13.2.2019

10% reduction in fees from paid contributions and 14.3% reduction in monthly fees paid from the value of the total net assets of the pension fund for members of the Open Mandatory Pension Fund Sava Pension Fund

Dear clients,

The Pension Company for Mandatory and Voluntary Pension Fund Management Sava Pension Fund AD Skopje hereby notifies the clients about the reduction in fees from paid contributions and reduction in monthly fees from the value of the total net assets in the Open Mandatory Pension Fund Sava Pension Fund.

From January 1, 2019, the amount of the fee paid out of paid contributions shall be 2.25%*, instead of the current 2.50%*, and the  monthly fee paid from the value of the total net assets shall be 0.030% *, instead of the current one of 0.035 % *.

Transfer fee * from one to another mandatory pension fund

Number of days of membership ≤720 EUR15
Number of days of membership>720 no transfer fee is charged

For the period between 01.01.2018 and 31.12.2018, the amount of transaction commissions/net assets of the fund is 0.01% ** (total amount of transaction commissions is MKD 1.510.521).

The amount of fees from paid contributions and the amount of monthly fee from the value of the total net assets is a variable category. Applicable is the fee determined by the Company, which is within the maximum amount of fees as prescribed by the Law on Mandatory Fully Funded Pension Insurance.

The yield on the client’s individual account is variable and depends on the yield on the client’s mandatory pension fund and on the fees paid by the client’s company in charge of management of the mandatory pension fund. The reduction in fees shall directly affect the pension savings of the members of the Sava Pension Fund.

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

Sincerely,
Sava Pension Company ad. Skopje

Sources:.
* Agency for Supervision of Fully Funded Pension Insurance www.mapas.mk
** Sava Pension Company ad. Skopje