There are six key issues to be solved in the construction of the third prop of pensions, including taxsubsidized mode, substitution rate, participation rate, attributes, operation model and supervision. Based on China’s national conditions, the third prop of China’s pension should choose the guarantee model, highlighting that pensions are the essential attribute of “longevity risk protection+longterm savings”. Taxsubsidized policy should go towards universal benefits, improving the participation rate effectively, highlighting the risk protection and longterm saving functions, and specifying the main leader of supervision.

social aged care issue in China; aging society; pension; taxsubsidized personal pension; third prop