The basic endowment insurance of the urban enterprise employees in China embodies the pension rights in essence rather than property rights,the fundamental significance of personal accounts of endowment insurance is to protect the social rights of enterprise employees. The replenishment of individual endowment insurance accounts pilot starting in 2001 fails to resolve the endowment payment risk, but increases the difficulty of preservation and appreciation of the endowment insurance fund, with devaluation of endowment insurance fund increasing by the replenishing proportion. Moreover, replenishing individual accounts raises the savings rate and inhibits investment and consumption demand, thus having a crowdingout effect on economic development. Therefore, an equitable and sustainable pension system should be established and a book entry mode of personal accounts in the name of the employee pension rights should be set up to fundamentally reflect the employees property rights and social rights and hence solve the problem of utility loss arising from replenishing individual accounts. Only in this way can we avoid the risk of depreciation and payment of the endowment and improve the system of basic endowment insurance that integrates social pooling and personal accounts.