Answer: (1) Pay-as-you-go system is easy to operate and manage, and the fund balance is not affected by inflation rate and interest rate fluctuation, which can also reduce the pressure and risk of ensuring the preservation and appreciation of the fund.

(2) Pay-as-you-go system is vulnerable to unfavorable factors such as the aging population due to the lack of long-term balanced fund accumulation, which leads to the intensification of intergenerational conflicts.

(3) On the one hand, the complete accumulation system can get rid of the adverse effects brought by demographic changes, on the other hand, it can increase capital accumulation and promote economic growth.

(4) However, the complete accumulation system lacks the function of income redistribution, and the accumulated funds are very vulnerable to economic fluctuations and inflation. There are many uncertainties in the investment of the fund, and the risk of depreciation is relatively high. Therefore, when the economic development is at a high level and the capital market is relatively developed, it is more appropriate to adopt this model.