隨人口高齡化與平均餘命延長，確定提撥制度之核心課題已由退休資產累積，逐漸延伸至退休收入形成、清償期銜接與長壽風險管理。我國勞工退休金新制、私校退撫制度及公教人員個人專戶制，雖已建立個人專戶、預先提撥與資產累積之制度基礎，然現行制度仍多以帳戶累積及退休金請領方式為主，尚未完整形成以退休收入結果為導向之制度流程。因此，如何借鑑國際經驗，強化累積期選擇引導、清償期收入銜接及退休商品治理，成為我國確定提撥制度轉型之重要課題。
本研究採文獻分析法，整理確定提撥制度、預設機制、退休商品設計及清償期收入安排等相關文獻，並選取新加坡、美國與澳洲作為主要借鑑對象。研究發現，新加坡透過制度內建安排銜接退休資產與終身收入；美國藉由雇主退休計畫中的預設機制與退休收入商品創新，降低參與者決策負擔並強化收入轉換；澳洲則透過預設商品、績效測試與退休收入承諾，將基金治理與退休結果相連結。三國經驗顯示，確定提撥制度已逐步由資產累積導向，轉向退休收入導向、商品創新與治理監理並重之發展趨勢。
綜合國際經驗與我國制度分析，本文認為我國未來應強化累積期預設投資與自願性提撥引導，制度化退休收入估算資訊與請領前提示流程，並建立退休商品篩選、資訊透明與長期績效檢視機制，使確定提撥制度由單純帳戶累積，逐步轉型為兼具資產累積、退休收入銜接與長壽風險管理之退休保障架構。

With population aging and increasing life expectancy, defined contribution pension systems have gradually shifted from asset accumulation to retirement income formation, payout-phase transition, and longevity risk management. Although Taiwan has established schemes based on individual accounts and prefunding, the current systems still focus mainly on account accumulation and pension claiming options, rather than retirement income outcomes.
This study adopts the documentary analysis method and examines the experiences of Singapore, the United States, and Australia. The findings show that Singapore links retirement savings with lifetime income through institutional arrangements, the United States reduces participants’ decision-making burden through default mechanisms and retirement income product innovation, and Australia strengthens fund governance through default products, performance tests, and retirement income strategies.
Based on these findings, this study suggests that Taiwan should strengthen default investment and contribution guidance, institutionalize retirement income estimates and pre-claiming guidance, and establish mechanisms for retirement product selection, information transparency, and long-term performance review.

一、    中文部分
公務人員退休撫卹基金。114年1月1日開辦公教人員個人專戶制退撫儲金自主投資作業相關事宜，檢自：https://www.fund.gov.tw/News_Content.aspx?n=377&s=20046
王儷玲（2013）。臺灣勞工季刊，第33. 期，102 年3 月，頁54-61。
私校退撫儲金管理會。2024 私校退撫儲金管理會年報，檢自：https://www1.t-service.org.tw/uploads/userfiles/files/07公開資訊/071年報/私校退撫儲金管理會2024年報.pdf
私校退撫儲金管理會。退休給與方式，檢自：https://www1.t-service.org.tw/retire/detail/461/302
教育部。學校法人及其所屬私立學校教職員退休撫卹離職資遣條例，檢自：https://edu.law.moe.gov.tw/LawContent.aspx?id=FL049719
教育部。學校法人及其所屬私立學校教職員退休撫卹離職資遣條例，檢自：https://edu.law.moe.gov.tw/LawContent.aspx?id=FL049719
教育部。學校法人及其所屬私立學校教職員退休撫卹離職資遣儲金自主投資及退休金與資遣給與分期請領實施辦法，檢自：https://edu.law.moe.gov.tw/LawContent.aspx?id=GL001945&kw=
勞動基金運用局。勞動基金運用局管理運用規模及績效一覽表，檢自：https://www.blf.gov.tw/media/d14px32x/%E5%8B%9E%E5%B7%A5%E9%80%80%E4%BC%91%E5%9F%BA%E9%87%91-115%E5%B9%B43%E6%9C%88.pdf
勞動部（2026）。勞動基金114年度投資收益為歷年新高，檢自：https://www.mol.gov.tw/1607/1632/1633/87928/
勞動部（2026）。勞動部勞工保險局115年2月相關統計，檢自：https://www.mol.gov.tw/1607/1632/2665/89959/post
勞動部勞工保險局。收益分配，檢自：https://www.bli.gov.tw/0017637.html
勞動部勞工保險局。個人專戶查詢及金額試算，檢自：https://www.bli.gov.tw/0012942.html
勞動部勞工保險局。勞工保險老年給付及勞工退休金月退休金整合試算，檢自：https://www.bli.gov.tw/0109187.html
勞動部勞工保險局（2025）。勞退新制簡介，檢自：https://www.bli.gov.tw/0012933.html
童嬋娟、林盈課、李瑞珠（2019）。退休基金自選投資制度之研究，臺大管理論叢，29(2)，1-27，檢自：https://doi.org/10.6226/NTUMR.201908_29(2).0001
賴宜櫻（2017）。我國推動勞工退休金自選投資之研究，國家發展委員會，檢自：https://ws.ndc.gov.tw/001/administrator/10/relfile/0/11615/69f9bdd2-162d-425b-8cc5-fea1f3af9735.pdf
 
二、    英文部分
Abraham, K. G., & Harris, B. H. (2014). Better Financial Security In Retirement? Realizing The Promise Of Longevity Annuities. Economic Studies at Brookings, 1-20.
Antolín, P., S. Payet and J. Yermo (2010). Assessing Default Investment Strategies in Defined Contribution Pension Plans. OECD Working Papers on Finance, Insurance and Private Pensions, No. 2, OECD Publishing, Paris, https://doi.org/10.1787/5kmdbx1nhfnp-en.
Ashcroft, J. (2009). Defined-Contribution (DC) Arrangements in Anglo-Saxon Countries. OECD Working Papers on Insurance and Private Pensions, No. 35, OECD Publishing, Paris, https://doi.org/10.1787/224843410213.
Australian Government. (2012-2014). MySuper. Retrieved from https://treasury.gov.au/policy-topics/superannuation/mysuper
Australian Government. (2016-2022). Retirement Income Covenant. Retrieved from https://treasury.gov.au/policy-topics/superannuation/retirement-framework
Australian Government. (2017). Supporting retirees in retirement income planning. Retrieved from https://www.pmc.gov.au/beta/projects/supporting-retirees-retirement-income-planning
Australian Government. Account-based pensions. Retrieved from https://moneysmart.gov.au/retirement-income-sources/account-based-pensions
Australian Prudential Regulation Authority (APRA). Annual superannuation bulletin - 2024-25 highlights. Retrieved from https://www.apra.gov.au/annual-superannuation-bulletin-2024-25-highlights
Australian Prudential Regulation Authority (APRA). APRA releases superannuation statistics for June 2025. Retrieved from https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-june-2025
Australian Prudential Regulation Authority (APRA). Industry update: 2025 Pulse Check on retirement income covenant implementation. Retrieved from https://www.apra.gov.au/industry-update-2025-pulse-check-on-retirement-income-covenant-implementation
Australian Prudential Regulation Authority (APRA). Superannuation in Australia: a timeline. Retrieved from https://www.apra.gov.au/superannuation-australia-a-timeline
Australian Prudential Regulation Authority (APRA). The 2025 annual superannuation performance test - MySuper products. Retrieved from https://www.apra.gov.au/2025-annual-superannuation-performance-test-mysuper-products
Australian Prudential Regulation Authority (APRA). Your Future, Your Super Frequently Asked Questions. Retrieved from https://www.apra.gov.au/your-future-your-super-frequently-asked-questions
Australian Securities and Investments Commission (ASIC). Implementation of the retirement income covenant: Findings from the APRA and ASIC thematic review. Retrieved from https://www.asic.gov.au/regulatory-resources/find-a-document/reports/rep-766-implementation-of-the-retirement-income-covenant-findings-from-the-apra-and-asic-thematic-review/
AustralianSuper. What's an account-based pension. Retrieved from https://www.australiansuper.com/retirement/account-based-pension
Beshears, J., Choi, J. J., Laibson, D., & Madrian, B. C. (2006). The Importance of Default Options for Retirement Savings Outcomes: Evidence from the United States. NBER Working Paper Series, 12009. https://doi.org/10.3386/w12009
BlackRock. (2024). BlackRock Activates Retirement Solution Offering A Paycheck For Life. Retrieved from https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2024/BlackRock-Activates-Retirement-Solution-Offering-A-Paycheck-For-Life/default.aspx
BlackRock. (2025). The facts of lifetime income: How BlackRock is redefining retirement. Retrieved from https://www.blackrock.com/us/financial-professionals/retirement/insights/inside-retirement/how-lifepath-paycheck-is-redefining-retirement
Brady, Peter, Steven Bass, and Craig Copeland. (2026). 401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2023. ICI Research Perspective 32, No.2 . Available at www.ici.org/files/2026/per32-02.pdf.
Brigitte C. Madrian and Dennis F. Shea. (2000). The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior. NBER Working Paper 7682, https://doi.org/10.3386/w7682.
Broadbent, J., Palumbo, M., & Woodman, E. (2006). The Shift from Defined Benefit to Defined Contribution Pension Plans - Implications for Asset Allocation and Risk Management.
Canstar. (2026). What are Australia’s largest super funds? Retrieved from https://www.canstar.com.au/superannuation/largest-super-funds/
Central Provident Fund Board. (2026). CPF overview. Retrieved from https://www.cpf.gov.sg/member/cpf-overview
Central Provident Fund Board. (2026). Earning CPF interest. Retrieved from https://www.cpf.gov.sg/member/growing-your-savings/earning-higher-returns/earning-attractive-interest
Central Provident Fund Board. (2026). Investing your CPF savings. Retrieved from https://www.cpf.gov.sg/member/growing-your-savings/earning-higher-returns/investing-your-cpf-savings
Central Provident Fund Board. (2026). Investment statistics. Retrieved from https://www.cpf.gov.sg/member/infohub/reports-and-statistics/cpf-statistics/investment-statistics
Central Provident Fund Board. (2026). New CPF contribution rates for senior workers. Retrieved from https://www.cpf.gov.sg/member/infohub/educational-resources/new-cpf-contribution-rates-for-senior-workers
Central Provident Fund Board. (2026). Reaching age 55. Retrieved from https://www.cpf.gov.sg/member/retirement-income/milestones/reaching-age-55
Central Provident Fund Board. (2026). Receive lifelong monthly payouts with CPF LIFE. Retrieved from https://www.cpf.gov.sg/member/retirement-income/monthly-payouts/cpf-life
Central Provident Fund Board. (2026). Top up to enjoy higher retirement payouts. Retrieved from https://www.cpf.gov.sg/member/growing-your-savings/saving-more-with-cpf/top-up-to-enjoy-higher-retirement-payouts
Central Provident Fund Board. (2026). What are the CPF interest rates? Retrieved from https://www.cpf.gov.sg/service/article/what-are-the-cpf-interest-rates
Central Provident Fund Board. (2026). What are the CPF LIFE plans available and which is the right plan for me? Retrieved from https://www.cpf.gov.sg/service/article/what-are-the-cpf-life-plans-available-and-which-is-the-right-plan-for-me
Central Provident Fund Board. (2026). What is the CPF retirement sum? Retrieved from https://www.cpf.gov.sg/member/infohub/educational-resources/what-is-the-cpf-retirement-sum
Challenger. (2025). Challenger Lifetime Annuity (Liquid Lifetime). Retrieved from https://www.legacy.challenger.com.au/-/media/aol/documents/pds/ga_ll-additional-information.pdf
Choi, J. J., Laibson, D., Madrian, B. C., & Metrick, A. (2004). For better or for worse: Default effects and 401 (k) savings behavior. In Perspectives on the Economics of Aging, pp. 81-126, University of Chicago Press.
Clark, R. L., & Pelletier, D. (2019). Impact of Defaults in Retirement Saving Plans: Public Employee Plans. NBER Working Paper Series, 26234. https://doi.org/10.3386/w26234
Employee Benefits Security Administration (EBSA). (2020). Pension Benefit Statements - Lifetime Income Illustrations. Retrieved from https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/pension-benefit-statements-lifetime-income-illustrations
Federal Register. (2025). Selection of Annuity Providers-Safe Harbor for Individual Account Plans. Retrieved from https://www.federalregister.gov/documents/2025/07/01/2025-11615/selection-of-annuity-providers-safe-harbor-for-individual-account-plans
Holden, S., Bass, S., & Copeland, C. (2025). What Does Consistent Participation in 401 (k) Plans Generate? Changes in 401 (k) Plan Account Balances and Asset Allocations, 2019-2023. Changes in, 401, 2019-2023.
Internal Revenue Service (IRS). Internal Revenue Bulletin: 2024-2. Retrieved from https://www.irs.gov/irb/2024-02_IRB#NOT-2024-2
International Organisation of Pension Supervisors (IOPS). (2012). Supervising Default Investment Funds. IOPS Working Papers on Effective Pensions Supervision, No.18.
Investment Company Institute (ICI). (2026). Release: Quarterly Retirement Market Data, Fourth Quarter 2025. Retrieved from https://www.ici.org/statistical-report/ret_25_q4
KPMG Australia. (2025). Super Insights 2025. KPMG Australia. Retrieved from https://assets.kpmg.com/content/dam/kpmgsites/au/pdf/2025/super-insights-2025.pdf
Kruse, D.L. (1995). Pension Substitution in the 1980s: Why the Shift toward Defined Contribution?. Industrial Relations: A Journal of Economy and Society, 34: 218-241. https://doi.org/10.1111/j.1468-232X.1995.tb00370.x
Mitchell, O. S., & Utkus, S. (2012). Target-Date Funds in 401(k) Retirement Plans. NBER Working Paper Series, 17911. https://doi.org/10.3386/w17911
OECD. (2024). OECD Pensions Outlook 2024: Improving Asset-backed Pensions for Better Retirement Outcomes and More Resilient Pension Systems, OECD Publishing, Paris, https://doi.org/10.1787/51510909-en.
Papke, L. E. (1999). Are 401(k) Plans Replacing Other Employer-Provided Pensions? Evidence from Panel Data. The Journal of Human Resources, 34(2), 346–368. https://doi.org/10.2307/146349
QSuper. Lifetime Pension. Retrieved from https://qsuper.qld.gov.au/our-products/superannuation/lifetime-pension
Rocha, R. D. R., Vittas, D., & Rudolph, H. P. (2010). The Payout Phase Of Pension Systems: A Comparison of Five Countries. World Bank Policy Research Working Paper, 5288.
Stańko, D. (2015). The Concept of Target Retirement Income: Supervisory Challenges. IOPS Working Papers on Effective Pensions Supervision, No.25.
SuperRatings. (2026). Media release: 2025 top super performers revealed. Retrieved from https://www.superratings.com.au/2026/01/20/media-release-2025-top-super-performers-revealed/
Vanguard. (2025). Vanguard Launches Target Retirement Lifetime Income Trusts. Retrieved from https://corporate.vanguard.com/content/corporatesite/us/en/corp/who-we-are/pressroom/press-release-vanguard-launches-target-retirement-lifetime-income-trusts-120325.html
Vanguard. (2025). Vanguard Target Retirement Lifetime Income Trusts. Retrieved from https://workplace.vanguard.com/content/dam/inst/iig-transformation/tdf/pdf/TDF_ProductBrief_final.pdf
Zvi Bodie & Alan J. Marcus & Robert C. Merton. (1988). Defined Benefit versus Defined Contribution Pension Plans: What are the Real Trade-offs? NBER Chapters, in: Pensions in the U.S. Economy, pages 139-162, National Bureau of Economic Research, Inc.