中文摘要：

本文首先确定了满足收支平衡的计发月数，然后在精算平衡的条件下为个人账户养老金设计了自动平衡机制，最后分析了收益率和死亡率的变动对养老金给付的影响。通过数值计算后发现，本文的平衡策略能够根据死亡率和投资收益率的变动对计发额度进行调整，这种调整策略不仅能够实现个人账户的动态平衡，而且具有内生性和稳定性。另外，现行的计发月数（139）过低，会造成收支失衡，维持收支基本平衡的计发月数应为男性218．54、女性241．39。

英文摘要：

The paper first determined the divisor factor to meet the balance of individual pension accounts, then designed the automatic balancing mechanism under actuarial neutral conditions, and finally analyzed the impacts ofchanges in investment yields and mortality rates on pension payments. The numerical calculation proved that the automatic balancing strategy could be adjusted according to changes in mortality rates and investment yields, and this adjustment could not only achieve the dynamic balancing of individual accounts, but was also endogenous and stable. In addition, the current divisor factor （ 139 ） was too low,which could cause imbalances of accounts. The divisor factor for male and female should be 218.54 and 241.39.