DEVELOPMENT OF VOLUNTARY PENSION FUNDS IN SERBIA

While developed pension insurance systems function in three pillars, in Serbia, the introduction of the second pillar is postponed until more favorable conditions for its development shall have been created. The third pillar of the pension system is on a voluntary basis and functions in three related processes: payments to the voluntary pension fund, investment of available funds and scheduled payments - pensions. The stable inflow into voluntary pension funds and the predictable payments allow for the creation of a quality investment portfolio and realization of a long-term return on investments. The key to success of Serbian voluntary pension funds is building confidence of the population in this type of savings.

Key words: pension system, voluntary pension funds, financial market