(1) There is a huge gap in personal accounts. As of April, 211, China's personal accounts were empty up to 1.5 trillion yuan. With the aggravation of China's aging, the number of elderly people over 6 reached 174 million in 21, accounting for about 12.8% of the total population, and it is expected to reach about 15% by the end of the Twelfth Five-Year Plan, and it will reach the peak of aging in more than ten years, which has a great impact on pension insurance and medical insurance. If the government does not take strong measures, the gap in personal accounts will continue to widen. If we do not solve the problem of empty personal accounts, it is bound to drag down the existing accumulation funds again, so that the system will never achieve the established goal of transition. In addition, since the pilot project in Liaoning in 21, the personal account has made slow progress.

(2) The rate of return of individual account funds is low, and it is difficult to maintain and increase the value. China's urban workers' old-age insurance model, which combines unified accounts with individual accounts, has designed a system in which the old-age insurance is divided into unified accounts and individual accounts. Due to the great pressure of fund payment in the current period, most of the individual account funds that should be paid in the current period are running in empty accounts, and their funds are used to pay the current pension. In order to solve this problem, in 21, the pilot project of making individual accounts was launched, and at present, 13 provinces and municipalities across the country have carried out pilot projects. According to the statistical bulletin on the development of human resources and social security in 21, 13 pilot provinces of basic old-age insurance for enterprise employees have accumulated 23.9 billion yuan of basic old-age insurance personal account funds. In the face of such a huge amount of personal account funds, its preservation and appreciation is particularly important. However, for security reasons, our government has strictly restricted the investment scope and investment tools of individual account funds. In addition, due to the impact of macroeconomic fluctuations and inflation, the investment efficiency of the fund is low and it is difficult to maintain its value. We can see it from the relatively flexible national social security fund. For individual account funds scattered around the country, they can only be deposited in banks or purchased government bonds, and their low yield can be imagined.

in the past two years, the fund has not maintained and increased its value, but has shrunk dramatically. Social security funds scattered around the country can only deposit them in banks or buy government bonds, and the rate of return is only about 2%. If inflation is added, it is basically negative interest rate, and there is a serious risk of depreciation. This will inevitably affect the sustainable development of China's social security system and the construction of a harmonious society.

in addition, there is a big gap in the development level among provinces, and there is a big gap in the investment management level and profit opportunities between developed coastal provinces and underdeveloped provinces in the central and western regions, so it is inevitable that there will be a big difference in the rate of return. And for some provinces, there is a shortage of investment professionals, and the provincial government dominates trust investment, which is prone to problems. Once there is a problem, the final result is that the central government will be the final guarantor and the central government will be responsible for paying the bill, which will probably become the risk source of a new round of social security violations.