In Bosnia and Herzegovina, the pension system is divided into two entity pension systems, the pension system of the Federation of BiH and the pension system of the Republika Srpska. In the world, there are three pension pillars on which the financial and social protection of citizens is based. The first two pillars are mandatory and prescribed by the state, and the third is voluntary and includes savings in voluntary pension funds. Currently, there is one state pension fund in the Federation of Bosnia and Herzegovina, that is, only the mandatory first pillar of pensioner protection is applied, although since 2017 there has been legislation for the third pillar. In the Republika Srpska, in addition to the mandatory state pension fund, there is also the Republika Srpska Pension Reserve Fund, which was established in 2010 and is responsible for ensuring the financial sustainability of the mandatory pension insurance. Although in the Republika Srpska, legislation for the third pillar of pensioner protection has existed since 2009, the first and only voluntary pension fund in this entity was established in 2017. The aim of this paper is to analyze the state and possibilities for the functioning of voluntary pension funds in Bosnia and Herzegovina, because the crisis of the pension system is always a current topic, both in the world and in our country. The reform of the existing pension funds is absolutely necessary, considering the fact that human life expectancy is getting longer, and the number of unemployed is increasing, especially due to the development and use of information technologies.
Data curation, S.O.; Investigation, S.O.; Methodology, S.O. All authors have read and agreed to the published version of the manuscript.
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