理論上，個人帳戶的基金運用強調相當程度的個體機動性，故效率性的金融市場及政府對基金運用的低度規範，是其達到個體運作績效的基礎運作條件。惟在公共退休金制度中，為了確保參與者基本退休經濟來源的安全性，政府較高度地介入個人帳戶基金在累積期間的投資運用，乃有其必要性，而在這當中，遂產生了政府的代理成本問題。由新加坡公積金的運作經驗可以看出，欲減輕政府的尋租成本，首要之道，應是讓退休基金的相關財務運作能儘量透明化，同時，政府亦應慎選專業投資機構並管理帳戶投資費用成本上限，以強化對參與者的帳戶運作保障。

Basically, efficient financial markets and low government regulations are the fundamentals for lifting the flexibility and efficiency of individual pension fund accounts operations. However, in the operations of public individual pension fund accounts, it is necessary for the government to exert more regulation on the investment operations to protect the security of participants' basic pension, and the government agency cost is thus incurred inevitably. Based on Singapore's CPF experience, it can be seen that the basic way to reduce the government rent-seeking cost is to make the financial operations of pension fund as transparent as possible. At the same time, choosing the professional investment institutions prudently and regulating the upper limit of investment fees are also required for the government to better protect the operations of individual pension fund accounts.