Asset allocation risk: the investment portfolio of enterprise annuity fund needs to be rationally allocated according to the fund's objectives and risk tolerance. Asset allocation risk mainly includes market risk, industry risk and regional risk.

Credit risk: There is credit risk in bonds, stocks and other financial assets invested by the enterprise annuity fund, that is, the risk that the debtor or issuer cannot repay the principal and interest on time.

Liquidity risk: the enterprise annuity fund needs to provide liquidity according to the participant's retirement plan, that is, it can pay the participant's rights and interests in time when necessary. Liquidity risk mainly includes insufficient asset liquidity and insufficient market liquidity.