Civil Servants Pension Fund (CSPF) is an Iranian independent

legal entity In law, a legal person is any person or 'thing' (less ambiguously, any legal entity) that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for ...

under the governance of the

Ministry of Welfare and Social Security The Ministry of Welfare and Social Security ( fa, وزارت رفاه و تأمین اجتماعی, ''Vâzart-e Refah-e vâ Tamin-e Ajtema'i'') established in 2004 and dissolved in 2011, was an Iranian government body responsible for the oversigh ...

, 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 hedge ...

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

Iran Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...

civil servant The civil service is a collective term for a sector of government composed mainly of career civil servants hired on professional merit rather than appointed or elected, whose institutional tenure typically survives transitions of political leaders ...

s. The regular military,

law enforcement agencies A law enforcement agency (LEA) is any government agency responsible for the enforcement of the laws. Jurisdiction LEAs which have their ability to apply their powers restricted in some way are said to operate within a jurisdiction. LEA ...

, and the

Islamic Revolutionary Guard Corps The Islamic Revolutionary Guard Corps (IRGC; fa, سپاه پاسداران انقلاب اسلامی, Sepāh-e Pāsdārān-e Enghelāb-e Eslāmi, lit=Army of Guardians of the Islamic Revolution also Sepāh or Pasdaran for short) is a branch o ...

, 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, or commonly social welfare, 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 specificall ...

. 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. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is a ...

Services Law. #Faculty members of universities & institutes of

higher education Higher education is tertiary education leading to award of an academic degree. Higher education, also called post-secondary education, third-level or tertiary education, is an optional final stage of formal learning that occurs after completi ...

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

Ministry of Justice A Ministry of Justice is a common type of government department that serves as a justice ministry. Lists of current ministries of justice Named "Ministry" * Ministry of Justice (Abkhazia) * Ministry of Justice (Afghanistan) * Ministry of Just ...

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

Ministry of Foreign Affairs In many countries, the Ministry of Foreign Affairs is the government department responsible for the state's diplomacy, bilateral, and multilateral relations affairs as well as for providing support for a country's citizens who are abroad. The entit ...

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 system A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments ...

s 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 age, ...

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 document prepared by the government and/or other political entity presenting its anticipated tax revenues (Inheritance tax, income tax, corporation tax, import taxes) and proposed spending/expenditure (Healthcare, Educa ...

, 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, soci ...

, #Social support, #Complementary and supplementary

retirement insurance Retirement Insurance Benefits (abbreviated RIB) or old-age insurance benefits are a form of social insurance payments made by the U.S. Social Security Administration paid based upon the attainment of old age (62 or older). Benefit payments are ma ...

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 or the oil patch, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The largest ...

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

Transportation Transport (in British English), or transportation (in American English), is the intentional movement of humans, animals, and goods from one location to another. Modes of transport include air, land (rail and road), water, cable, pipeline, ...

and

communications Communication (from la, communicare, meaning "to share" or "to be in relation with") is usually defined as the transmission of information. The term may also refer to the message communicated through such transmissions or the field of inquir ...

: 11% (e.g. the

Islamic Republic of Iran Shipping Lines The Islamic Republic of Iran Shipping Line Group ( fa, گروه کشتیرانی جمهوری اسلامی ایران, ''Gruh-e Kâshitirani-ye Jimhuri-ye Eslâmi-ye Iran''), commonly known by its business name IRISL Group, is a shipping line bas ...

(IRISL),

Aseman Airlines Iran Aseman Airlines ( fa, هواپیمایی آسمان, Havâpeymâyi-ye Âsemân) is the third-largest Iranian airline headquartered in Tehran. It operates scheduled domestic passenger services and regional international services. History ...

) #

Tourism Tourism is travel for pleasure or business; also the theory and practice of touring (disambiguation), touring, the business of attracting, accommodating, and entertaining tourists, and the business of operating tour (disambiguation), tours. Th ...

(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 the U.S. Department of the Treasury sanctions

Beneficiaries

Funding

Investments

See also

References

External links