13.2.2019

Announcement to the public on the right to select membership in a mandatory pension fund

Ladies and Gentlemen,

Sava Pension Company a.d. Skopje would like to inform the public about the Law on amending and supplementing the Law on Mandatory Fully Funded Pension Insurance published in the Official Gazette No.245 of 28.12.2018), in accordance with which the Pension Company is obliged to act as of 01.01.2019:

1. A member of a Mandatory Pension Fund born before January 1, 1967 shall terminate his membership in the Mandatory Pension Fund on 1 January 2019. With the termination of membership, the insured remains insured only in the current funded pension insurance based on generational solidarity. The Company closes the individual account of the member and transfers the total amount of funds from the account of these members to the Pension and Disability Insurance Fund of Macedonia.

2. Notwithstanding point 1 of this Notice, the member of the Mandatory Pension Fund born before January 1, 1967, who joined the mandatory fully funded pension insurance of his own choice and became a member of a mandatory pension fund (ie an insured person who was involved in the mandatory pension and disability insurance before 1 January 2003) has the right to choose to terminate or continue membership in the second pension pillar with a written statement on termination or extension of the membership in a mandatory pension fund, until September 30, 2019. If the member fails to provide a statement for continuation of membership in a mandatory pension fund during the term, after the expiration of the deadline his membership in the mandatory pension fund ceases. The member who gives a declaration of termination of membership in a mandatory pension fund before September 30, 2019, shall terminate the membership on the date of giving the statement.

3. For the members of item 2 of this Announcement, the individual account in the mandatory pension fund shall remain open and those funds are invested in the same way as the other assets of the mandatory pension fund until the date of giving the declaration for termination of the membership, ie until the expiration of the deadline until September 30, 2019. Upon termination of the membership, the Company shall close the individual account of the member and transfer the total amount of funds from the member's account to the Pension and Disability Insurance Fund of Macedonia.

4. Members of a mandatory pension fund who until January 1, 2019 for the duration of the period of insurance have acquired the status of:
- Insured individual farmer,
- Natural persons registered as self-employed retailers on stalls and markets; and
- Insured persons who during the insurance period had insured years of service considered as being of increased duration,

shall have their membership in the mandatory fully funded pension insurance terminated on January 1, 2019 and the Company shall close the individual account of the member and transfer the total amount of  funds from the members' account to the Pension and Disability Insurance Fund of Macedonia.

5. The insured persons who are not covered by items 1,2,3 and 4 of this Notice shall continue their membership in the mandatory fully funded pension insurance.

The Supervisor of fully funded pension insurance is the Agency for Supervision of Fully Funded Pension Insurance (MAPAS) www.mapas.mk tel. 02 3224 229