Innovations in the pension insurance system Rakonjac Antić, Tatjana Stanojević, Jelena, The operation of the pension insurance system depends on numerous factors. Pension insurance systems financed using the "pay-as-you-go" system mostly depend on demographic, economic, and actuarial factors, while pension insurance systems financed through the "fully funded" system mainly depend on economic and actuarial factors. Operational risks exist in the functioning of both systems. The development of the pension insurance system implies strengthening of the key development factors and innovation in the organisation, structure, and management of this complex system, which is also the subject of this chapter. The aim of the chapter is to emphasise, based on the analysis, the importance of innovation when it comes to pension insurance system development. The chapter consists of three sections. The first section analyses the current state and basic innovations applied in global pension insurance systems. The second section presents the results and new elements in the compulsory pension insurance system in the Republic of Serbia, while the third section focuses on the state and changes in the voluntary pension insurance system in the Republic of Serbia. https://phaidrabg.bg.ac.rs/o:36296 cobiss:170351881 ISBN: 978-86-403-1879-2 http://creativecommons.org/licenses/by-nc-nd/4.0/legalcode Radojičić, Dragana Key words: pension insurance, voluntary pension insurance system, Serbia, changes University of Belgrade, Faculty of economics and business, Publishing centre Innovations in insurance : from traditional to modern market startpage: 197 endpage: 212 2025 eng application/pdf 365749 bytes info:eu-repo/semantics/bookPart