Topics concerning about the future cash flow of Civil Service Pension Fund (CSPF) always catch public interest. Most previous studies only focused on the possible insolvency timing, few studies discussed how to improve the management of CSPF. This paper provides a novel system dynamics model to improve the management of CSPF by simulating management policies. System-dynamics modeling combines both quantitative and qualitative research techniques to provide a new framework for applied research. In this paper, the Civil Service Pension Fund was evaluated by the system-dynamics modeling. The results from our simulations suggest that: 1. Comparing three kinds of single management policy, which includes contribution rate adjustment, trust rate adjustment, and base of retirement pension adjustment; the management policy of raising the contribution rate is the most effective policy. When the contribution rate is over 25%, it would delay the time of bankrupt on the whole pension fund. 2. If three kinds of policies are combined to form a combined management policy, this combined policy is more effective than any single policy. When the combined policy is implemented, which including raising the contribution rate from 12% to 20%, raising the trust rate from around 30% to 50%, and reducing the base of retirement pension from 100% to 90%, it would hold back the bankrupt crisis in short-term, but would not kept the trend of CSPF cash flow from going down in long-term.