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Abstract

For now, there is no more appropriate setting for the development of financial markets and the development of institutional investment in Serbia To unimpeded work of voluntary pension funds need a well-developed, healthy, competitive and free financial. Market Our financial markets, although still in infancy characterized by, before Firstly, the lack of high-quality debt securities, so the emphasis put on the investment in the action, above all with a listing Belgrade Stock Exchange and that there are bonds of old foreign currency savings, since they are the kind of safe investment, and there are currency. Diversification. Generally ooking, development of new types of financial intermediaries primarily pension funds significantly enrich the institutional structure of financial systems in market economies, contributed to the faster development of capital markets in these countries, the development of competition and increasing the efficiency of financial intermediation.

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