我国基本养老保险的个人账户部分根据政策规定,每年参考银行同期存款利率计息。但由于我国的存款利率长期以来低于通货膨胀率水平,再考虑到养老金负债的长期性,这使得我国养老基金面临较大的通胀风险。本文建立了个人账户通胀风险的精算模型,并对记账利率和通货膨胀率进行估计来分析个人账户的通胀风险。本文的结论是,在当前制度下,我国养老保险个人账户部分存在较大的通胀风险,但随着通胀率的上升,通胀风险的增度会下降。 According to the policies and regulations, part of the personal account of China’s basic old-age insurance refers to the interest rate of bank deposit in the same period of reference. However, because the deposit rate in our country has been lower than the inflation rate for a long time, considering the long-term pension liability, this causes the pension fund in our country to face a big inflation risk. This paper establishes the actuarial model of personal account inflation risk, and estimates the bookkeeping interest rate and inflation rate to analyze the inflation risk of personal accounts. The conclusion of this paper is that under the current system, there is a big risk of inflation in the personal account of pension insurance in our country, but as the inflation rate rises, the increase of inflation risk will decrease.