Abstract
Global demographic changes, particularly population aging and increasing life expectancy, have significantly intensified financial pressure on pension systems worldwide. Under these conditions, the sustainability of pension systems increasingly depends not only on contribution-based financing mechanisms but also on the effectiveness of pension fund investment activities. This article explores the key directions for reforming the investment activities of the Pension Fund of Uzbekistan. The study examines the theoretical foundations of pension fund investments, analyzes international experience in pension fund asset management, and evaluates the current investment practices of the Pension Fund of Uzbekistan. Special attention is paid to institutional governance, human capital, and incentive mechanisms aimed at improving investment efficiency. Based on empirical data, the article demonstrates that allocating part of investment income to institutional development and employee motivation can enhance overall system performance.