本文考慮政府財政政策的指標爲釘住固定的政府支出規模或釘住固定的勞動所得稅率，比較隨收隨付年金制與完全提存年金制對經濟成長以及社會福利的影響，我們發現：1.無論財政政策的指標爲釘住固定的政府支出規模或釘住固定的勞動所得稅率，隨收隨付的國民年金制皆將減低經濟成長、提升當代年長者福利、減弱未來世代的福利；2.若以固定政府支出規模爲指標，隨收隨付的國民年金制度將不利於當代年輕人的福利，而以固定勞動所得稅率爲指標之下，隨收隨付的國民年金制度則有助於當代年輕人的福利；3.若財政政策的指標爲固定政府支出規模，完全提存的國民年金將完全不會對經濟成長以及社會福利造成影響；4.若財政政策的指標爲固定勞動所得稅率，完全提存的國民年金對經濟成長、當代年輕人福利、未來世代的福利皆有正面的影響效果。

This paper considers two fiscal policy rules including government spending scale targeting and income tax rate targeting to compare the growth and welfare effects of the pay-as-you-go pension system with those of the fully-funded pension system. Several main findings emerge from the analysis. First, regardless of the fiscal policy rule, the pay-as-you-go pension system reduces the economic growth and the welfare of the future generations, but raises the welfare of the older generation. Secondly, the pay-as-you-go pension system reduces the welfare of the younger generation under government spending scale targeting but raises it under income tax rate targeting. Thirdly, the fully-funded pension system does not affect economic growth and social welfare under government spending scale targeting. Fourthly, the fully-funded pension system raises economic growth and welfare of the young and future generations under income tax rate targeting.