It clarifies the rights and obligations of employers and workers, embodies the social security principle of combining fairness and efficiency, and conforms to the direction of modern social insurance reform in which the state, enterprises and workers share the responsibility.

The partial fund system not only maintains the intergenerational income redistribution function under the pay-as-you-go system, but also reduces the burden of contemporary people under the pay-as-you-go system and the risk of currency depreciation and the pressure of capital preservation and appreciation under the whole fund system through partial capital accumulation. Partial accumulation mode is a combination of pay-as-you-go mode and complete accumulation mode.

Compared with the complete fund system and the pay-as-you-go system, the partial accumulation system has the following characteristics:

1, which can not only retain the intergenerational transfer and income redistribution function of pay-as-you-go pension, but also realize the purpose of stimulating payment and improving work efficiency through the full accumulation of pension.

2. It can not only reduce the rigidity of pay-as-you-go welfare expenditure, but also overcome the problem of excessive uneven personal annuity income accumulated completely, and guarantee the basic life of retirees.

3. It can not only make use of the institutional advantages of the complete accumulation system to accumulate capital to cope with the aging crisis, but also alleviate the burden of enterprise payment and the pressure of capital preservation and appreciation.

4. The risk of the investment fund system comes from the uncertainty of the market rate of return, and the investment fund system needs less taxes, so the efficiency loss is less.

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