IDEAS home Printed from https://ideas.repec.org/a/sae/treure/v24y2018i1p57-71.html
   My bibliography  Save this article

The development of private pensions in Serbia: caught between a generic blueprint and an unconducive local environment

Author

Listed:
  • Nikola Altiparmakov

    (Member of the Fiscal Council, Republic of Serbia)

  • Gordana Matković

    (Professor at the Faculty of Finance, Economics and Administration, Belgrade Programme Director at the Centre for Social Policy, former Minister of Social Affairs (2001–2004), Republic of Serbia)

Abstract

Serbia is one of the rare eastern European countries that decisively dismissed the controversial pension privatisation agenda whereby mandatory private pension funds would be introduced to (partially) replace existing public pay-as-you-go (PAYG) benefits. Instead, Serbia opted for a more traditional western European approach, combining PAYG cost-containment parametric reforms with the introduction of tax-preferred supplementary private pensions. We explain that the desire for equitable intergenerational burden-sharing was one of the key factors behind the decision-making process that made Serbia diverge from regional trends and World Bank orthodoxy. Nonetheless, problems that have plagued mandatory private funds in neighbouring countries, such as excessive operating costs and undiversified portfolios, have also been prevalent in the Serbian voluntary private pension fund industry, which failed to achieve tangible labour market coverage and whose survival has been due mostly to exclusive tax privileges.

Suggested Citation

  • Nikola Altiparmakov & Gordana Matković, 2018. "The development of private pensions in Serbia: caught between a generic blueprint and an unconducive local environment," Transfer: European Review of Labour and Research, , vol. 24(1), pages 57-71, February.
    • Handle: RePEc:sae:treure:v:24:y:2018:i:1:p:57-71
    DOI: 10.1177/1024258917746033
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/1024258917746033
    Download Restriction: no
    File URL: https://libkey.io/10.1177/1024258917746033?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Ebbinghaus, Bernhard (ed.), 2011. "The Varieties of Pension Governance: Pension Privatization in Europe," OUP Catalogue, Oxford University Press, number 9780199586028.
    2. Robert Holzmann & Ufuk Guven, 2009. "Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies," World Bank Publications - Books, The World Bank Group, number 2610.
    3. Nikola Altiparmakov, 2015. "A call for more elaborate and transparent pension data to inform policy‐making: A critical examination of World Bank data for Eastern Europe," International Social Security Review, John Wiley & Sons, vol. 68(2), pages 1-25, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Stefanie König, 2017. "Career histories as determinants of gendered retirement timing in the Danish and Swedish pension systems," European Journal of Ageing, Springer, vol. 14(4), pages 397-406, December.
    2. Said Outlioua & Abdesselam Fazouane, 2023. "Which factors affect the sustainability of pension schemes?," Economic Affairs, Wiley Blackwell, vol. 43(1), pages 89-108, February.
    3. repec:ilo:ilowps:468575 is not listed on IDEAS
    4. Stefan Domonkos & Andras Simonovits, 2016. "Pensions in transition in EU11 countries between 1990 and 2015," CERS-IE WORKING PAPERS 1615, Institute of Economics, Centre for Economic and Regional Studies.
    5. Gloria Macassa & Ehsanul Huda Chowdhury & Jesus Barrena-Martinez & Joaquim Soares, 2024. "What Do We Know about Age Management Practices in Public and Private Institutions in Scandinavia?—A Public Health Perspective," Societies, MDPI, vol. 14(6), pages 1-13, June.
    6. Bernhard Ebbinghaus & Kenneth Nelson & Rense Nieuwenhuis, 2019. "Poverty in Old Age," LIS Working papers 777, LIS Cross-National Data Center in Luxembourg.
    7. Bernhard Ebbinghaus & Tobias Wiß, 2011. "Taming pension fund capitalism in Europe: collective and state regulation in times of crisis," Transfer: European Review of Labour and Research, , vol. 17(1), pages 15-28, February.
    8. repec:ces:ifodic:v:10:y:2012:i:4:p:19074538 is not listed on IDEAS
    9. Blank, Florian & Blum, Sonja, 2017. "Kindererziehungszeiten in der Alterssicherung: Ein Vergleich sechs europäischer Länder," WSI Working Papers 209, The Institute of Economic and Social Research (WSI), Hans Böckler Foundation.
    10. Hinrichs, Karl, 2015. "In the wake of the crisis: Pension reforms in eight European countries," Working papers of the ZeS 01/2015, University of Bremen, Centre for Social Policy Research (ZeS).
    11. Wadensjö, Eskil, 2013. "Labor Market Transparency," IZA Discussion Papers 7658, Institute of Labor Economics (IZA).
    12. Boena CHOVANCOVÁ & Jaroslav HUDCOVSKÝ, 2016. "Return-risk profile of Slovak pension funds," REVISTA ADMINISTRATIE SI MANAGEMENT PUBLIC, Faculty of Administration and Public Management, Academy of Economic Studies, Bucharest, Romania, vol. 2016(27), pages 94-106, Decembre.
    13. Axel West Pedersen & Jon M Hippe & Anne Skevik Grødem & Ole Beier Sørensen, 2018. "Trade unions and the politics of occupational pensions in Denmark and Norway," Transfer: European Review of Labour and Research, , vol. 24(1), pages 109-122, February.
    14. Sarfati, Hedva. & Ghellab, Youcef., 2012. "The political economy of pension reforms in times of global crisis : state unilateralism or social dialogue?," ILO Working Papers 994685753402676, International Labour Organization.
    15. Igor Guardiancich & Mattia Guidi, 2016. "Formal independence of regulatory agencies and Varieties of Capitalism: A case of institutional complementarity?," Regulation & Governance, John Wiley & Sons, vol. 10(3), pages 211-229, September.
    16. Mattia Guidi & Igor Guardiancich, 2018. "Intergovernmental or supranational integration? A quantitative analysis of pension recommendations in the European Semester," European Union Politics, , vol. 19(4), pages 684-706, December.
    17. J rg Neugschwender, 2011. "Occupational Welfare Policies and Pension Income Inequalities: Case Studies of Pension Systems in Denmark, Finland, and the United Kingdom," LIS Working papers 561, LIS Cross-National Data Center in Luxembourg.
    18. J rg Neugschwender, 2014. "Pension Income Inequality: a Cohort Study in Six European Countries," LIS Working papers 618, LIS Cross-National Data Center in Luxembourg.
    19. Hagen, Johannes, 2013. "A History of the Swedish Pension System," Working Paper Series, Center for Fiscal Studies 2013:7, Uppsala University, Department of Economics.
    20. S³awomir Czech, 2016. "Choice Overload Paradox And Public Policy Design. The Case Of Swedish Pension System," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 11(3), pages 559-584, September.
    21. Noel Whiteside, 2014. "Privatization and after: time, complexity and governance in the world of funded pensions," Transfer: European Review of Labour and Research, , vol. 20(1), pages 69-81, February.
    22. Anne Skevik Grødem & Anniken Hagelund & Jon M Hippe & Christine Trampusch, 2018. "Beyond coverage: the politics of occupational pensions and the role of trade unions. Introduction to special issue," Transfer: European Review of Labour and Research, , vol. 24(1), pages 9-23, February.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:treure:v:24:y:2018:i:1:p:57-71. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.