Basically, efficient financial markets and low government regulations are the fundamentals for lifting the flexibility and efficiency of individual pension fund accounts operations. However, in the operations of public individual pension fund accounts, it is necessary for the government to exert more regulation on the investment operations to protect the security of participants' basic pension, and the government agency cost is thus incurred inevitably. Based on Singapore's CPF experience, it can be seen that the basic way to reduce the government rent-seeking cost is to make the financial operations of pension fund as transparent as possible. At the same time, choosing the professional investment institutions prudently and regulating the upper limit of investment fees are also required for the government to better protect the operations of individual pension fund accounts.