Abstract
After the collapse of the former Yugoslavia, Croatia inherited a ‘premature’ socialist pay-as-you-go pension system. It has undergone many reforms: one systemic reform (from 1998 to 2002, which resulted in the establishment of the three-pillar pension system), and several parametric reforms, the last one encompassing all three parts of the pension system (2013–2016). The existing pension system of unfunded pensions at the beginning of 2002 was replaced by a combined system of unfunded and funded pensions. Thenceforth, the pension system was based on the three pillars: (a) the 1st pillar is an obligatory public pension system, based on inter-generational solidarity; (b) the 2nd pillar is an obligatory funded pension system, based on individual capitalized savings; and (c) the 3th is a voluntary pension insurance system based on individual capitalized savings for those who want to pay even more retirement insurance against the risks of old age. The purpose of the chapter is to provide an analysis of the policy-making process and reform of the Croatian pension system, focusing on its sustainability and adequacy.
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