In this research, using the framework of the policy cycle, the situation and challenges in the field of pension fund policy making in Iran have been examined. In the grounding stage, there are evidences of the existence of many challenges in pension funds, such as the unwillingness of stakeholders to participate There are benefits. These challenges have made it necessary to review policies. At the stage of drafting policies and laws, ambiguity in the established laws has caused the ineffectiveness of policies. In the implementation phase, factors such as the lack of independence from the government have caused pension funds to depend on the public budget, contrary to their nature.In the implementation stage, factors such as the lack of independence from the government caused the pension funds to be dependent on the public budget, contrary to their nature. Finally, in the feedback and evaluation stage, the results of these policies were not favorable and showed the need for a more comprehensive review. . Considering the risk of population aging in the near future, policy-making in this area is more important than ever, and with structural reform and specialized designs in this area, a large part of the government's challenges in the future can be reduced.