Abstract: Based on the lifetime method, the study constructs the basic pension actuarial model and measure the net income. The outcomes show that the current pension system can regulate the income distribution gap among different ownership enterprises, and fair and differentiated wage growth is beneficial to strengthen its positive effect. However, the regressive mechanism increased the burden of the private enterprise, thus weaken the redistribution effect, and even could result in its reverse regulation effect; Moreover, it does not exist income redistribution among the regions; If the wage growth rate and the proportion of pension adjustment are higher, the degree of benefits is greater; If the interest rate is greater than the proportion of the pension growth, all employees who participate in old-age insurance will suffer. And if the average wage is higher, the loss will be greater.