Abstract: By taking the immigrant settlement of Huaxin community in Fengcheng Town of Anxi County as an example and using the questionnaire method, this paper analyzed the current situation of pension insurance in the reservoir settlement, and then summarized the problems existed in the construction of pension insurance system.Last, this paper put forward that a new pension insurance system which would be suitable for the region’s development should be explored under the background of the constantly improved urban-rural pension insurance system and combing with the characteristics of the reservoir immigrant settlement.Meanwhile, it was quite necessary to innovate and improve the existing pension insurance system, thus to provide a long-term safeguard mechanism for the sustainable development of reservoir immigrants.