Providing for the elderly is one of the eternal goals that human society has been pursuing since ancient times.From the perspective of historical development,the elderly service arrangement has also experienced the historical changes of self-supporting-family supporting-social supporting.Since social security replaced the family supporting after the industrial revolution,the pension system has experienced more than hundred years of reform,and a pension system was created,consisting of a government-led public pension system and a market-led private pension system.This pension system includes multi-subject participation of the state,society and individuals,and multi-channel financing of finance,units and individuals.

Since the 1990s,China has put forward the goal of establishing a pension system that combines basic old-age insurance,enterprise supplementary old-age insurance and individual savings old-age insurance.Subsequently,while improving the public pension system,the Chinese government also encouraged the development of the private pension system.However,in the transition period of accelerating aging and the economy entering the new normal period,the basic goal and mechanism of the first pillar public pension are gradually established,the unlimited responsibility of the government is“shifting”,and the private pension has not yet formed a“supplement”,and its function in improving the level of public pension is extremely limited.Under the background of this contradiction,it is particularly important to reflect on the structural function of China's pension system,and it is urgent to start from the logical starting point of system establishment,correct the source,and explore the necessity and development direction of China's pension structural reform.

This book takes China's pension system as the research object and the driving mechanism and realization path of the structural reform of the pension system as the research category.The logical thinking of this book includes theoretical analysis,practical reflection,evaluation of China's existing system,and development space of China's multi-pillar pension system and the path of future pension system structural reform.The framework of this book includes four parts:theoretical research,current situation assessment,international experience and reform path.By sorting out the logical relationship of China's multi-pillar pension system reform,this book hopes to answer the following four questions：

First,why reform the multi-pillar pension system?This book systematically expounds the driving mechanismof China's multi-pillar pension system reform from two aspects:theory driven and experience driven.in terms of theory driven,on the one hand,it analyzes the theoretical premise and applicable conditions of PAY-as-you-go system and fund accumulation system respectively,and proves that Pay-As-You-Go system or fund accumulation system can not independently meet many challenges of pension system.on the other hand,The“Impossible Triangle”paradox exists in the three goals of“full coverage,adequacy and sustainability”of the pension system,and the basic idea of solving the paradox through the combination of multi-pillar pension system is put forward theoretically.in the aspect of experience-driven,firstly,starting from the process of the emergence and development of pension system,this paper introduces the historical reasons and functions of public pension and private pension,and summarizes the overall trend of global pension system reform from single pillar to multi-pillar based on the reform plans of international organizations and the practices of different countries.The second is to reflect on the risks of over-public and over-market pension systems from the practices and lessons of Greece and Chile,which have long adhered to the Pay-As-You-Go system and the full-funded accumulation system.

Second,what are the current status and problemsof China's pension system?The answer to this question is not only an in-depth understanding of the overall picture of China's pension system,but also an explanation of the realistic driving factors of China's multi-pillar pension system reform.This part mainly shows the history,reality and future of China's pension system from the course and current situation,new nodes of transformation,problems and challenges.in terms of the history and current situation of China's pension system,this paper focuses on the structural framework of China's pension system and the development of pension systems with different pillars,and makes a general judgment on the achievements of China's pension system reform.in terms of the new nodes of China's pension transformation,this paper analyzes the new environment of China's pension from the perspective of China's economy entering the new normal affecting pension accumulation,accelerating pension demand to build a moderately prosperous society in all respects and aging entering the high-speed development stage affecting the balance of pension supply and demand.in terms of China's pension problems and challenges,through the overall assessment of China's pension system,this paper finds out the structural problems in the development of China's pension system and the problems and challenges in the development of different pillar pension systems,and analyzes the reasons behind the adequacy of treatment and system sustainability.

Third,does China have the conditions and space for structural reformof its pension system?After clarifying the basic direction of China's multipillar pension system reform,this study focuses on a systematic analysis of the functional positioning of the multi-pillar pension system and the space for structural reform of the pension system.in terms of the functional positioning of the multi-pillar pension system,starting from the inevitability of China's pension system moving from“strong government&weak market”to balance,this paper analyzes the functions of public pension and private pension in the income security of the elderly and their different responsibility structures.Besides,it analyzes the replacement rate of pension system corresponding to the contribution rate of different pillar pension systems,and explains the target structure of China's three-pillar pension system in combination with international experience.in terms of structural reform of pension system space,on the one hand,based on the overlapping generation model,this paper simulates the constraints of the private pension system,and analyzes the huge space of China's pension structural reform from the perspectives of the residents' short-sighted behavior,the effective return of the capital market and the basic target positioning of the public pension; on the other hand,it makes a quantitative analysis from the demand and supply of the second and third pillar private pension,and makes clear the development potential of the second and third pillar private pension from the aspects of the contribution space of the department and the contribution ability of individuals under the premise of obvious demand for the second and third pillar private pension.

Fourth,how to choose the reform and development pathof China's multi-pillar pension system? After clarifying the necessity and feasibility of the structural reform of China's multi-pillar pension system,it is necessary to explore why China's multi-pillar pension system has not improved after years of development and how to choose the future reform path.Lacking in multi-pillar pension system for many years development,the book has been clear about the stage of economic development between the multi-pillar pension system reform and gradual relationship by using the experience of developed countries multi-pillar pension system reform.Besides,this book has been clear about why the development of public pensions is crowding out private pensions combined with China's economic development over the past decades and the citizen demand.in terms of the reform and development path of China's multi-pillar pension system,this paper puts forward a comprehensive reform path of“parametric reform+structural reform”for China's pension system based on the international multi-pillar pension system reform experience.

Key words: Public Pension; Occupational Pension; Individual Pension;Parameter Reform;Structural Reform