Designing an optimal investment model for the Armed Forces Pension Fund in the Islamic Republic of Iran's financial markets

Pensions are one of the pillars of social protection and therefore maintaining the financial stability of them is a challenge for the future. Although the investment of funds can significantly contribute to the financial sustainability of these systems, the problem is how they are invested and The importance of this issue has led countries and international organizations to establish study groups to study the issue of investing in social security funds. Therefore, this study provides a favorable model for investing of the Armed Forces Pension Fund in the Islamic Republic of Iran's financial markets, and due to the sensitivity of access to information in the military field, the factors affecting the investment of pension funds in the country's financial market were extracted by content analysis method and a focus group consisting of 10 experts who had at least five years of financial experience and investment in the country's financial market were examined. Finally, by prioritizing the Analytic Hierarchy Process (AHP) and forming a pairwise comparison matrix, we prioritized the identified factors. The results showed that favorable investment in the country's financial market will begin with the structural reforms of the fund, and in the meantime, maintaining the financial stability of the fund will be the most important factor affecting the model. Priority of the main factors affecting the fund's investment have been factors related to the structure of the fund, factors related to fund management, macro factors, laws and regulations, and finally factors related to the country's financial market, respectively.