The expansion and effectiveness of the "new pillar" of pension support face obstacles, and relevant departments are exploring the mechanism of "default investment".

Currently, with the first pillar basic old-age insurance as the foundation, the second pillar enterprise annuities and occupational pensions, and the third pillar individual old-age pensions and commercial old-age pensions as the support, China's multi-level and multi-pillar pension financial system has been basically established, providing the people with more options for accumulating retirement funds. However, it was found through research that there are still obstacles to be solved in the development of the "new pillar" such as insufficient coverage and insufficient deposit funds. Although the development of the new pension pillar is progressing rapidly, there are still issues such as insufficient coverage and insufficient deposit funds. Industry insiders believe that this requires relevant departments to provide more policy support in terms of optimizing tax incentives, increasing deposit amounts, and enriching investment products.