VPF supervision

Supervision of pension companies and pension funds is multistage, external and internal. Since private pension is very important and relatively new financial product, the control of its use and development is rigorous. This control is executed by the law, the National Bank of Serbia, Custody bank and Investment and the Supervisory board.
  1. THE LAW on voluntary pension funds and pension plans determins who and how can establish VPF, sets investment limits, principles, supervision of the funds, etc.
  2. NATIONAL BANK OF SERBIA is a supervisor of pension companies and pension funds and brings bylaws which specify pension legislation. 
  3. CUSTODY BANK is a bank where the pension fund account is administered. This bank approves and executes pension company's investment orders only if they are in accordance to the set investment limit framework in acordance to the pension law and bylaws.
  4. INVESTMENT BOARD adopts investment programme. Operationaly, portfolio manger executes the adopted investment programme in line with the strict procedures and advanced risk control techniques. 


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