According to the World Bank's definition, poverty is a "marked deprivation of well-being", and those who do not have sufficient income to live above the poverty line are considered poor. It is closely linked to lack of money, security, social acceptance and health problems. The group of people aged 65 and over is most vulnerable to the risk of poverty and social exclusion, and older people around the world live below the at-risk-of-poverty threshold after retirement. Therefore, the pension system has an undeniable role in preventing the development of poverty in old age, without it it is unthinkable to maintain and develop a modern society and there is an almost general consensus on its importance in the world. It is one of the foundations of social security in every country and aims to smooth consumption throughout the life of the insured, provide a decent pension that should guarantee a minimum standard of living and enable retirees to maintain the standard of living they had during their working life. Because of demographic changes, uneven development of the financial system around the world, the pension systems of many countries, including the Republic of Croatia, face the problem of questionable long-term financial sustainability of the pension system based on intergenerational solidarity. Therefore, the question arises of finding a solution in private pension insurance. In private pension insurance, there is a much greater connection between the individual and paid contributions, risks and insurance services. The transfer of responsibility for financial stability in old age from the state to the individual is extremely important, and the development of private pension insurance has a favorable effect on the development of the financial market. For this reason, this form of old-age savings is most often encouraged by the state in the form of tax breaks.The aim of this paper is to investigate in more detail how private pension insurers can contribute to reducing the poverty of the elderly, given that this is a situation in which everyone could find themselves in old age.