The sustainability of pension funds in Iran as intergenerational financial institutions depends on the equilibrium among premium-based revenues, investment returns, and the volume of pension obligations; any disruption in this balance can generate severe economic, social, and security consequences. An examination of key indicators reveals that the country's three major funds face support ratios below international standards, exceedingly high replacement rates, and unstable resource-to-expenditure ratios—a status that, compounded by unliquidated government debts and cash expenditure pressures, drives them toward a liquidity crisis. Simultaneously, demographic trends such as rising median age, declining fertility, and growing aging indices escalate the future costs of these funds, while a shrinking working-age population restricts revenue-generation capacity. At the macroeconomic level, chronic inflation, recession, currency fluctuations, budget deficits, and the expansion of the informal economy exacerbate fund imbalances by eroding formal employment, asset values, and investment returns. Furthermore, governance weaknesses, including a lack of data transparency, managerial inefficiency, and low accountability, have diminished reform capacity. Policy strategies emphasize short-term reforms to resolve financial bottlenecks, medium-term reforms such as increasing the retirement age and work history requirements alongside government debt settlement, and long-term reforms including the establishment of a multi-layered social security system, inflation curbing, and the transition toward a formal economy.