Capitalized savings as a factor of social security insurance in pension systems of European countries

Sa？etak Pension insurance is very important for the social security of every individual or insured person in this system. Pension systems are part of the social policy system, which represents organized activity of the state and other social factors and affects the sustainable development of society. Social policy deals with the causes, forms and consequences of redistribution of the national income, with the aim of overcoming social risks, helping poor and excluded people, and improving the social welfare. The pension system is a crucial part of social policy. It is a set of legal norms, financial and institutional arrangements regulating insurance against the risks of old age and disability. Since the pension system protects against the most significant social risks that can happen to everyone (e.g. old age, disability, etc.), its stability is of great importance to the population of any country. The aim of this paper is to analyze the main characteristics of pension systems in certain European countries and to identify the key parameters that play a role in further development of these systems. In doing so, the authors have investigated the compatibility of these systems with the European social model using a comparative analysis and have determined the impact of capitalized savings as an important factor in the social security of pension scheme members