The reform of the Macedonian pension system is about to reach its final stage. With the Law on Voluntary Fully Funded Pension Insurance, passed in January 2008, the third pillar of the pension system was introduced.

The third pillar is based on voluntary savings and it will cover individuals not included in the mandatory system, those that can afford extra savings besides the mandatory contributions and insurers covered with occupational plans. 

In addition to the state-run Pension and Disability Insurance Fund (first pillar), two private mandatory pension funds managed by two separate pension companies (second pillar), the system will include private voluntary pension funds who will be managed by a voluntary pension companies or a joint pension companies (third pillar).  

The Government has decided to seek reputable partners to operate the private voluntary pension funds through a licensing process. Namely, According to the above-mentioned Law, a voluntary pension company or a joint pension company shall be established by obtaining a license from the Agency for Supervision of Fully Funded Pension Insurance (MAPAS), and once established it shall obtain an approval from the Agency for managing a Voluntary Pension Fund. 

In order to provide as much transparency to this important process as possible we will hold a one-day promotional conference, to which we would like to invite you the potential investors and founders of pension companies. The conference will be jointly organized by the Ministry of Labor and Social Policy (MLSP) and the Agency for Supervision of Fully Funded Pension Insurance (MAPAS), and it shall be financially supported by USAID. It will be held in Skopje, Republic of Macedonia on November 06, 2008 at the Hotel Holiday Inn, Conference Hall “Millennium 1”, starting at 10:00 hours.
It is expected that the Conference in Macedonia will provide the potential investors and founders of pension companies that will manage voluntary pension funds (banks, insurance companies and other financial institutions), with all the relevant information about the licensing process, terms and conditions for establishing a pension company, the Law on Voluntary Fully Funded Pension Insurance and all the regulation related to the voluntary pension insurance. 

The planned agenda for this event includes presentations on Macedonian macroeconomic environment, characteristics of Macedonian financial market, legal framework for the third pillar, as well as information on the licensing process itself.