一個與薪資相關(Salary-related)並由雇主提撥(Corporate sponsored)的確定給 付退休金計畫 (Defined benefit pension plans)，在薪資與基金資產報酬不確定下，由雇 主提撥的累積基金資產價值，可能無法充分償兌退休金請求權 (Pension claims) 的承諾給 付。在退休基金缺乏保證機制下，為避免退休基破產，企業必須提撥充足的準備金。本文擬 結合條件請求權 (Contingent claims) 評價方法與提早退出 (Early decrements) 的考量 ，提供一個個別退休基金正常提撥成本 (Normal contribution cost) 的估計模型，且以臺 灣製造業為例，估計不同進入年齡之個別勞工退休基金的正常提撥成本佔薪資之比率。本文 結果顯示，在各種情境假設下，正常提撥成本隨進入年齡提高而有增加的趨勢，唯增加幅度 隨薪資成長率相對於退休基金資產報酬提高而較小。此外，當無風險資產報酬下降時、進入 年齡較低時、或經風險調整之薪資平均成長率較高時，正常提撥成本受無風險資產報酬變動 之敏感度較其他情形高。當無風險資產報酬較底或進入年齡較低時，正常提撥成本對經風險 調整之薪資平均成長率變動的敏感度則較其他情形高。本文結果也顯示，預期承諾退休給付 的價值由於不考慮基金資產報酬的隨機性，將明顯低於正常提撥成本，低估的程度有隨進入 年齡降低而增加的趨勢。

　　　　　This article provides a contingent claim approach model to estimate the normal contribution costs for salary-related, corporate sponsored defined benefit pension plans. The model developed in this paper incorporates retirement, mortality, and other early decrements. The individual normal contribution costs, as a percentage of salary, are estimeated numerically for a range of entry ages and a number of parameter values of salary and pension asset for the manufacturing industry in Taiwan. The results demonstrate that the normal contribution costs rise when the entry ages increase. However, the increments become smaller when the growth rate of salary relative to return of pension asset increases. In addition, the sesitivities of normal contribution costs to risk-free interest rate decrease with the risk-free interest rate and the entry age, and increase with the risk-adjusted average growth rate of salary. And, the sensitivities of normal contribution costs to risk-adjusted average growth rate of salary decrease with the risk-free interest and the entry age. The results also find that the normal contribution costs are obviously higher than the values of expected promised benefits that ignore the stochastic nature of pension assets.