Pension funds are one of the main in contributing an efficient financial system by promoting long-term savings and encouraging financial development and economic growth. The strong development of pension funds in recent decades is driven by the growing demand resulting from an aging population in recent decades. Due to the great importance of pension funds in social and political terms, their establishment, operation and structural investments are the subject of special interest tin each country. Therefore, the development of institutions is a basic precondition for successful work and fulfillment of specific goals of pension funds. So, pension insurance is emerging as a very important part oft he social security system, as it ensures a quality life even during the retirement of every person who retires. The pension system consists three pillars, the first one and second one represent mandatory pension insurance, while the third one represents voluntary pension insurance. The first and second pillar are considered to be the strongholds on which they are based, while the third one is an addition that employees can choose. Every person who is employed, has the right to choose the mandatory pension fund to which one wants to belong and allocate his funds in it. Than, he selects a category within the selected fund that, along with certain rules and characteristics, brings certain risks, but also returns. Therefor, every employed person can in some way affect their future, or a better quality of life during old age retirement. Certainly, pension pillars, mandatory and voluntary, play a major role in quality of life during retirement, as their goal is to ensure greater social security and a higher level of pension, which would mean that they should reduce the risk of old age, disability and death.