Pension funds play essential role on retirements of people who work for governmental and private organizations and it is always important to reduce any existing risks associated with pension funds. This paper presents an empirical investigation to learn on how to reduce financial reliance of a particular pension fund associated with municipality of Tehran. The proposed study designs a questionnaire in Likert scale, distributes it among some experts and using Spearman correlation technique analyzes the results. The results have revealed that changing and reforming the investment methods could influence the financial independence. In addition, the effect of government major policies, the expertise of managers and other economic levers should not be ignored.