As China's population ages, the social security system faces immense pressure. Against this backdrop, the personal pension system has emerged as the third pillar of retirement security. This paper provides an in-depth analysis of China's personal pension system, detailing its developmental context and tracing its journey from initial exploration through pilot programs to nationwide implementation. Addressing current challenges such as limited account opening channels, insufficient policy publicity, narrow investment options with high yield volatility, and inadequate system flexibility, this paper proposes recommendations including expanding account opening channels, strengthening policy outreach, diversifying investment avenues while enhancing investor education, and improving system flexibility. These measures aim to advance the continuous refinement of China's individual pension system, providing robust support for addressing retirement challenges in an aging society.
Xinxin et al. (Wed,) studied this question.