China will strengthen management of the pension fund and ensure retirees can get their pension "in full and in a timely manner", China's top fiscal official said on Tuesday.

"The Ministry of Finance is responsible for properly managing every penny of the pension," minister Xiao Jie said at a news conference on the sidelines of the ongoing legislative and political advisory meetings.

Xiao admitted that, in some places, pension fee collection had fallen short of pension payments, but he said the ministry has ordered local governments to solve the problem.

He also said investments using pension funds must be strictly managed to avoid incurring losses.