Sava Penzisko

What Sava Penzisko does

Sava Penzisko Društvo a.d. Skopje is a North Macedonian pension fund management company headquartered in Skopje (Dimche Mirchev No. 20), founded in 2005/2006 and operating as a joint-stock company within the Slovenia-headquartered Sava Insurance Group. The company manages two open pension funds: the mandatory second-pillar Sava Pension Fund (Савa пензиски фонд), covering working citizens under 40 who first entered pension insurance after January 1, 2019 with 267,632 members and MKD 88,557.72 million in net assets as of June 30, 2026, and the voluntary third-pillar Sava Penzija Plus (Савa пензија плус) with 16,811 members and MKD 2,630.24 million in net assets. Annualized nominal returns stand at 5.51% and 5.63% respectively over the March 2019–March 2026 period.

The business is structured around regulated fee revenue — contribution fees (1.70% from January 2025 on the mandatory fund, 2.50% on the voluntary fund) and monthly asset-based fees (0.030% mandatory, 0.075% voluntary individual). Distribution combines a 100+ point-of-sale physical network across branches of NLB Banka, Sava Osiguruvanje, ALTA Banka, Silk Road Banka, and UNI Banka, plus licensed agents, telephone sales, and self-service digital channels including the Sava Penzisko Plan mobile application (iOS/Android) and an online Personal Account portal. Customer segments span individual retail members (mandatory and voluntary) and corporate clients running employer-sponsored professional pension schemes with tax-deductible contributions. Operations are supervised by MAPAS.

The platform supports segmented customer acquisition through a digital marketing presence (Macedonian/English/Albanian website, NikogasSami educational blog, social channels, annual Financial Literacy Days) and dedicated personal pension advisors. Investment management follows a medium-risk strategy targeting a 4% nominal return, with ESG-aligned exclusions. Recognition includes three consecutive World Finance "Best Pension Fund Macedonia" awards (2022–2024), the 2023 IPE Small Pension Fund European award, and multiple IPE shortlistings (2014, 2015, 2017, 2024), plus corporate-responsibility awards at the national level.

Name

Sava Penzisko

Legal name

Сава пензиско друштво а.д. Скопје

Website

https://sava-penzisko.mk

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

Sava Penzisko Društvo a.d. Skopje is a North Macedonian pension fund management company that operates the mandatory second-pillar Sava Pension Fund and voluntary third-pillar Sava Penzija Plus, serving more than 284,000 individual members and employer-sponsored schemes under MAPAS supervision and earning regulated management and contribution fees on roughly MKD 91 billion in combined net assets.

Ownership category

akta.pro rank

Product category

Pension Fund Management

NAICS

Pension Funds (525110)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB)

akta.pro secondary industries

Pensions & Retirement Benefits Administration (BPAIAKAA), Retirement & Pension Wealth (401(k)/IRA/SIPP/Superannuation Retail) (FSAAAAAJ)

Keywords

• Pension fund management
• Mandatory pension savings
• Voluntary retirement funds
• Individual pension accounts
• Retirement benefit services

Headquarters

HQ city

Skopje

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management fees from mandatory pension fund contributions: The company charges a percentage fee on contributions paid into the mandatory pension fund (Sava Pension Fund). The fee rate has been progressively reduced over time, from 5.50% in 2010 to 1.70% from January 2025 onwards.
2. Monthly management fees on net assets: Monthly fee charged as a percentage of net assets under management for both mandatory (Sava Pension Fund) and voluntary (Sava Penzija Plus) pension funds. Current rate for mandatory fund: 0.030% monthly. Current rate for voluntary fund: 0.075% for individual members.
3. Transfer/switching fees: Fee charged for transferring between pension funds. For mandatory fund: 15 EUR if membership duration is 720 days or less, free if longer. For voluntary fund: 10 EUR if membership is 360 days or less, free if longer.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels8 records

Core offering

Sava Penzisko Društvo a.d. Skopje manages two open pension funds in North Macedonia — the mandatory second-pillar Sava Pension Fund for insured persons under 40 entering the system after January 1, 2019, and the voluntary third-pillar Sava Penzija Plus for individuals and corporate pension schemes. The company collects contributions, maintains individual member accounts, manages investment portfolios under medium-risk strategies, and provides retirement payout options including programmed withdrawals, annuities, and lump sums.

Product overview

Sava Penzisko Društvo a.d. Skopje operates as a pension fund management company offering two distinct branded pension products: the mandatory open pension fund Sava Pension Fund ( Сава пензиски фонд) covering the second pillar of North Macedonia's pension system, and the voluntary open pension fund Sava Penij Plus (Сава пензија плус) covering the third pillar. The two fund products are supported by a suite of digital service layers including the Sava Penzisko Plan mobile app (iOS/Android), an online Personal Account self-service portal, and an informational Pension Calculator. The company also provides a Personal Pension Advisor service and distributes services through a network of bank branches (NLB Bank, ALTA Bank, Silk Road Bank, UNI Bank) and Sava Insurance offices across North Macedonia. As of June 30, 2026, the mandatory fund held 88,557.72 million denars in net assets across 267,632 members, while the voluntary fund held 2,630.24 million denars across 16,811 members.

Differentiator

Problem solved

Functional benefit

Brands

• Сава пензиски фонд (Sava Pension Fund): Mandatory pension fund (second pillar) managed by the company, with 267,632 members and 88,557.72 million denars in net assets as of June 30, 2026.
• Сава пензија плус (Sava Penzija Plus)
• Сава пензиско план (Sava Pension Plan)

Products and services

• Sava Pension Fund (САВА ПЕНЗИСКИ ФОНД) A mandatory open pension fund (second pillar) that collects contributions from employed individuals aged under 40 who entered the pension system after January 1, 2019. As of June 30, 2026, the fund had net assets of 88,557.72 million denars, a unit value of 308.575309 denars, and 267,632 members. Members can choose retirement benefit options including programmed withdrawals, annuities, and lump-sum payments.
• Sava Penzija Plus (САВА ПЕНЗИЈА ПЛУС) An open voluntary pension fund (third pillar) that allows members to supplement their state and mandatory pension with additional savings. Contributions can be made individually or by employers on behalf of employees through professional pension schemes. As of June 30, 2026, the fund had net assets of 2,630.24 million denars, a unit value of 273.149229 denars, and 16,811 members.
• Sava Penzisko Plan Mobile App (МОБИЛНА АПЛИКАЦИЈА САВА ПЕНЗИСКО ПЛАН) A mobile application available on Android (8.0+) and iOS (9.0+) that provides members with real-time access to their pension savings, transaction history, contribution notifications, personal data updates, and a digital Sava Plan card. The app integrates with the NLB Bank mKlik payment system for contributions.
• Personal Account Online Portal (ЛИЧНА СМЕТКА) An online portal that allows members to view detailed pension savings reports, update personal data, track unit value movements, and manage communication preferences.
• Personal Pension Advisor Service (ЛИЧЕН ПЕНЗИСКИ СОВЕТНИК) A personal pension advisory service that provides members with dedicated advisors who explain the Macedonian pension system, review contribution regularity, inform on returns and fees, assist with data updates, and support electronic pension tracking.
• Pension Calculator (КАЛКУЛАТОР) Online calculators for individual and legal entity members to project expected pension savings based on contribution amount, period, entry commission, and expected nominal return rate (pessimistic 4%, realistic 5%, optimistic 6%).

Quantifiable outcome

• 267,632 members managing 88.5 billion denars in mandatory fund assets as of June 2026
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered parent company, core, secondary, regulatory and supporting.

• Sava Insurance Groupparent companyStrategic or Co-development PartnerSava Penzisko Drustvo AD Skopje is a member of Sava Insurance Group, a regional insurance group headquartered in Slovenia. The parentage provides operational scale, brand recognition, and shared expertise in insurance and financial services.
• NLB Banka AD SkopjecoreChannel Partner/ Reseller/ DistributorNLB Banka serves as custodian bank for both Sava Pension Fund and Sava Penzija Plus assets, and distributes pension fund products through approximately 44 branch locations across Macedonia. The bank receives custody fees calculated as percentage of fund assets under management.
• NLB Banka AD SkopjecoreChannel Partner/ Reseller/ DistributorAccepts pension fund contributions via bank transfers, including using mKlik application for payment processing. Provides banking infrastructure for fund operations and accepts payments for Sava Penzija Plus at IBAN accounts.
• Sava Osiguruvanje AD SkopjecoreChannel Partner/ Reseller/ DistributorSava Insurance company distributes pension fund products through approximately 19 branch offices across Macedonia. Related party within Sava Insurance Group.
• ALTA Banka BitolasecondaryChannel Partner/ Reseller/ DistributorALTA Banka distributes pension fund products through branches in Bitola (headquarters, Hospital, TC Biser), Skopje (Business Center, Mlecen Restoran), Resen, and Veles.
• Silk Road Banka AD SkopjesecondaryChannel Partner/ Reseller/ DistributorSilk Road Banka distributes pension fund products through branches in Strumica, Gevgelija, Skopje (4 locations), Kumanovo, Tetovo, Bitola, Ohrid, and Prilep.
• UNI Banka AD SkopjesecondaryChannel Partner/ Reseller/ DistributorUNI Banka distributes pension fund products through branches across multiple cities including Gostivar, Delcevo, Kocani, Bitola, Skopje, Kicevo, Kriva Palanka, Kumanovo, Radovis, Struga, Strumica, Ohrid, Stip, Probistip, Tetovo, and Berovo.
• MAPAS (Agency for Supervision of Fully Funded Pension Insurance)regulatoryOthersMAPAS is the government agency responsible for supervision of fully funded pension insurance. It approves accounting unit values, receives supervisory fees (0.6% of contributions), and ensures protection of pension fund members' interests. The agency is headquartered at (02) 3224 229.
• NikogasSami Blog PortalsupportingGTM or Marketing PartnerNikogasSami is an educational blog portal partnership providing financial literacy content to help citizens understand the Macedonian pension system and the importance of pension savings.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Triglav Skladi: Slovenian asset management company within Triglav Group that manages pension funds and investment products. Operates in similar institutional/retirement wealth space but primarily serves the Slovenian market; regional comparable given Sava Penzisko's Slovenian Sava Insurance Group affiliation and overlapping investment philosophies.
• NLB Skladi: Slovenian asset management arm of NLB Group, formerly the parent of Sava Penzisko. Operates pension and mutual fund products in Slovenia and Adriatic region. Historically intertwined with Sava Penzisko and shares the same NLB Banka custodian/distribution partner relationship.

Broad incumbents

• Vienna Insurance Group (VIG): Leading Central European insurance conglomerate with pension fund operations in several CEE countries. Comparable in being a multi-country pension/insurance operator with regional brand presence, though serving different national markets.
• Generali Investments: Large European asset manager offering pension and investment products across CEE, with presence in the Balkans. Broader incumbent with overlapping capabilities but as part of a much wider product portfolio rather than specializing in Macedonian pensions.
• Allianz Pension Funds: Global insurance and asset management giant offering mandatory and voluntary pension products across CEE. Broader incumbent with regional reach and pension expertise, serving as benchmark for scale and product breadth though not specifically focused on Macedonia.

Others

• MAPAS (regulatory body): North Macedonia's Agency for Supervision of Fully Funded Pension Insurance that supervises Sava Penzisko and approves accounting unit values. Adjacent/regulatory entity rather than competitor, but materially shapes Sava Penzisko's operating environment through fee regulation and investment rules.

Direct peers

• KB Prvo Peniziski Drustvo: The largest competitor in North Macedonia's mandatory pension fund market, managing both second pillar (mandatory) and third pillar (voluntary) pension funds. Directly comparable product offering, regulatory environment, and target customer base within the same Macedonian market.
• UNIQA Investica: Voluntary pension fund operator active in the Adriatic/Central European region including former Yugoslav markets. Comparable product structure (voluntary pension savings) and similar institutional/retail customer base across the Balkans.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC6yOA7cU-1rMraq0qypTAdg
• Facebookfacebook.com/SavaPenziskoDrustvo
• LinkedInlinkedin.com/company/sava-penzisko-drustvo-a-d-skopje
• Instagraminstagram.com/sava_penzisko

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sava Penzisko