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The Reform and Supervisory Research of Taiwan Pension Fund

Author: LiuShiHeng
Tutor: LiXiuFang
School: Nankai University
Course: Insurance
Keywords: Taiwan Pension Fund Reform Supervisory
CLC: F842.7
Type: PhD thesis
Year: 2013
Downloads: 50
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Abstract


The global population structure has been gradually aging, coupled with the financial turmoil. The most world’s national social security fund, pension funds and other competent authorities have felt the increasing pressure of liability gap gradually. They have started to re-examine their fund’s balance sheet, the funding ratio, funds investment return, and thesecurity level of fund investment portfolio and risk management. Evaluate whether the pension fund can sustain in the harsher environment. Orjust turn back and begin to reform the fund.The problems faced by Taiwan’s pensions at this stage are quite grim. It has been uneven balance sheets for sometime due to the lower contribution and higher retiring payment. Taiwan’s social welfare pension funds were not fully funded. They use pay as you go (PAYG) and partial funding method quite for a long time lead the underfunding situation of the existing funds. These problems cause serious government financial imbalances. In recent years that there are also the trend that population structure quickly toward the low birth rate and aging. The younger generation certainly will face a much heavy burden, which in turn evolved an injustice for our next generations. The replacement rate of public servants is much higher thancommon privatelabor isusually less than half compare to public servants, there was unfair feeling for the common private workers. The Government should understand the seriousness of the problem, and already began to develop a solution to the problem, it seems the government set up30years’ pension fund finical safety as a primary goal. This study suggests it may not be achievable if try to only adjust the replacement rate, payment conditions, the government should also use a more comprehensive perspective to think about the needs of a meaningful reform, In this research. We thinkin, a more thorough analysis will produce more long-term solutions. After all, the problems encountered by the pension funds are long-term structural problem, not a short-term means completely resolved.In view of the qualitative research of the past Taiwan academic pension study is more favor of a single field of quantitative research or a single fund. Not the overall fund inside and obstacles. This thesis hope to do a more comprehensive analysis explore. Therefore, the scope of this thesis contains all of the major pension funds and their management system level. Major research areas for the payment of the pension fund system, the system of corporate governance, investment management system, risk management system, financial indicators, actuarial information, and information disclosure mechanism. There are totally five important analysis layers, basically it should have covered most of the pension funds in Taiwan for external supervision and management at all levels. Research methods to be adopted are "literature review" and "historic analysis". In this study, the use of literature review, the whole analysis of primary data including, three pillars proposed by the World Bank as the classification criteria to investigate and compare the existing defined benefit and definite contribution pension fund supervision framework. And domestic and foreign information from the relevant journal articles, dissertations, pension funds competent authority, supervision and management institutions, publications, statistics of this study is to collect their own analysis and discussion about the pension fund case. On pension reform, the international community from the early1980s has been continuing to do, so this study is to the advanced foreign pension reforms in the context of what time and space through the comparative analysis of the historical analysis, through historical comparison pros and cons of the pros and cons to analyze the reform later.This thesis chapters’arrangementstart from the analysis of Taiwan and the world’s major demographic which both had population composition changes, the influence to economy and pensions trends. Then we explore the major focus of different commom people in Taiwan about the overall pensions. The pension funds the status of the world’s advanced countries, pension reform and pension fund management trends worth learn from the experience of the performance of the fund management or supervisory measures. Only analyzes its difficulties faced by the pension funds are concerned by all sectors of Taiwan’s current main focus issues. Then the individual pension funds beinganalyzed, review the system and fund management mechanisms. Finally, to improve the policy recommendations of the pension funds, starting with the overall perspective to think about how to reform can solve the, long-standing deep-rooted problems in oneswoop and form recommendations.In this study, I found there are five categories of serious pension problems existing:serious contribution/payment imbalance, generations unfairness, society conflicts break the harmony due to the welfare system gap caused by civil servants and common private workers, long-term less performance of the existing pension funds compare to international standards, the pension regulatory transparency is less than the people’s confidence is not enough. This research study analyzed the above problem is satisfied. The corporate governance、organization and human resources、 financial and actuarial、Investment management, risk management and outsourcing system, government policies and systems, information disclosure transparency of five categories、18sorts need to be solve the dilemma. This study suggests that short-term strategy should give priority to set up a new professional based origination for centralized manage all Taiwan major pension, integration of resources to enhance the performance. Narrow the gap between the payments of the surface to enlarge the life of pension. Enhance the transparency of information disclosure. An excellent medium-term strategy should be to reduce the industry else and pay gaps. Long-term point of view, should follow the practice of the World Bank and the5pillars of implementation of pension diversified, unified pension system in Taiwan is also recommended to think about, a single platform, the same system, different employers, salary, the same for compulsory rate, different self-contribution rate. Personal account is movable. This study will suggests this which is best meet the justice across no matter which vocation or generation is. Most of all, achieve the efficiency.

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CLC: > Economic > Fiscal, monetary > Insurance > China's insurance industry > Local insurance industry
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