This paper explores the domestic penson fund management institution including the analysis of the essence of the new pension fund institution and the display of the potential problems in the new institution. In the meanwhile, this paper gives some important suggestion to the future development of the new pension fund institution, and makes the concrete suggestion of three dimensions: the assistant machanism, institutional machanism and market machanism, At last, this paper compares the institutional risk and policy purposes of the new integration pension fund institution which this paper advocates with the those of the old pension fund institution and the those of the new pension fund institution, and gives some concrete suggestion to hope to build a permanent pension fund management institution.