The Role of Life-Cycle Funds in the Design of Self-Select Pension Scheme
| Autor: | Yung-Cheng Lai, 賴勇澄 |
|---|---|
| Rok vydání: | 2016 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 104 In recent years, Taiwan’s pension related issues are gradually surfacing and receiving more attention. This is due to an ageing population, coupled with an unsound Domestic Labor Pension System and poor returns on pension investments. This study explores and compares Life-Cycle Funds as investment strategies, and its viability for the pension system. Incorporating the life-cycle strategies, we use historical simulation method to calculate the pension returns based on a high and low risk asset portfolio. The former portfolio is made up of Taiwan Weighted Index and S&P 500 index monthly returns and the latter is the US 10-year Treasury monthly yield rate. Four major life-cycle strategies are used to compare the differences in cumulative pension returns and correlations between investment efficiency, volatility and targets. The results can then provide a basis for the feasibility of Self-Select Pension Scheme which may be available in Taiwan's future pension system. The lack luster performance of life-cycle strategies with the volatility brought on by risk assets is within expectation. However, the performance still surpasses that of the current pension returns. So we believe life-cycle fund and strategies still have a role to play in the future of the pension default plan or core preselected fund. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
| Externí odkaz: |
|