Influence Of Redistribution Of Postponing Retirement Age In The Current Society Pension System

China’s growing aging population increases the financial burden on the Chinese government. According to China’s current social pension system, there are different payment systems among civil servants, public institution workers, urban enterprise workers and flexible employment of township workers. Government and public institutions are beginning to change the tradition which they do not pay social pension premiums, the differences between rural workers and urban workers are very big. The contents of our study are urban enterprise workers and flexible employment of township workers. We use actuarial methods to analyze the influence of redistribution effect of social pension system by postponing the retirement age.We find that the existing social pension system is good for narrowing the gap between the rich and the poor under the current retirement age and the postponing retirement age. In terms of intra-generational transfer, the role of narrowing the gap between the urban insured employee groups and the gap between men and women of the current social pension system become smaller by postponing the retirement age, the role of narrowing the gap between the urban insured employee groups and flexible employment of township workers of the current social pension system become bigger by postponing the retirement age. In terms of intergenerational transfer,the welfare of this generation will diminish by postponing the retirement age.The main findings confirm the necessity of postponing the retirement age and supporting policies, increasing pension contribution rates, encouraging the development of the aging industry and improving pension coverage.