Shanghai reformed endowment insurance policy early，not only solved the contradiction during the social and economic development，but also make pension policy of Shanghai being unique. Currently it has been a wide coverage and relatively stable pattern of social endowment insurance，meeting the national requirements，but with practice advanced it produced problems that needed further adjustment. After the author listed the pension system of Shanghai systematically，thinks that the fundamental macro-carding improve the system is to promote the sustainable development of the pension insurance fund. The first key issue，agencies and institutions pension system reform under the new situation，to further promote the enterprise annuity expand coverage. Secondly，based on the Sustainable Development of Fund，improve the pension benefits of a normal growth mechanism. Thirdly，based on the fairness of the system，form a reasonable mechanism gradient pension treatment of various groups.