Seyed Mohsen Jamali, head of the Oil Industry Pension Funds, said the
fund plans to expand remote services, diversify investments beyond the energy
sector, accelerate the collection of outstanding claims and reduce operating
costs. The strategy is aimed at creating more stable sources of income while
improving services for retirees.
Speaking to Shana, Jamali said the fund’s 52 regional offices have
struggled to respond quickly to the needs of a geographically dispersed retiree
population. A greater reliance on digital platforms could allow many services
to be delivered remotely, effectively bringing the fund’s offices to retirees’
homes.
The shift would also give the fund better data on the volume and type of
requests handled by its offices, allowing management to measure performance
more accurately than under traditional, largely manual systems.
Digital Push in Healthcare
Healthcare is one of the fund’s most frequently used services, making
faster reimbursement a key priority, Jamali said.
Some medical reimbursements can take months, creating difficulties for
retirees who need to finance additional treatment before previous claims have
been settled. The fund therefore plans to use digital systems and redesigned
procedures to accelerate payments while strengthening controls over medical
costs.
Jamali said technical oversight is currently strongest in dental
services and needs to be expanded to other areas. The fund is also considering
a broader range of healthcare contracts to increase the scope and quality of
services available to retirees.
Investment Strategy Faces Overhaul
The fund is also reviewing its investment portfolio, with Jamali
arguing that long-term sustainability requires a greater focus on returns
rather than concentrating investments primarily in the energy sector.
Some energy-sector investments have strategic or national importance
but generate limited returns because the prices of certain products and
services are regulated by the government, he said.
The fund therefore plans to diversify into sectors including
insurance, banking, support services, mining and steel, alongside its existing
energy investments.
“The main issue for us is the survival and independence of the fund,”
Jamali said, arguing that legal independence is insufficient without a strong
and sustainable financial base capable of meeting pension obligations.
The fund will also seek to cut costs by redesigning processes,
eliminating unnecessary expenditures and making greater use of specialized
investment expertise.
Untapped Oil Industry Revenues
Jamali said the oil industry itself offers significant opportunities
to generate additional income for the pension fund.
He pointed to the large volume of welfare, catering and recreational services
provided daily across oil companies, subsidiaries, clubs and other facilities.
A centralized company owned by the pension fund could potentially capture part
of that spending and turn it into a source of revenue.
Insurance represents another opportunity, he said, given the
substantial premiums paid to cover oil industry employees, facilities and
services. A dedicated insurance structure under the pension fund could retain
part of that financial activity within the industry.
Jamali also revived the idea of establishing a specialized bank for
the oil sector, arguing that the industry’s large financial flows could support
a dedicated institution serving employees and oil companies.
Billions of Tomans Paid to Retirees
The fund has also accelerated payments related to pension
equalization, Article 10 benefits and two-month advance pension payments
despite financial pressures and wartime conditions.
Jamali said the fund paid a 20% general increase in April and
subsequently made additional payments related to equalization and Article 10.
Demand for the two-month advance payment increased sharply, with the number of
applicants rising from about 40,000 last year to roughly 60,000 this year.
The amount requested for the two-month payment also increased from
about 3 trillion tomans to nearly 7 trillion tomans, he said.
Around 14 trillion tomans was paid over three months for pension
equalization, Article 10 and the two-month advance payments, according to
Jamali.
Recovering Outstanding Claims
To finance those payments, the fund has stepped up efforts to collect
outstanding receivables from oil-sector companies.
Negotiations with the National Iranian Oil Products Distribution
Company resulted in the recovery of about 5 trillion tomans in long-standing
claims, Jamali said.
Other companies still owe significant amounts. Ahvaz Pipe Mills is
among the largest debtors, with an outstanding obligation of about 5.5 trillion
tomans, he said.
The fund’s need for liquidity makes timely recovery of these
receivables a priority, according to Jamali.
Focus Shifts From Pensions to Sustainability
Jamali said Oil Minister Mohsen Paknejad has supported the fund’s
reform agenda, including efforts to improve financial sustainability, collect
outstanding debts and restructure investments.
The objective, he said, is to transform the pension fund into a
financially stronger and more independent institution capable of meeting its
obligations while using the broader economic capacity of Iran’s oil industry to
create sustainable revenue.