The pension system is the cooperation mechanism formed by the division of responsibility among the government, the employer and the individual. In the process of cooperation, there are three different value orientations including Liberalism, Corporatism and Social Democracy. The United States, Chile and Singapore, whose pension responsibilities are mainly borne by enterprises and individuals, are characterized by Liberalism; Germany, the Great Britain and France, whose pension responsibilities are equally borne by the government, enterprises and individuals, are characterized by Corporatism; Japan and Sweden, whose pension responsibilities are mainly borne by the objects with higher capacity, are characterized by Social Democracy. Based on China’s socialist value orientation and the present situation of the aging population, it is necessary to define the position and role of endowment insurance of each pillar, reduce the pension replacement rate level of first pillar, and actively develop an occupational pension. At the same time, it will reduce the pension payment rate, extend the payment period, and postpone the retirement age, so as to make the responsibilitysharing of the pension system more reasonable in China.

social endowment; endowment insurance; pension system; responsibilitysharing; liberalism; corporatism; social democracy