Macedonia To Launch Voluntary Pension Insurance in January - Media

Voluntary pension insurance, known as the third pension pillar, is provided by pension funds set up by banks and insurance companies and offers individuals an opportunity for an extra pension through individual contributions. 

Pension fund licences will be granted by the pension insurance supervision agency (MAPAS) which will supervise the funds' operation, Utrinski Vesnik wrote.

Two mandatory pension funds operate in Macedonia: KB Prv Otvoren Penziski Fond (KB Prv) and Nov Penziski Fond (NPF).

KB Prv is managed by KB Prvo Drustvo za Upravuvanje so Penziski Fondovi, whose owners are Ljubljana-based Skupina Prva DD with a 51% stake and Komercijalna_Banka_AD_Skopje which holds 49%.

NPF is managed by Nov Penziski Fund. Slovenia’s Nova Ljubjanska Banka (NLB) has 51% of Nov Penziski Fund’s capital and its Macedonia unit,  NLB Tutunska Banka AD Skopje holds 49%.

Macedonia has a population of two million people.