Voluntary pension funds operate on the principle of individual accounts and capital savings. Pension contributions to the fund can be paid by:
No matter who makes payments to the fund, the member is always an individual and he is the sole owner of the paid funds.
The deposited funds are recorded on the member’s individual account and become assets of the fund. By entering unique username and password into designated fields in the section of this internet presentation marked as “My Account” , a member has direct online access to their individual account.
Fund’s assets are invested in instruments prescribed by the law and bylaws and their value is changed by realized investment yield. Thus, the amount of accumulated assets on the individual account of each member changes as well.
When the conditions are met, accumulated amount on the member’s individual account are paid out according to the member’s choice as:
Voluntary pension funds make “the third pillar” of the pension system, whereas state pension fund represents “the first pillar”. By saving in voluntary pension funds one gets an old age income as an addition to the state pension. Although private and public pensions have the same goal – ensuring the financial security of the citizens in the period when they stop being active, there are numerous differences in the manner they are exercised and who can achieve them.
Basic differences between state pension fund (PIO) and voluntary pension fund (VPF):
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 continuous. This control is executed by the law, the National Bank of Serbia, Custody bank and Investment and the Supervisory board.
8.74% INCREASE
JUNE 2024/JUNE 2025
41.21% MARKET SHARE
NBA STATISTICAL ANNEX, JUNE 2025
11.09% ANNUAL YIELD RATE AS AT DECEMBER 31, 2024
69% EMPLOYEES SPONSORED BY EMPLOYER
31% INDIVIDUAL MEMBERS
9.9 RSD BILLION VALUE OF PAYOUTS
1.527 PENSIONS CURRENTLY BEING PAID OUT
The investment unit value:
Net asset value:
Date:
The investment unit value is published in the daily newspaper Politika.
| 31.03. | 30.06. | 30.09. | 31.12. | |
|---|---|---|---|---|
| 2008. | 1.44% | -9.59% | -5.83% | |
| 2009. | -0.78% | 3.45% | 17.56% | 15.84% |
| 2010. | 14.63% | 11.76% | 7.93% | 9.40% |
| 2011. | 9.45% | 8.88% | 6.67% | 7.40% |
| 2012. | 9.05% | 8.48% | 10.74% | 13.69% |
| 2013. | 15.12% | 17.05% | 17.70% | 13.08% |
| 2014. | 9.40% | 10.91% | 12.94% | 11.23% |
| 2015. | 12.64% | 10.67% | 9.20% | 16.26% |
| 2016. | 13.00% | 12.76% | 12.04% | 5.91% |
| 2017. | 5.93% | 4.71% | 5.05% | 5.10% |
| 2018. | 5.55% | 5.87% | 5.66% | 4.80% |
| 2019. | 7.27% | 4.99% | 6.01% | 6.80% |
| 2020. | -1.18% | 0.33% | 0.05% | 0.38% |
| 2021. | 4.93% | 5.28% | 5.16% | 3.08% |
| 2022. | 3.87% | 0.81% | -0.03% | 0.91% |
| 2023. | 3.12% | 10.42% | 10.32% | 10.45% |
| 2024. | 9.81% | 7.58% | 10.90% | 11.09% |
| 2025. | 6.24% | 5.32% | 4.94% |
| 31.03. | 30.06. | 30.09. | 31.12. | |
|---|---|---|---|---|
| 2020. | 6.03% | 5.68% | 5.71% | 4.57% |
| 2021. | 4.59% | 4.34% | 4.33% | 4.01% |
| 2022. | 4.15% | 3.48% | 3.29% | 3.17% |
| 2023. | 3.67% | 4.36% | 4.19% | 4.25% |
| 2024. | 4.15% | 4.87% | 5.13% | 5.08% |
| 2025. | 5.66% | 5.87% | 6.13% |
Contribution fee at the rate of 2,7% of the amount of paid contribution.
Exceptionally, for lump sum and periodical payments of individuals from:
· RSD 50,000.00 – 399,999.99 at the rate of 0,5% of the paid amount
· 400,000.00 and more the fee is not charged
Fees are paid by the fund member. If the contributor and the fund member is not the same person, the contribution fee is paid by the contributor (ie. an individual other than a member, employer, union or association).
Management fee at the rate of 1,25% of annual fund’s net asset value (calculated daily and charged monthly).
Fee for member’s account transfer to another pension fund according to the actual transfer expenses.
In order to support and encourage the development of old age saving, the government has introduced certain tax and other incentives for both employers and individuals.
Citizens are encouraged to save for their old age, since the pension contributions up to RSD 8,449 paid via administrative ban are personal income tax (10%) exempt.
The table below shows an example of savings when a member makes contributions through administrative ban:
| PENSION CONTRIBUTION (RSD) | TAX (%) | TAX INCENTIVE (RSD.) | ANNUAL SAVING (RSD.) |
|---|---|---|---|
| 8,449.00 | 10% | 844.90 | 10,138.80 |
Employer’s payments of pension contributions for its employees up to RSD 8,449 per employee are personal income tax and mandatory social insurance contributions exempt.
The table shows a comparison of the costs borne by the employer if he pays RSD 8,449 to the VPF, or increases the employee’s salary by the same amount
| TROŠAK | ZARADA | PENZIJSKI DOPRINOS | |
|---|---|---|---|
| 1 | Net amount | 8,449.00 | 8,449.00 |
| 2 | Gross I amount (1)/0,701 | 12,052.78 | – |
| 3 | Contributions paid by employee 19,9%: (2)x19,9% | 2,398.50 | – |
| 4 | Personal income tax 10%: (2)x10% | 1,205.28 | – |
| 5 | Contributions paid by employer 15,15%: (2)x15,15% | 1,826.00 | – |
| 6 | Gross II amount (2+5) | 13,878.78 | 8,449.00 |
| 7 | Additional expense in % | 64.27% | 0% |
Note: the percentage is approximate and depends on the amount of salary and the non-taxable part of the salary. Financial advantages and benefits of the VPF contribution payments for the employer are clear (no additional expenses), whereas in case of the salary increase additional expenses are 64.25%.
Dunav Voluntary Pension Fund was founded in 2007 and holds 41,21% share of the pension market measured by asset value.
| NUMBER OF MEMBERS* | AUM in mln. RSD | |
|---|---|---|
| Total | 227.594 | 63,350.0 |
| Generali Basic | 52.891 | 17,562.5 |
| Generali Index | 6.182 | 2,295.9 |
| Raiffeisen Future | 42.800 | 7,525.2 |
| Raiffeisen Euro Future | 8.611 | 1.061.1 |
| DDOR Garant Ekvilibrio | 48.849 | 6,151.8 |
| DDOR Garant Štednja | 24.250 | 2,645.4 |
| Dunav | 96.255 | 26,109.1 |
Source: NBS Statistical Anex for June 2025. *One person can be a member of several pension funds.
Obezbedite Vašu i budućnost Vaše porodice!
Celebrating World Savings Day, the conference “Banks Savings and Alternatives: Motives and Habits of Citizens” was held on the last day of October, organized by
Yield rate for the past 12 months (30 September 2024 – 30 September 2025) is 4.94%, for the past 5 years (30 September 2020 –
Yield rate for the past 12 months (30 June 2024 – 30 June 2025) is 5.32%, for the past 5 years (30 June 2020 –
Congratulations! If you have come to this page, it means that you are:
AWARE of the challenges and uncertainty of your financial future.
RESPONSIBLE to yourself and your loved ones.
PROACTIVE in financial security planning.
Given that you have already done the most important part, which is making a decision on getting a private pension, there remains the technical part of joining the fund, i.e. concluding the membership contract.
The membership procedure is simple, you just need to follow the instructions that follow, or ask us anything you are interested in through the online chat.
1. Carefully read Membership Contract and Fund Prospectus.
2. If you don’t have time or you can’t come to us, fill out the electronic form on this page and our representative will contact you within 24 hours.
3. Come to your nearest branch and bring your ID or passport to sign the Membership Contract and get your copy of the Fund Prospectus.
4. If you filled in the electronic form and left your details, our representative will arrange with you the most convenient time and place for delivery of the contract to be signed.
5. After signing the contract, you can make the payment online, through a payment order at banks and post offices, a standing order or an administrative ban.
6. Upon the payment receipt, the paid amount reduced by the fee will be registered on your individual account. Your username and password will be delivered to you at the address you indicated in the contract. That will allow you a direct and 24/7 access to your individual account in the part of the web site named My Account.
If you want to speed up the process of drawing up a membership contract or just want us to contact you and provide you with additional information on how to secure a private pension, please fill out the form.
* Fields marked with an asterisk are required.
Sed sagittis – sapien et turpis laoreet euismod. Integer ipsum primis in faucibus orci luctus et ultrices posuere.
Every individual can join the Fund, both domestic or foreign, employed and unemployed. There is no lower age limit, but the withdrawal of the pension must start at the age of 70.
You become a member by signing a Membership Contract, and the procedure itself is very simple. For all the details, call us or write to us.
Pension contributions to the fund can be paid by:
• employer for employees
• individuals to themselves or others (e.g. spouse, child or anyone else)
• union or citizens’ association for their members
• both employer/union/association and individual
No matter who makes payments to the fund, the member is always an individual and he is the sole owner of the paid funds.
You determine the amount of the contribution yourself having in mind that the minimum pension contribution is RSD 1,000. You can change the amount according to your current financial capabilities. Fund membership is voluntary and there are no punitive provisions and penalties in case you fail to make one or more payments at some point. On the contrary, you retain all rights because payments can be regular monthly, periodic and lump sum.
Pension contributions can be paid non cash only: with a bank or post office payment order, through an administrative ban, standing order or online.
You have permanent and direct access to your fund account on this website by entering the unique username and password that we send you. Your account has information on the balance of your savings, date and amount of payments, payer, number of investment units.
The government has provided tax incentives both for members of voluntary pension funds and employers who pay additional contributions for their employees. Individuals who pay pension contributions via administrative ban up to RSD 8,449 are personal income tax (10%) exempt. Payments of employers for the employees up to the same amount are not only personal income tax exempt but the mandatory social contribution as well.
In this way, it is the government that has supported the development of old age savings through voluntary pension funds.
To be entitled to pension you need to be 58 the earliest (those who became members before 17th May 2011 require pension upon reaching 53 the earliest). Prior to the above retirement age, pension rights are exercised solely in the event of permanent work disability.
Your savings, as part of the fund’s assets, are invested in accordance to the law, by-laws and the fund’s investment policy. The aim is to minimize the risk of the overall portfolio while achieving stable returns. The net yield rate that is realized this way is entirely attributed to the assets of the fund members.
Level of pension depends on the length of membership, the amount of contribution, realized yield and the chosen way of pension pay out.
You can calculate the expected pension amount using the pension calculator.
Upon reaching 58 (“old“ members 53) you can chose to withdraw the money as:
• lump sum up to 30% of accumulated assets
• programmed pension (the shortest period od 1 year)
• lifetime pension
• combination of above stated ways
Yes you can. You can also have several contracts within the same pension fund.
Of course. You can change the fund an choose another one at any time.
Yes, since the pension is inheritable. The person(s) specified in the contract as beneficiaries inherit the pension, and if the beneficiaries are not stated, the law on succession is applied.
The company is a legal entity, while the fund does not have the status of a legal entity. Pension fund consists of assets in which members’ savings are invested. The assets of the fund are separated from the assets of the company that manages it and cannot be subject to compulsory collection, pledge or mortgage, nor can they be included in the bankruptcy or liquidation assets of the company.
Nation bank of Serbia is in charge for both company’s and the fund’s supervision.
