Smjernice razvoja budućeg penzionog sistema u Bosni i Hercegovini
Directives for future retirement system development in Bosnia and Herzegovina

Summary/Abstract: The aim of this paper is to introduce possible directives for future retirement system development in Bosnia and Herzegovina, taking into acount the most important specifics of current system. The focus is on introducing institutional changes needed, which should be implemented to transform current onedegree system into future three degree systems. The paper also gave partial analyses of retirement system in Croatia because the future system in B&H will have many similiarities and same legislative directives as the Croatian one. In this paper we also introduced some conditions which need to be met to make the reform implementation successful, and requirements which have to be included in the new Law, to make the implementation possible. Besides, the paper suggests institutions which have to be established, and the reform schedule. The paper methodology includes qualitative analysis of the current system, and comparative analysis of the current retirement system in Croatia. The results show that it is necessary to conduct system reform of both retirement insurance and legislative solutions, as well as a capital market reform, in order for the new system to survive. The main conclusion of this paper is that the whole reform has to be planned well, and implemented in all important segments in the same time, and that it is neccesseray to involve all steakholders to make the implementation process succssesful.

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