Since the economic reform and Opening-up，pension system in Shanghai has undergone three phases of reform：a socialized Pension Fund，system and management. The idea and path which guides Shanghai municipality to deepen the Pension System include the following crucial elements：an active pension system reform in the Public Service Unit；a larger cover to the migrant workers in Shanghai；more efforts devoted to the rural side；higher pension payment to the retirees covered by “Township Social Insurance Scheme”；More efforts in multi-level pension insurance；diversification in the funding sources.