The Proposal for the Law on Voluntary Pension Funds aims to establish a system for individuals to save for their retirement, ensuring a more secure future. Prof. Dr. Anđelko Lojpur, President of the Board of the NGO Association of Pensioners of Montenegro, supports the initiative, likening the pension fund to a “mattress” that is safer from theft compared to traditional savings.
Lojpur emphasizes that while this system can provide supplementary income for citizens, particularly those employed, it is not a solution to the long-term stability of the national pension system. The stability of the Pension and Disability Fund (PIO) requires sustained employment growth.
He stresses the importance of citizens, not only pensioners but also workers and those in the informal economy, taking responsibility for their future and contributing to the voluntary pension funds. This system aims to ensure a higher standard of living for retirees, providing an alternative to relying solely on the state pension fund.
The proposed law stipulates that the Commission for the Capital Market will oversee the operation of these funds, and strict criteria will apply to management companies, including a minimum capital requirement. However, Lojpur points out a potential flaw in the law’s provisions on fees for management services, suggesting that these should be more clearly defined.
A key concern is to avoid “tycoonization” of the funds, a risk drawn from past experiences with privatization schemes in Montenegro. Lojpur calls for further discussion and transparency in the regulation of these funds to prevent abuse.
Ultimately, Lojpur believes that the law’s success hinges on its ability to provide sustainable financial support for retirees, encouraging individuals to save and invest in their future.
