(1) Reasonably divide the financial power and administrative power of the central and local governments in the old-age insurance cause

As a public enterprise, the old-age insurance should be vested in the central government, and according to international experience, the basic old-age insurance in big countries is mostly concentrated in the central government, and the national overall management is implemented. Theoretically speaking, China should follow the following principles in dividing the responsibilities of the central and local pension social insurance: it is conducive to breaking off the old and new systems, solidifying historical debts, cultivating the growth of the new system and making it sustainable; It is conducive to the balance of financial resources between the central and local governments, which can clearly define responsibilities and rights, balance the interests of the central and local governments, reduce the resistance to policy implementation, and improve the policy effect.

after the implementation of the national overall planning of the basic old-age insurance fund, it should be centralized in power and decentralized in power. The so-called centralization of power means that, in accordance with the requirements of "four unifications", the power to formulate major policies (such as retirement conditions, payment standards, pension adjustment with economic development, fund management, accounting system used and methods for maintaining and increasing value, etc.), the management and adjustment of basic pensions, and the systematic management of organizations and personnel are centralized in the administrative department of the State Council, and all localities only have the executive power. The so-called decentralization of small powers means that all provinces, autonomous regions and municipalities are allowed to put forward specific implementation opinions in combination with the actual situation of their own regions and systems without violating the major policies of the state.

(2) Reform the method of recording and issuing pensions in pooling accounts and give economic encouragement to areas with fund balances

First of all, the way of fund allocation in pooling accounts is closely related to people's attitude towards reform. If the current egalitarian distribution mode is used to enter the national overall planning, it will inevitably be blocked by areas with high wage levels. Suppose: A and B are two basic old-age insurance co-ordination areas. The average monthly payment salary of the payer in A is 3, yuan, and the average monthly payment salary of the payer in B is 1,5 yuan, which accounts for 2% of the basic old-age insurance co-ordination account. Then, the fund allocated to the co-ordination account by the payer in A and the fund allocated to the co-ordination account by the payer in B is 7,2 yuan and 3,6 yuan respectively. It is also assumed that the per capita wages of the payers in places A and B have remained unchanged for 15 consecutive years, and the per capita funds allocated to the overall account in places A and B are 18, yuan and 54, yuan respectively. Newcomers to social security can enjoy the basic pension as long as they have paid for 15 years, and the payers in Party A and Party B will not continue to pay after 15 years. After raising the level of overall planning, the contribution of each person in Party A and Party B to the overall planning account is 54, yuan, but the basic pension that each person can enjoy is exactly the same, which is bound to be resisted by obviously unfair, the payer in Party A with high wage level. Only by establishing a mechanism linking the basic pension with the payment amount can the reform win the active participation of rich or developed regions.

Secondly, give some economic encouragement to the regional governments and social insurance agencies with more savings in the basic old-age insurance pooling fund and higher premium collection rate. In this way, it can not only stimulate their daily work, but also reduce their resistance to national overall planning.

(III) Accelerating the reform of personal accounts

Due to the fact that the pension income is not enough to cover the expenses, and the pension insurance funds are mixed, the funds paid by employees for personal pension accounts are only recorded in personal accounts, and this part of the funds is actually used for the pension payment of current retirees, thus forming an "empty account". According to estimates, the amount of empty accounts in China's personal accounts has reached hundreds of billions of yuan. With the arrival of the aging population, the problem will be further aggravated. If the problem of "empty accounts" in individual pension accounts persists, it will directly lead to the cost of social pension insurance reform for "new enterprises" and on-the-job employees, and increase the payment burden of enterprises and employees.

The author believes that the personal account should not be implemented too hastily, and it can be implemented step by step according to the actual situation in various places, and finally it will reach 8%, which will not put too much pressure on the current payment of pensions, but also gradually improve the trust of enterprises and employees in personal accounts; In this process, the central government should also clarify its own responsibilities, provide long-term and stable financial guarantee for pension payment, and provide supportive and preferential policies for the investment and operation of real funds in areas with real personal accounts; Finally, strengthen the operation and management of the endowment insurance fund itself, appropriately broaden the investment scope under the premise of ensuring the security of the fund, and strive to make up for the income and expenditure gap through the self-appreciation of the fund.