1. The main difference between pension funds and pension insurance is that pension funds have high returns, but may lead to losses, while pension insurance is capital preservation, but the returns are relatively low.

2. Pension funds belong to FOF funds: commonly known as funds in funds. This kind of fund is adjusted by professional teams according to market dynamics, and its income depends on the performance of fund managers and the market. Losses will occur after the market is bad or the fund manager makes mistakes.

3. Endowment insurance is actually an annuity insurance: it will be stated in the insurance contract that giving you a fixed sum of money for a fixed number of years or every year is equivalent to locking in the long-term interest rate. However, the future is full of uncertainty. Although locking in long-term interest rates locks in risks, it may also lose some opportunities.