Population aging is a global problem. In order to cope with the influence of population aging, some countries such as Ireland and Norway. France and New Zealand have established national pension reserve funds. In nature, these pension reserve funds are very similar to the national social security fund. For some time, we have inspected the pension reserve funds in some countries, and some of their experiences are worth learning. First, legislation comes first and the legal system is sound. After the establishment of reserve funds, these countries have specially formulated and promulgated laws and regulations on the management and operation of reserve funds. Norway established the Petroleum Fund in 1990, promulgated the Petroleum Fund Law in the same year, and formulated the Regulations on Petroleum Fund Management in 1996. In 2000, Ireland established the National Reserve Fund and promulgated the National Reserve Fund Act. In 200 1 year, New Zealand established a pension fund and passed the pension fund law. After the establishment of the national reserve fund in France, the social security law was revised accordingly. Through these laws, the nature, source and use of reserve funds are very clear, and the management structure, responsibilities of management institutions and investment operation methods are also clearly defined. Second, the management objectives are clear and the sources of funds are stable. In terms of financing, France requires that the size of the reserve fund must reach 1 trillion francs by 2020, while Ireland requires that the reserve fund must be able to bear the expenditure of 1/3 at the peak of pension payment. In order to stabilize the source of funds, Ireland stipulates that 1% GNP should be allocated from the fiscal budget every year, and New Zealand and Norway have also established budget allocation mechanisms. These countries also regard part of public resources income, realized income of state-owned enterprises and their dividends as important means to raise funds. Third, the management organization has clear responsibilities and implements market-oriented operation. These countries set up special institutions to manage and operate reserve funds, and the goal of investment management is to maximize the return on investment without causing excessive risks to the whole fund. For example, France has set up a reserve fund supervision committee, Ireland has set up a reserve fund committee, and New Zealand has set up a pension supervision committee. Although the titles are different, they are all responsible subjects and power subjects responsible for management and operation. In order to facilitate market-oriented operation and reduce government intervention, there are corresponding provisions in the law to ensure that management institutions have independent management decision-making power.