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NBR: Pension funds will change Romanian’s financial landscape

The private pension funds will change the financial landscape of Romania and will accelerate the stock market development, as well as the bonds market’s growth, state the National Bank of Romania experts, in the Financial Stability Report (2008 Edition). According to NBR, the private pensions markets’ growth will be “substantial” in the following years, while the pension funds will massively invest in state bonds and on the capital market. Continuare

Violeta CIUREL, new Regional CEO of ING Group for greenfields in CEE

Violeta CIUREL is the new Regional CEO of ING Group for greenfield operations in CEE . Her most important responsibilities will regard Russia and Ukraine, the biggest markets in the region, Dutch group ING announced yesterday Continuare

Pension funds have EUR 30 million and 4 opportunities to buy T-bills in July

The Ministry of Finance will organize four bids for Romanian T-bills and T-bonds during July, with instruments to mature in 6M, 1Y, 3Y and 5Y and total issuing values of RON 3 billion (EUR 822 million). - that means a variety of opportunities for mandatory pension funds (2nd pillar) to fill their portfolios with such instruments. Continuare

ING is the new market leader on the voluntary pensions market

ING Life Insurance has become at the end of last week the new market leader in voluntary private pensions (3rd pillar) by number of participants with 42,583 customers, surpassing ALLIANZ-TIRIAC Private Pensions (35,262) and BCR Life Insurance (24,656). Continuare

Voluntary and mandatory pension funds, just as conservative with their investments

Voluntary pension funds (3rd pillar) and mandatory pension funds (2nd pillar) were at the end of May just as conservative with their investments, shows an analysis by www.pensiileprivate.ro. Continuare

Mandatory pension funds already started investing abroad

Romania's mandatory pension funds (2nd pillar) already started investing their assets abroad, right after the start of collection and the receiving of their first contributions from customers, shows data provided by companies and CSSPP for www.pensiileprivate.ro. Continuare

Surprise-deal: Romanian voluntary pension fund returns from VIG to ERSTE

The voluntary pension fund (3rd pillar) BCR Prudent will be transferred from BCR Life Insurance (company which was recently sold by ERSTE to VIENNA INSURANCE GROUP to BCR Private Pensions (company still in the ERSTE group). Continuare

Second collection brings EUR 28.2 million and 877,000 empty accounts to mandatory pension funds

The second contribution collection round for mandatory pension funds (2nd pillar) brought an improvement in on the market situation, raising contribution volume and reducing the number of empty accounts. Continuare

ING fined with EUR 0.38 million for outsourcing investments of pension funds

Companies ING Asigurari de Viata and ING Fond de Pensii have been fined yesterday by the supervisory body, CSSPP, with RON 1.385 million (EUR 380,000), namely 0.5% of the cumulated share capital of the two companies, for outsourcing the asset management operations for their three pension funds (two voluntary and one mandatory). It is the first time ever given by CSSPP, making it the most severe sanction on private pensions market so far. Continuare

BT AEGON: EUR 4 million share capital increase, replacing CEO

Mandatory private pension company BT AEGON, ranking seventh on the 2nd pillar market by the number of participants attracted to its fund, will increase its current share capital with EUR 4 million, thus reaching about EUR 17 million, in order to sustain its operational activity. Continuare

CSSPP: Another 2-3 mandatory pension funds will exit the market by the end of this year

Another 2-3 mandatory pension funds (2nd pillar) will exit the market by the end of this year, through mergers and acquisitions, said Mircea OANCEA, president of CSSPP (Romania's private pensions market supervisory authority), to www.pensiileprivate.ro. Continuare

The second contribution round could bring EUR 26.6 million to mandatory pension funds

The second contribution round to the mandatory pension funds (2nd pillar) could bring another EUR 26.6 million in their accounts, 10% more than the first round, according to some estimates the specialized web portal www.pensiileprivate.ro, based on data published today by the National Statistics Institute. Continuare

Best paid mandatory pensions customer in Romania made over 282,400 EUR (gross) in March

The best paid mandatory pensions (2nd pillar) customer in Romania made over 282,400 EUR as growth salary in March and contributes to the fund managed by ING, the market leader, according to the data presented today by Bram BOON, member in ING's pension company board. Continuare

Top debtor companies at public pensions budget at the end of March

A number of 82,448 small and medium sized companies and 186 large companies are registered with arrears to the public pensions' budget of Romania, according to data recently published by the Ministry of Finance. Their arrears spread from a few hundred euros to several hundred million euros, with the biggest debtors being large state-owned companies, black holes of the economy. Continuare

Private pension funds to outsource investments: the regional lesson

Private pension funds are dealt with differently in the region, depending on whether the asset management activity (investment) can be outsourced or not, according to an exclusive survey conducted by the portal www.privatepensions.ro. A debate on this topic is currently underway on the Romanian market, therefore regional practice could be relevant. While Hungary, Slovakia and the Czech Republic allow the private pension funds to outsource the asset investment activity, Croatia, Bulgaria and Poland ban this practice. Continuare

OANCEA: The private pension guarantee fund: what will it look like?

The private pension guarantee fund will adopt the model from the banking market, and pension companies will start by transferring 1% of their share capital to the fund, according to the draft law on the private pension guarantee fund. The draft was prepared by the Private Pension Supervisory Commission (CSSPP) and was posted on the portal www.privatepensions.ro by Mircea OANCEA, president of the institution. Continuare

Mark DOWSEY, WATSON WYATT: If you don’t save enough, be ready to face poverty when you retire

WATSON WYATT is one of the world’s leaders in financial and human resources consulting. With a USD 1.3 billion in annual income, 7,000 collaborators and operating in 32 countries, WATSON WYATT provides consulting services for 300 of the world’s largest pension funds. Mark DOWSEY, Senior Consultant in the company, was one of the international speakers at the “Private Pension Day” conference, at FIAR 2008 and answered the questions of an exclusive interview with the PRIMM Insurance&Pensions magazine. Continuare

CSSPP approved the norm on transfer of the voluntary pensions from a life insurance company to a mandatory pension company

The Private Pension Supervisory Commission (CSSPP) approved today the norm regulating the transfer of the private pension administration activity for voluntary pension (pillar III) from a life insurance company to a mandatory private pension company. The situation might bring together the private pension administration activities for several companies operating on both markets, the Dutch from ING being the first ones to announce their intent in this respect. Continuare

APAPR: The pension funds will probably be allowed to outsource their asset management

The Private Pension Supervisory Commission (CSSPP) might reconsider the decision whereby the mandatory private pension companies (pillar II) were not allowed to outsource their asset management activity, stated for the portal www.privatepensions.ro Crinu ANDANUT, president of the Private Pension Association from Romania (APAPR), the organization representing the local private pension industry. Continuare

ANDANUT, APAPR: The Association shall represent all members' interests

The Association for Privately Managed Pensions of Romania (APAPR), the professional organization representing the local private pension industry, shall try to represent, from now on, the interests of all its members, regardless of the size of their company, stated Crinu ANDANUT, the new president of APAPR, for the portal www.privatepensions.ro. ANDANUT, who is also CEO of ALLIANZ-TIRIAC Private Pensions, was elected the new president of the Association on the 22nd of May, this being his first interview for the press, after the APAPR elections. Continuare

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Mandatory pensions
(2nd pillar):
»Brief system design

»Official law

»Statistics & Market data

»Market players

»Pension funds

Voluntary pensions
(3rd pillar):
»Brief system design

»Official law

»Statistics & Market data

»Market players

»Pension funds

You should read this:
» Romania's demographics projection: dependency ratio to triple until 2060

» Romania's pensions journey: beginning of the road

» Comparison between the 2nd and 3rd pillar











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