A custodian is an institution entrusted with the responsibility of keeping the pension fund assets and its functions related to assets keeping defined in the Law on Mandatory Fully Funded Pension Insurance, i.e. in the Law on Voluntary Fully Funded Pension Insurance in case of voluntary pension fund assets keeping.

The custodian of the mandatory pension funds assets in the initial period was the National Bank of the Republic of North Macedonia (as a transitional solution), but then moved to the systemic solution according to which the pension funds assets custodian is a commercial bank licensed by The National Bank of the Republic of North Macedonia and which meets the requirements set out in the Law on Mandatory Fully Funded Pension Insurance.

The custodian of the voluntary pension funds assets is also a commercial bank that has a license issued by the National Bank of the Republic of North Macedonia and which meets the conditions set out in the Law on Voluntary Fully Funded Pension Insurance.

All instruments in which the pension fund assets are invested must be recorded by a custodian. The custodian of the pension fund property safely keeps the pension fund assets on a special account, separate from the assets of the company. This segregation of assets is extremely important in order a high degree of asset security and additional control of transactions with the pension fund assets to be achieved.

Each pension company is obliged to choose a sole property custodian, to whom it entrusts the responsibility for keeping the pension funds assets and with whom it concludes a contract for keeping the property.