Would I be able to transfer to another pension fund?
If you are a member of a mandatory pension fund and want to switch to another mandatory pension fund, you should sign a transfer agreement with the company that manages the other mandatory pension fund and sign a transfer consent form. If your membership in the current fund is less than or equal to 720 days, you need to pay a transfer fee, and if the membership period is longer than 720 days, the transfer is free of charge.
If you are a member of a mandatory pension fund and want to switch to another mandatory pension fund, you should sign a transfer agreement with the company that manages the other mandatory pension fund and sign a transfer consent form. If your membership in the current fund is less than or equal to 720 days, you need to pay a transfer fee, and if the membership period is longer than 720 days, the transfer is free of charge.
How do I choose a pension fund?
All you need to do is contact the pension company of your choosing (or both companies) and in the contact with the licensed agent, find out all necessary information and decide where to join. Call the number 02/15 500 or send us an e-mail to kontakt@sava-penzisko.mk
Where can I join and become a member of the mandatory pension fund?
You can become a member of the mandatory pension fund at one of our points of sale at the branch offices of Sava Insurance A.D Skopje, NLB Bank AD Skopje, at the premises of the Company at Mother Teresa No.1 in Skopje, or you can ask for an appointment with an agent on the phone number 02/15 500.
How does the first, the second and third pension insurance pillar differ?
For persons who are only members of the state pension fund (first pillar), the contribution for pension and disability insurance in the amount of 18.8% on the gross salary is paid in full to the Pension and Disability Insurance Fund. For members of the Mandatory Pension Fund (second pillar), out of the contribution for pension insurance of 18.8% on the gross salary, 12.8% are paid to the Pension and Disability Insurance Fund of North Macedonia, and 6% are paid to the Mandatory Pension Fund on the individual pension account of the insured person. The third pillar is a voluntary pension insurance where the funds are paid individually or by an employer on a member's pension account, and no obligation exists for regularity in payments or amounts of payments.
Who can become a member of the mandatory pension fund?
Mandatory members - Insured persons who for the first time are included in the mandatory pension and disability insurance following January 1, 2019 and on the date of inclusion are under 40 years of age, shall join and pay contributions to the mandatory pension fund (second pillar) of their choosing as long as they have the status of an insured person in the mandatory pension and disability insurance. This rule shall be subject to exemptions explained in details under the section Who can be a member of Sava Pension Fund.
How are my funds managed?
The Company's mission with regard to fund management is to achieve optimum long-term yield through active management of the Mandatory Pension Fund's assets by adhering to risk tolerance, rules and procedures for measuring and managing of risks, the legislative framework and internally set limitations on investment. Thus, the assets of the pension funds are invested in state and corporate bonds, bank deposits, shares and stocks in investment funds in order to achieve adequate yield in the period of accumulation of assets, i.e pension savings of its members.
Which companies are a part of the pension fund portfolio?
On the domestic capital market, the Pension Fund is one of the largest investors, with the Fund taking significant part in the ownership structure of the most renowned Macedonian companies listed on the Macedonian Stock Exchange. The selection of the current companies or those who will be part of the portfolio of the Fund is made by the Investment Sector on the basis of regular analyzes that assess future prospects of those companies and thus the expected yield from the investment in their stocks.
In foreign markets, the Pension Fund's assets are partially invested directly in stocks of companies of the EU Member States and the OECD and who are rated by the Investment Sector as companies with relatively better long-term prospects; and partially are invested in shares in investment funds through which dispersed exposure to a stock portfolio and/or bonds with desired features, is achieved.
In addition, the Pension Fund assets are invested in foreign bonds that meet the high quality criteria and carry an appropriate yield versus a risk.
When and how can I use my funds?
The right to access the funds on the individual account can be acquired by reaching retirement age as per the Law on Pension and Disability Insurance.
In general, this means retirement at the age of 62 for a woman, ie 64 for a man performing a minimum of 15 years of service. The members of the second pillar will receive a pension from the Pension and Disability Insurance Fund of the Republic of North Macedonia and from the institution authorized to dispense pension from the second pillar.
Can the pension benefit be inherited?
The funds from the individual account of a deceased member are inherited, notwithstanding a deceased member’s family members who have acquired the right to a family pension in accordance with the Law on Pension and Disability Insurance. In such a case, it is institutionally checked which pension pillar can provide for a higher family pension. If the calculation of the family pension is higher than the second pillar, family members who exercise the right to a family pension may renounce the first-pillar family pension and solely use a second pillar family pension.
When retirement is due, how will the insured person exercise his/her second pillar rights?
When a member of the mandatory pension fund becomes eligible for a retirement benefit under the Law on Pension and Disability Insurance, the entire amount of the accumulated funds on his/her account will be used for payment upon selection of the following pension modalities:
All you need to do is contact the pension company of your choosing (or both companies) and in the contact with the licensed agent, find out all necessary information and decide where to join. Call the number 02/15 500 or send us an e-mail to kontakt@sava-penzisko.mk
Where can I join and become a member of the mandatory pension fund?
You can become a member of the mandatory pension fund at one of our points of sale at the branch offices of Sava Insurance A.D Skopje, NLB Bank AD Skopje, at the premises of the Company at Mother Teresa No.1 in Skopje, or you can ask for an appointment with an agent on the phone number 02/15 500.
How does the first, the second and third pension insurance pillar differ?
For persons who are only members of the state pension fund (first pillar), the contribution for pension and disability insurance in the amount of 18.8% on the gross salary is paid in full to the Pension and Disability Insurance Fund. For members of the Mandatory Pension Fund (second pillar), out of the contribution for pension insurance of 18.8% on the gross salary, 12.8% are paid to the Pension and Disability Insurance Fund of North Macedonia, and 6% are paid to the Mandatory Pension Fund on the individual pension account of the insured person. The third pillar is a voluntary pension insurance where the funds are paid individually or by an employer on a member's pension account, and no obligation exists for regularity in payments or amounts of payments.
Who can become a member of the mandatory pension fund?
Mandatory members - Insured persons who for the first time are included in the mandatory pension and disability insurance following January 1, 2019 and on the date of inclusion are under 40 years of age, shall join and pay contributions to the mandatory pension fund (second pillar) of their choosing as long as they have the status of an insured person in the mandatory pension and disability insurance. This rule shall be subject to exemptions explained in details under the section Who can be a member of Sava Pension Fund.
How are my funds managed?
The Company's mission with regard to fund management is to achieve optimum long-term yield through active management of the Mandatory Pension Fund's assets by adhering to risk tolerance, rules and procedures for measuring and managing of risks, the legislative framework and internally set limitations on investment. Thus, the assets of the pension funds are invested in state and corporate bonds, bank deposits, shares and stocks in investment funds in order to achieve adequate yield in the period of accumulation of assets, i.e pension savings of its members.
Which companies are a part of the pension fund portfolio?
On the domestic capital market, the Pension Fund is one of the largest investors, with the Fund taking significant part in the ownership structure of the most renowned Macedonian companies listed on the Macedonian Stock Exchange. The selection of the current companies or those who will be part of the portfolio of the Fund is made by the Investment Sector on the basis of regular analyzes that assess future prospects of those companies and thus the expected yield from the investment in their stocks.
In foreign markets, the Pension Fund's assets are partially invested directly in stocks of companies of the EU Member States and the OECD and who are rated by the Investment Sector as companies with relatively better long-term prospects; and partially are invested in shares in investment funds through which dispersed exposure to a stock portfolio and/or bonds with desired features, is achieved.
In addition, the Pension Fund assets are invested in foreign bonds that meet the high quality criteria and carry an appropriate yield versus a risk.
When and how can I use my funds?
The right to access the funds on the individual account can be acquired by reaching retirement age as per the Law on Pension and Disability Insurance.
In general, this means retirement at the age of 62 for a woman, ie 64 for a man performing a minimum of 15 years of service. The members of the second pillar will receive a pension from the Pension and Disability Insurance Fund of the Republic of North Macedonia and from the institution authorized to dispense pension from the second pillar.
Can the pension benefit be inherited?
The funds from the individual account of a deceased member are inherited, notwithstanding a deceased member’s family members who have acquired the right to a family pension in accordance with the Law on Pension and Disability Insurance. In such a case, it is institutionally checked which pension pillar can provide for a higher family pension. If the calculation of the family pension is higher than the second pillar, family members who exercise the right to a family pension may renounce the first-pillar family pension and solely use a second pillar family pension.
When retirement is due, how will the insured person exercise his/her second pillar rights?
When a member of the mandatory pension fund becomes eligible for a retirement benefit under the Law on Pension and Disability Insurance, the entire amount of the accumulated funds on his/her account will be used for payment upon selection of the following pension modalities:
a) programmed withdrawals provided by the Pension Company;
b) temporary programmed withdrawals in combination with lifelong extended annuity;
c) a lifetime direct annuity to be paid from life insurance companies (the payment of annuities will be applied after the first license is issued for performing an insurance activity in the annuity class and payment of annuities for pension beneficiaries).
Is my pension amount guaranteed?
Your future pension will depend on a number of factors, but first and foremost on the amount of accumulated funds in your account, as well as the type of selected pension modality.
What if I change the last name or place of residence (address)?
Several ways to update your personal information are available:
1. Electronic update through our website with access to your personal account. Log in to your personal account with your username and password, which we submit to you enclosed in the Annual Retirement Savings report, click Personal Data, update the data, and choose where to get the update confirmation code. This option is enabled for members or retired members who have previously provided us with a valid mobile phone number or an email.
2. Update in writing, for which you need to visit one of our points of sale at the branch offices of Sava Insurance AD Skopje, NLB Bank AD Skopje or visit the head office of Sava Pension Company AD Skopje and fill out the Request for update/ change of personal data in the presence of an authorized person/ agent of the Company who will check your valid ID card/document.
3. Postal delivery of the completed Request for update.
In choosing this method, you will be contacted by the Company in order to establish the identity of the sender of the Request, whereby the telephone conversation will be recorded.
4. Update by making a call at 02 /15-500. In accordance with the regulation, an update via a telephone call is permitted only for an update of the address/place of residence and/or correspondence address. During such update, the member's identity will be checked, and the phone conversation will be recorded.
I already visited the Bank and filled out a Personal Banking Update Form, so why has my information not been updated yet?
NLB Bank AD Skopje and Sava Pension Company ad. Skopje are separate legal entities that manage separate records of personal data for their clients/members.Therefore, you need to fill out a special personal data update form for both institutions.
What will happen if the pension company collapses?
The funds accumulated on the accounts of the members of the pension funds managed by the Company are kept separately from the Company’s assets and funds with a custodian bank. If the pension company collapses, the MAPAS Agency will initiate a procedure for selection of another company, which will assume the management of the pension funds.
Voluntary pension fund- Sava penzija plus
Is my pension amount guaranteed?
Your future pension will depend on a number of factors, but first and foremost on the amount of accumulated funds in your account, as well as the type of selected pension modality.
What if I change the last name or place of residence (address)?
Several ways to update your personal information are available:
1. Electronic update through our website with access to your personal account. Log in to your personal account with your username and password, which we submit to you enclosed in the Annual Retirement Savings report, click Personal Data, update the data, and choose where to get the update confirmation code. This option is enabled for members or retired members who have previously provided us with a valid mobile phone number or an email.
2. Update in writing, for which you need to visit one of our points of sale at the branch offices of Sava Insurance AD Skopje, NLB Bank AD Skopje or visit the head office of Sava Pension Company AD Skopje and fill out the Request for update/ change of personal data in the presence of an authorized person/ agent of the Company who will check your valid ID card/document.
3. Postal delivery of the completed Request for update.
In choosing this method, you will be contacted by the Company in order to establish the identity of the sender of the Request, whereby the telephone conversation will be recorded.
4. Update by making a call at 02 /15-500. In accordance with the regulation, an update via a telephone call is permitted only for an update of the address/place of residence and/or correspondence address. During such update, the member's identity will be checked, and the phone conversation will be recorded.
I already visited the Bank and filled out a Personal Banking Update Form, so why has my information not been updated yet?
NLB Bank AD Skopje and Sava Pension Company ad. Skopje are separate legal entities that manage separate records of personal data for their clients/members.Therefore, you need to fill out a special personal data update form for both institutions.
What will happen if the pension company collapses?
The funds accumulated on the accounts of the members of the pension funds managed by the Company are kept separately from the Company’s assets and funds with a custodian bank. If the pension company collapses, the MAPAS Agency will initiate a procedure for selection of another company, which will assume the management of the pension funds.
Voluntary pension fund- Sava penzija plus
Who can be a member of the voluntary pension fund?
A member of the voluntary pension fund can be any person who fulfills the conditions for membership as defined in the Law on Voluntary Fully Funded Pension Insurance, if the person is of a minimum of 15 and a maximum of 70 years of age.
A member of the voluntary pension fund can be any person who fulfills the conditions for membership as defined in the Law on Voluntary Fully Funded Pension Insurance, if the person is of a minimum of 15 and a maximum of 70 years of age.
Can an unemployed person be a member of a voluntary pension fund?
An unemployed person can be a member of a voluntary pension fund, if the person is of a minimum of 15 and a maximum of 70 years of age.
Where can I join and become a member of a voluntary pension fund?
You can become a member of the voluntary pension fund at one of our points of sale at the branch offices of Sava Insurance A.D Skopje, NLB Bank AD Skopje, at the premises of Sava Pension Company a.d. Skopje or through the licensed sales agents. You can call the phone number 02/15 500 or send an email at kontakt@sava-penzisko.mk
How do I deposit payments?
The payment to an individual account is made exclusively from the transaction account of the member and/or the payor (when there is another natural person- payor). Payment to a professional account is carried out from the transaction account of the insurer/firm.
How are funds managed, i.e. invested?
The Company's mission with regard to fund management is to achieve optimum long-term yield through active management of the Pension Fund's assets by adhering to risk tolerance, rules and procedures for measuring and managing risks, the legislative framework and internally set limits of investment . Thus, the assets of the pension funds are invested in state and corporate bonds, bank deposits, shares and stocks in investment funds in order to obtain adequate yield in the period of accumulation of assets, i.e pension savings for its members.
An unemployed person can be a member of a voluntary pension fund, if the person is of a minimum of 15 and a maximum of 70 years of age.
Where can I join and become a member of a voluntary pension fund?
You can become a member of the voluntary pension fund at one of our points of sale at the branch offices of Sava Insurance A.D Skopje, NLB Bank AD Skopje, at the premises of Sava Pension Company a.d. Skopje or through the licensed sales agents. You can call the phone number 02/15 500 or send an email at kontakt@sava-penzisko.mk
How do I deposit payments?
The payment to an individual account is made exclusively from the transaction account of the member and/or the payor (when there is another natural person- payor). Payment to a professional account is carried out from the transaction account of the insurer/firm.
How are funds managed, i.e. invested?
The Company's mission with regard to fund management is to achieve optimum long-term yield through active management of the Pension Fund's assets by adhering to risk tolerance, rules and procedures for measuring and managing risks, the legislative framework and internally set limits of investment . Thus, the assets of the pension funds are invested in state and corporate bonds, bank deposits, shares and stocks in investment funds in order to obtain adequate yield in the period of accumulation of assets, i.e pension savings for its members.
Which companies are a part of the Pension Fund’s portfolio?
On the domestic capital market, the Pension Fund is one of the largest investors, with the Fund taking significant part in the ownership structure of the most renowned Macedonian companies listed on the Macedonian Stock Exchange. The selection of the current companies or those who will be part of the portfolio of the Fund is made by the Investment Sector on the basis of regular analyzes that assess future prospects of those companies and thus the expected yield from the investment in their stocks.
In foreign markets, the Pension Fund's assets are partially invested directly in stocks of companies of the EU Member States and the OECD and who are rated by the Investment Sector as companies with relatively better long-term prospects; and partially are invested in shares in investment funds through which dispersed exposure to a stock portfolio and/or bonds with desired features, is achieved. In addition, the Pension Fund assets are invested in foreign bonds that meet the high quality criteria and carry an appropriate yield versus a risk.
How and when can the deposited third pillar funds be used?
Right to benefits from the third-pillar pension shall be granted at the earliest of ten years prior the age of retirement, which generally means at 52 years of age for a woman and 54 years of age for a man. The benefit can be paid to an individual/professional account of personal choosing in the form of:
• programmed withdrawals,
• annuities,
• one-off payments,
• multiple payments or
• a combination of the aforementioned types of payments.
Pension benefits shall be subject to personal income taxation in accordance with the Personal Income Tax Law.
On the domestic capital market, the Pension Fund is one of the largest investors, with the Fund taking significant part in the ownership structure of the most renowned Macedonian companies listed on the Macedonian Stock Exchange. The selection of the current companies or those who will be part of the portfolio of the Fund is made by the Investment Sector on the basis of regular analyzes that assess future prospects of those companies and thus the expected yield from the investment in their stocks.
In foreign markets, the Pension Fund's assets are partially invested directly in stocks of companies of the EU Member States and the OECD and who are rated by the Investment Sector as companies with relatively better long-term prospects; and partially are invested in shares in investment funds through which dispersed exposure to a stock portfolio and/or bonds with desired features, is achieved. In addition, the Pension Fund assets are invested in foreign bonds that meet the high quality criteria and carry an appropriate yield versus a risk.
How and when can the deposited third pillar funds be used?
Right to benefits from the third-pillar pension shall be granted at the earliest of ten years prior the age of retirement, which generally means at 52 years of age for a woman and 54 years of age for a man. The benefit can be paid to an individual/professional account of personal choosing in the form of:
• programmed withdrawals,
• annuities,
• one-off payments,
• multiple payments or
• a combination of the aforementioned types of payments.
Pension benefits shall be subject to personal income taxation in accordance with the Personal Income Tax Law.
Can the funds be inherited in the event of death of the insured person?
In the event of death of a member of Sava Penzija Plus, the funds in the account are inherited, that is, they become part of the legacy estate of the deceased person, while in the event of a member being declared unfit to work, the Law provides for a withdrawal of funds without age limitations.
In the event of death of a member of Sava Penzija Plus, the funds in the account are inherited, that is, they become part of the legacy estate of the deceased person, while in the event of a member being declared unfit to work, the Law provides for a withdrawal of funds without age limitations.
What if I change the last name or place of residence/address?
Several ways to update your personal information are available:
1. Electronic update through our website with access to your personal account. Log in to your personal account with your username and password, which we submit to you enclosed in the Annual Retirement Savings report, click Personal Data, update the data, and choose where to get the update confirmation code. This option is enabled for members or retired members who have previously provided us with a valid mobile phone number or an email.
2. Update in writing, for which you need to visit one of our points of sale at the branch offices of Sava Insurance AD Skopje, NLB Bank AD Skopje or visit the head office of Sava Pension Company AD Skopje and fill out the Request for update/ change of personal data in the presence of an authorized person/ agent of the Company who will check your valid ID card/document.
3. Postal delivery of the completed Request for update.
In choosing this method, you will be contacted by the Company in order to establish the identity of the sender of the Request, whereby the telephone conversation will be recorded.
4. Update by making a call at 02 /15-500. In accordance with the regulation, an update via a telephone call is permitted only for an update of the address/place of residence and/or correspondence address. During such update, the member's identity will be checked, and the phone conversation will be recorded.
Several ways to update your personal information are available:
1. Electronic update through our website with access to your personal account. Log in to your personal account with your username and password, which we submit to you enclosed in the Annual Retirement Savings report, click Personal Data, update the data, and choose where to get the update confirmation code. This option is enabled for members or retired members who have previously provided us with a valid mobile phone number or an email.
2. Update in writing, for which you need to visit one of our points of sale at the branch offices of Sava Insurance AD Skopje, NLB Bank AD Skopje or visit the head office of Sava Pension Company AD Skopje and fill out the Request for update/ change of personal data in the presence of an authorized person/ agent of the Company who will check your valid ID card/document.
3. Postal delivery of the completed Request for update.
In choosing this method, you will be contacted by the Company in order to establish the identity of the sender of the Request, whereby the telephone conversation will be recorded.
4. Update by making a call at 02 /15-500. In accordance with the regulation, an update via a telephone call is permitted only for an update of the address/place of residence and/or correspondence address. During such update, the member's identity will be checked, and the phone conversation will be recorded.