The pension insurance system is one of the most important elements of the social security system of any country. The sustainability of the pension system is affected by various factors such as economic crises and demographic changes such as the aging of the population and declining birth rates. It is a unique set of legal norms and financial and administrative institutions on the basis of which the coverage of the risk of old age, disability or loss of the breadwinner is regulated. Its purpose is to provide a mechanism for the distribution of consumption to individuals and their families throughout the life span, especially after employment or in the event of disability. It is based on several subsystems defined by the categories of insured persons, the possible methods of financing and the management of pension funds. The pension system in the Republic of Croatia consists of three pillars, the last of which is voluntary. Membership in a voluntary pension fund is an attractive form of investment, as one receives an additional personal pension. In this way, the pension system is of great importance for the third age. It is important to emphasize that the pension fund promotes the development of the capital market, the increase of living standards and economic growth. The subject of the paper is voluntary pension saving at the level of the Republic of Croatia. The main objective is to present the pension system as a civilizational achievement that affects the economic destiny of the majority of the population, focusing on voluntary pension funds, which can be open or closed. Currently, there are eight open voluntary pension funds in the Republic of Croatia, the most significant of which in terms of assets and recognition by users are Croatia osiguranje d.d., AZ profit d.o.o. and Raiffeisen Pension Insurance. The state encourages pension savings with payments from the budget, and voluntary pension funds allow individuals to determine the amount, duration and dynamics of payments.