Civil Servants Pension Fund (CSPF) is an Iranian independent

legal entity In law, a legal person is any person or legal entity that can do the things a human person is usually able to do in law – such as enter into contracts, lawsuit, sue and be sued, ownership, own property, and so on. The reason for the term "''le ...

under the governance of the Ministry of Welfare and Social Security, and run as an

insurance company Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...

. This organization is responsible for the affairs related to the retirement of

Iran Iran, officially the Islamic Republic of Iran (IRI) and also known as Persia, is a country in West Asia. It borders Iraq to the west, Turkey, Azerbaijan, and Armenia to the northwest, the Caspian Sea to the north, Turkmenistan to the nort ...

civil servant The civil service is a collective term for a sector of government composed mainly of career civil service personnel hired rather than elected, whose institutional tenure typically survives transitions of political leadership. A civil service offic ...

s. The regular military,

law enforcement agencies A law enforcement agency (LEA) is any government agency responsible for law enforcement within a specific jurisdiction through the employment and deployment of law enforcement officers and their resources. The most common type of law enforcement ...

, and the

Islamic Revolutionary Guard Corps The Islamic Revolutionary Guard Corps (IRGC), also known as the Iranian Revolutionary Guards, is a multi-service primary branch of the Islamic Republic of Iran Armed Forces, Iranian Armed Forces. It was officially established by Ruhollah Khom ...

, Iran's second major military organization, have their own pension systems.

did not legislate in favor of a universal social protection, but in 1996, th
Center of the Statistics of Iran
estimated that more than 73% of the Iranian population was covered by

social security Welfare spending is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifically to social insurance ...

. Membership in the social security system for all employees is compulsory.

Beneficiaries

In 2012, CSPO had 1.1 million pensioners. CSPO's beneficiaries include: #Civil servants covered by Management of

Government A government is the system or group of people governing an organized community, generally a State (polity), state. In the case of its broad associative definition, government normally consists of legislature, executive (government), execu ...

Services Law. #Faculty members of universities & institutes of

higher education Tertiary education (higher education, or post-secondary education) is the educational level following the completion of secondary education. The World Bank defines tertiary education as including universities, colleges, and vocational schools ...

employed as tenure teaching staff. #Judges employed by judiciary Branch and

Ministry of Justice A justice ministry, ministry of justice, or department of justice, is a ministry or other government agency in charge of the administration of justice. The ministry or department is often headed by a minister of justice (minister for justice in a ...

covered by their respective rules and regulations. #Tenure diplomats of

Ministry of Foreign Affairs In many countries, the ministry of foreign affairs (abbreviated as MFA or MOFA) is the highest government department exclusively or primarily responsible for the state's foreign policy and relations, diplomacy, bilateral, and multilateral r ...

covered by their respective rules & regulations. #Tenure employees of municipalities, excluding mayors. #Contract employees of executive branch requesting to be covered by civil servants Pension Fund. #The self-employeds (bought out employees of Ministry of Roads and article 147 of Fourth Development Plan.)

Funding

The pension systems is based on the

defined benefit Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and ag ...

which is the standard model (vs the

defined contribution A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these a ...

model). In 2012, CSPO had 1 million public employees contributing to the fund. The government is also supporting financially the CSPO. Due to the reduced amount of resources CSPO gathers from public employees, the system now relies more on government resources. In the future, the system will no longer rely on the

government budget A government budget is a projection of the government's revenues and expenditure for a particular period, often referred to as a financial or fiscal year, which may or may not correspond with the calendar year. Government revenues mostly incl ...

, and shift focus toward a (privately) funded system. The pension system will have three major pillars such as: #

Social insurance Social insurance is a form of Social protection, social welfare that provides insurance against economic risks. The insurance may be provided publicly or through the subsidizing of private insurance. In contrast to other forms of Welfare spend ...

, #Social support, #Complementary and supplementary retirement insurance.

Investments

{{see also, Economy of Iran, Tehran Stock Exchange
Civil Pension Fund Investment Company
is the investment arm of CSPO. As of 2012, the fund's investments allocation was as follows: #Chemical and petrochemical sectors: 31%, #

Oil and gas companies The petroleum industry, also known as the oil industry, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The largest volume products ...

: 17% (e.g. Iranol and Pasargad) #

Transportation Transport (in British English) or transportation (in American English) is the intentional Motion, movement of humans, animals, and cargo, goods from one location to another. Mode of transport, Modes of transport include aviation, air, land tr ...

and

communications Communication is commonly defined as the transmission of information. Its precise definition is disputed and there are disagreements about whether Intention, unintentional or failed transmissions are included and whether communication not onl ...

: 11% (e.g. the Islamic Republic of Iran Shipping Lines (IRISL), Aseman Airlines) #

Tourism Tourism is travel for pleasure, and the Commerce, commercial activity of providing and supporting such travel. World Tourism Organization, UN Tourism defines tourism more generally, in terms which go "beyond the common perception of tourism as ...

(e.g. Iran Touring & Tourism Company.)

References

External links

Civil Servants Pension Fund- official website
(coverage details) Society of Iran Economy of Iran Pensions Iranian entities subject to U.S. Department of the Treasury sanctions Social security in Iran

Beneficiaries

Funding

Investments

See also

References

External links