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The project consists of analysis of the current ”pay as you go” pension system in general and this system in Montenegro with the explanation of the difficulties that Montenegrin system is facing, and analysis of the system of private pension funds. The analysis showed that Montenegro would benefit from the introduction of a private pension fund system. This would help overcome various difficulties, and help develop capital markets and reduce tax burdens. This project is significant because it recommends steps that should be taken in the process of reform of the pension system in Montenegro.