The Development of Voluntary Pension Funds in Serbia

Developed systems of retirement insurance operate in three stages, but in our country the second one has been left “for better days“. The third stage is based on voluntarity. That is how the operating of retirement system is being done in three connected stages: payment in pension fund, the investment of unrestricted balances, programmed payment- pension. The stability of inflow in voluntary pension funds and predictability of payment make quality portfolio investment and long-term return of investment possible. The key of success of Serbian pension funds is in making trust of citizens in this kind of saving.