To find out whether the pension target fund should be bought or not, the starting point is to see clearly the risks of pension assets. On the one hand, the risk comes from the decline of income after retirement. The pension provided by the national basic old-age insurance is relatively limited, and the pension replacement rate of the basic old-age insurance (the ratio of the pension level at retirement to the wage income level before retirement) decreased from 7.79% in 1997 to 45% in 214.

on the other hand, the risk comes from inflation. Due to the price increase, the real purchasing power of pension has been shrinking with the passage of time. Especially for those who love saving and saving money, there is always a risk that pension assets will not win inflation, and it is difficult to maintain and increase their value.

Zheng Bingwen, member of Chinese People's Political Consultative Conference and director of the World Social Security Research Center of China Academy of Social Sciences, believes that the basic audience of the target pension fund is people who buy Public Offering of Fund, usually white-collar workers. They are used to investing in risky products and have a high risk preference. For these groups, they are stable investors in Public Offering of Fund.