With the rollout of the personal pension scheme, China has formally established a threepillar pension system To evaluate its adequacy, this study develops a replacementrate model covering all three pillars and conducts simulations based on CFPS 2022 data The results reveal pronounced stratification in benefit adequacy, with persistent coverage gaps for certain groups The system exhibits structural imbalance: the first pillar bears most of the responsibility, while the second and third pillars provide limited supplementary support Replacement rates are highly sensitive to institutional parameters such as contribution years and retirement age Although the personal pension scheme marginally improves overall replacement rates, its impact remains modest Policy recommendations include gradually adjusting the statutory retirement age, optimizing contributionyear requirements, promoting the development of enterprise annuities and personal pensions, and strengthening coordination across pillars to enhance overall system sustainability and adequacy