The National Bank of Serbia reported that voluntary pension fund net assets reached RSD 69.1 billion at the end of the second quarter of 2026, up 4.1% from the previous quarter. Net contributions totaled RSD 1.4 billion and withdrawals were about RSD 1 billion, while the sector’s weighted average return was 6.1% over one year and 4.5% over five years. Government bonds remained the dominant investment at 69.8% of assets, up from 66.4% in the first quarter, followed by domestic shares at 10.7% and bank term deposits at 8.3%. Market concentration remained high, with the three largest funds holding 80.5% of net assets and the largest holding 41.7%. The sector comprised four companies managing seven funds, while the number of users in the accumulation phase increased by 2,224 to 232,004. The report also showed that management companies remained above minimum capital requirements in 2025, with total capital equal to 2.53 times the statutory minimum. Their combined profit rose 5.2% to RSD 266.1 million, while all voluntary pension funds were profitable and generated an aggregate RSD 2.9 billion.
Source: 2026-09-28National Bank of Serbia
National Bank of Serbia reports 4.1% quarterly growth in voluntary pension fund assets to RSD 69.1 billion
The National Bank of Serbia reported that voluntary pension fund net assets rose 4.1% during the second quarter of 2026 to RSD 69.1 billion. Government bonds accounted for 69.8% of assets, while the three largest funds held 80.5% of the market. The sector recorded RSD 1.4 billion in net contributions and a one-year weighted average return of 6.1%.