It is disadvantageous for fixed management fee rate to incent the fund company making great efforts to maximize return of investor in social insurance funds investment at present, this article put forward dividing the fixed management fee rate into two part of base and performance fee. At the same time, in order to avoiding the fund company to take too much active risk for gaining more performance fee, based on the specialty of securities business in China, this paper designs management fee rate of social insurance funds investment under risk budgeting.