2008年全球金融風暴造成嚴重的經濟衰退，影響全球各國的經濟。如同其他金融商品，退休基金也連帶受到嚴重的衝擊。在2008年全球金融風暴發生之前，結合金融創新、高利潤需求、過度依賴信評機構及投資人過度自信等因素，使得投資者以及退休基金受到風暴牽連更加嚴重。根據金融風暴所造成的結果，我們可推斷出投資者對於退休金管理的態度有所轉變。投資者的態度普遍轉變成保守，而且也比較重視投資的風險性。再者，投資者也學習到流動性風險的重要性，且進行投資時必須考慮投資的基本原理。最後，退休基金的投資者當遇到類似2008年全球金融風暴的經濟衰退，不應過度情緒化反應，需牢記退休基金投資講究長期的策略。

The Global Financial Crisis (GFC) of 2008 was a serious economic downturn which affected economies around the world. Like many other areas of investment, pension funds were heavily affected by this crisis. Prior to the GFC, a combination of financial innovation, demand for higher returns, overdependence on ratings agencies and investor complacency increased the severity of the crisis on investors, including those in pensions. As a result of the crisis, we can conclude that there have been changes in the attitudes towards asset management for pension funds. Investors have generally become more conservative when investing, and are placing a greater emphasis on the risk/return profile of investments. In addition, investors have learned that liquidity risk is an important consideration when investing, and that they should always consider the fundamentals of investing when they are making investment decisions. Finally, those investing in pensions should remember that pension investment is a long-term strategy and should not be overly alarmed by an economic downturn such as that of the GFC.

Table of Contents
1. Introduction ......................................................................................................................................... 1
Research Methodology ............................................................................................................................. 6
Objectives, Benefits, Scope & Limitations ................................................................................................ 6
Scope ........................................................................................................................................................ 7
Limitations................................................................................................................................................ 7
2. Critical Literature Review ...................................................................................................................... 8
Pensions in Hong Kong, Taiwan and Australia .......................................................................................... 9
Taiwan ...................................................................................................................................................... 9
Australia ................................................................................................................................................. 10
Hong Kong .............................................................................................................................................. 11
Modern Portfolio Theory and Asset Allocation ...................................................................................... 12
Asset Allocation and Active Management .............................................................................................. 15
The Global Financial Crisis ....................................................................................................................... 18
3. Background ........................................................................................................................................ 22
Pensions and the Aging Population ........................................................................................................ 22
Pensions in Taiwan ................................................................................................................................. 26
Pensions in Australia ............................................................................................................................... 29
Pensions in Hong Kong ............................................................................................................................ 31
Asset Management, Allocation and Modern Portfolio Theory ............................................................... 34
The Global Financial Crisis ....................................................................................................................... 37
4. Findings and Analysis .......................................................................................................................... 46
About the Respondents .......................................................................................................................... 47
The Effects of the Financial Crisis on Pension Funds .............................................................................. 48
Changes in Attitudes Toward Asset Management .................................................................................. 48
Changes in Attitudes Toward Risk and Return ........................................................................................ 57
Ratings Agencies and Ratings of Investments......................................................................................... 59
The Biggest Lessons Learned from the Financial Crisis ........................................................................... 61
5. Conclusion .......................................................................................................................................... 63
Recommendations for Future Study ....................................................................................................... 69
References ................................................................................................................................................. 70

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