This research attempts to consider for Taiwan's National Pension Planning from the new social risks perspective. After examining the various requirements of social structure which sustain different economic protection systems for the aged, and reviewing the results and limitation of pension reform of major welfare states in the 1990s, this analysis compares and discusses the economic protection systems for the aged and the New Social Risks. Of course, Taiwan's New Social Risks are examined in the same time. The findings of this research are that the three main projects to realize the economic protection for the aged may take different New Social Risks to various degrees in Risk Society. Taiwan's political and socio-economic characteristics can not modify or cover but instead reinforces the institutional defects of social insurance due to Taiwan's economic globalization. The Full-Fund/individual saving fund scheme's institutional defects might be exacerbated by Taiwan's socioeconomic characteristics, too. On the other hand, we don't find significant signs to show the means-test social allowance system's defects might be reinforced in Taiwan.