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Eva Horvat
Episode · #197

MOJA MIROVINA Eva Horvat

Guest Eva HorvatHosted by Marijana MatkovićMay 3, 2026
About this episode
What you'll hear in this conversation

In the world of pension funds, Eva Horvat has noticed a curious split: men often manage the mandatory funds, while women oversee the voluntary ones. Her theory? Mandatory contributions arrive by law; voluntary savings require persuasion, patience, and a deep understanding of human psychology. As a Board Member at Raiffeisen Pension Fund, where she leads the voluntary savings division, Eva has spent years decoding why people hesitate to secure their future — and what makes them finally commit. Despite Croatia's mandatory pension system, a significant gap remains in voluntary, third-pillar savings. Only a fraction of the working population participates, often due to misconceptions about long-term commitments and rigid payment schedules. This conversation offers a clear-eyed look at what truly holds people back from voluntary savings, and how the system is actually designed with flexibility in mind. You'll walk away with a fresh perspective on how to communicate long-term financial products, and perhaps, a new understanding of your own retirement planning.

Insights from the conversation
What to take from this episode
01
Eva Horvat notes a common split in pension funds: men often manage mandatory funds, while women lead the voluntary ones. She observes that mandatory funds receive contributions by law, but voluntary funds require significant effort to explain the value and persuade people to join. Some products sell themselves; others need a human to make the case.
02
Only 340,000 people participate in voluntary pension funds in Croatia, compared to 1.7 million in mandatory funds. While this number seems small to the host, Eva Horvat points out that the sector has shown 'decent growth rates' since 2002, indicating significant potential that still needs to be fully tapped.
03
Many citizens hesitate to join voluntary pension funds because they fear long-term commitments and mandatory payments. Eva Horvat clarifies that the system is entirely 'voluntary and flexible in all segments,' allowing members to pause contributions and resume them later without penalty.
04
Even if you commit to a specific monthly amount, like 500 kuna, and then cannot pay it, 'nothing happens,' Eva Horvat explains. The fund will send payment slips for the agreed sum, but if you pay less or skip a month, there are no penalties. The commitment is a guideline, not a rigid obligation.
05
The only consequence of not meeting a committed payment is receiving a smaller state incentive. Eva Horvat explains that while the maximum annual incentive of 750 kuna requires saving 5,000 kuna per year, any amount saved still earns a proportional 15% incentive up to that cap. Even partial saving is financially rewarded.
06
If you miss a payment, no one will call you at 10 PM like debt collectors, Eva Horvat confirms. Voluntary pension funds carry 'no consequences' for missed payments beyond a reduced state incentive. This absence of collection pressure distinguishes them from many other financial obligations.
07
While pension funds 'can also achieve negative returns' in certain years, especially during economic crises, Eva Horvat emphasizes their long-term stability. Since 2002, every voluntary pension fund in Croatia has delivered 'decent returns,' she says, underscoring their consistent performance over time despite market volatility.
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