MACEDONIA – Macedonia’s pension insurance agency has issued a tender inviting bids for two pension fund management licenses.

The Agency for Supervision of Fully Funded Pension Insurance tender invites the participation “in an international public tender for acquiring a license to establish a pension company and approval for managing a pension fund”.

“A pension system reform is underway in the Republic of Macedonia that introduces a mandatory fully funded pension insurance system beside the existing generational solidarity system as an integral part of the pension system,” the tender states.

“In the first 10 years of the two-pillar pension system, licenses for managing pension funds will be granted to two companies only.

“The founders of these companies must be banks, insurance companies, pension companies and other licensed financial institutions or entities which, directly or indirectly, hold more than 50% of the shares of such institutions.

“They will incorporate a joint stock company in the Republic of Macedonia, whose sole activity will be management of pension funds.

“Reputable companies having an adequate profile, capital, management and experience are invited and encouraged to take part in this tender.

More tender documentation is on the Agency’s web site at for 500 euros or directly from the Agency until September 20. Closing date for prequalification applications is September 27.

Macedonia said in April that it would award only two licenses for managing private pension funds.