Pension system of the Republic of Croatia, implemented by the Croatian Pension Insurance Institute, began the development with a reform in the year 1999. when Pension Insurance Law has been brought. Forming the three pillars of the pension system is considered the most significant change that is still in force. The system made out of three pillars is based on generational solidarity and individual capitalized savings. The first and the second pillar are part of the compulsory pension fund, while the third pillar is completely voluntary. Capitalized savings have huge role and importance for the people in third age, and at the same time encourage the development of capital markets, economic growth and a higher standard of living. Membership in voluntary pension funds is an attractive way of investing because it provides additional personal pension with incentive funds from the state budget. The Republic of Croatia is recording a trend of demographic aging, which would mean that the number of pensioners has greatly increased compared to the number of employed insured persons. Therefore, in order for retirees to have adequate post-retirement benefits, the importance of individual savings is emphasized when planning third-party financing.