advance.
In addition, in this study, we present a workable method that
the government(the social pension system designer) and the
entrepreneur( the company pension system designer) may design a
sound pension system.
The simulation results show two interesting findings. First,
persons who are in different income classes may have a
different saving rate. Second, one social pension system may
have different impacts on different person*s saving behavior.
The implications of this research results are summarized as the follows.
1. The social pension annuity should guarantee the necessary
expenditure when one is retired(the ratio is about 22.97% on
average), the entrepreneur pension annuity should offer the
average consumption expenditure at retired age(the ratio is
about 60.46%), and one should save for his precautionary
saving in his whole life(the ratio is about 16.56%).
2. The amount of commercial annuity fund size provides us a
reference that how much assets should we accumulate in our
whole-life saving.
3. The national saving rate is negatively correlated with
social pension system, but the social pension system is not the
only factor that influences national saving rate.
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