Serbian voluntary pension funds’ assets rise 11.5% y/y at end-2023
The net assets held by voluntary pension funds (VPFs) in Serbia rose 11.5% on the year to 53.8 billion dinars ($495 million/461 million euro) at the end of 2023, the country’s central bank, NBS, said.
The volume of net assets was up 2.7% compared to the end of September, NBS said in a statement on Monday.
At the close of December, the majority of VPF assets were allocated to government securities, comprising 70%, with balances in custody accounts and bank time deposits following at 18%, and company shares at 11%, among other investments, the statement read.
The FONDex index, an indicator of the movements in the VPF system, rose 8.1% on the year and came in at 3,311.07 at the end of December.
The number of fund members in the accumulation phase increased 2.4% on the year to 220,714 at the end of 2023, equivalent to 9.6% of the total number of employees in Serbia. The average age of the voluntary pension funds’ clients was 48 years.
At the end of 2023, a total of four pension fund managers operated in Serbia, managing the assets of seven voluntary pension funds, along with five bank intermediaries, one insurance company intermediary and two custodian banks.
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