17.7.2019
Sava Pension Plus Marks 10 Years of Voluntary Pension Insurance in Macedonia
More than 10 thousand members and more than 14 million Euros of assets under management for 10 years of operations of the voluntary pension fund.*
Today, Sava Pension Company a.d. Skopje, a mandatory and voluntary pension funds management company, is celebrating 10 years of the first payment into Sava Pension Plus, Open Voluntary Pension Fund.
Sava Pension Plus is the first-ever voluntary pension fund established in the Republic of North Macedonia, with its management license obtained in 2009. The first payment of a voluntary pension contribution was made exactly 10 years ago – on June 15, 2009.
The voluntary pension insurance offered by Sava Pension Company a.d. Skopje for individual membership and for professional membership through companies is a highly regulated financial product on the market, allowing for long-term saving of funds to complement the future retirement income. Saving in the voluntary pension fund or the so-called third pension pillar is additionally stimulated by the state in the form of tax benefits.
Over the past 10 years of operation, 10,308 members* have demonstrated their trust by investing a portion of their savings in the voluntary pension fund Sava Pension Plus. Their savings, along with the generated yield on the investments, arrived at a net value of 859.36 million denars.* Sava Pension Company a.d. Skopje takes particular pride in the achieved average annual yield*, generated by investing the assets paid-in by the members over the past seven years (from June 30, 2012 until June 30, 2019) and amounting to 6.38% nominal** or 5.47% real** yield.
“The yield generated in the past is a result of the appropriately designed Investment Strategy, implemented by our expert team of professionals by selecting high-quality financial instruments and applying advanced portfolio and risk management techniques. In addition to being invested in domestic bonds and deposits in domestic banks, the pension fund’s assets are also invested in high-quality foreign and domestic companies with good long-term perspectives, high profitability, and solid dividend yields. The vision of Sava Pension Company a.d. Skopje is that it is recognized for the care for its members, its transparency and high moral values, as well as for its active role in the sustainability of the pension system, the human environment, and the society as a whole,” said Ms. Mira Shekutkovska, President of the Management Board of Sava Pension Company a.d. Skopje, on the occasion of the jubilee.
In addition to managing the first voluntary pension fund, Sava Pension Company a.d. Skopje also manages Sava Pension Fund, an open mandatory pension fund, with 32,943.68 million denars (over 500 million Euros) of funds under management and 238,732 members.*
The company is a member of the Slovenian Sava Insurance Group, consisted of 22 members from the insurance and funds management industry; in Macedonia, apart from Sava Pension Company a.d. Skopje, Sava Insurance AD Skopje is also a member of the Group. NLB Banka AD Skopje is the official business associate of Sava Pension Company a.d. Skopje.
Respectfully,
Sava Pension Company a.d. Skopje
*Source. The fully funded pension insurance is under the supervision of the Agency for Supervision of Fully Funded Pension Insurance (MAPAS) (02) 3224 229, www.mapas.mk
**Fees charged for the period with regard to which the yield of Sava Pension Plus is published include:
- Fees on paid-in contributions (30.06.2012-31.12.2016 = 3.8% for all members; 01.01.2017-30.06.2019 =2.9% for individual members and maximum 3.8% for members of professional pension schemes)
- Monthly fee on the net assets of the pension fund = 0.1%
- Transfer fee – 10 EUR for those who have been members for less than a year
- Source: Agency for Supervision of Fully Funded Pension Insurance, www.mapas.mk
- The yield to your voluntary individual account and/or professional account is variable and depends on the yield of your voluntary pension fund and the fees collected from your voluntary pension fund management company.