The National Bank of Serbia published its first-quarter 2026 report on voluntary pension funds, showing that net sector assets declined 0.4% from the previous quarter to RSD 66.4 billion. Net contributions totaled RSD 1.3 billion, while withdrawals reached RSD 940.7 million. The FONDex index recorded returns of 4.3% over the past year and 3.8% over five years. Government bonds remained the dominant investment at 66.4% of assets, down from 68.5% at end-2025, while investments abroad rose to 6.1% from 5.3%. Market concentration remained high, with the three largest funds holding 80.5% of sector assets and the largest accounting for 41.6%. The sector comprised seven funds managed by four companies and had 229,780 users in the accumulation phase, representing 10% of Serbia’s employees.
National Bank of Serbia2026-08-10
National Bank of Serbia reports voluntary pension fund assets fell 0.4% to RSD 66.4 billion in first quarter
The National Bank of Serbia reported that voluntary pension fund assets fell 0.4% in the first quarter of 2026 to RSD 66.4 billion. Government bonds represented 66.4% of assets, while the three largest funds controlled 80.5% of the market. Net contributions totaled RSD 1.3 billion and withdrawals reached RSD 940.7 million.