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Top of returns on investment for the voluntary pension funds, one year from launch

Romania's voluntary pension funds (3rd pillar) have had quite different returns during their first year of operation, according to some research by, based on data by the depository bank (BRD) and the supervisory body (CSSPP). The four 3rd pillar funds launched in May/June last year returned between 1.4% and 11.5%, depending on their investment and cost (fees) strategy. Continuare

The retail segment represents 38% of the voluntary private pension market

Individual clients who pay their contribution for a voluntary private pension themselves (pillar III), without any monetary contribution from the employer, represent 38% of the total number of participants on this market, according to the data published by the Private Pension Supervisory Commission (CSSPP). A higher share (48%) belongs to the participants for whom only the employer is contributing to the voluntary pension, while 14% of the cases involve both parties (the employee and the employer) paying the contribution, according to the same data. Continuare

The typical profile of the client for voluntary private pensions

Woman, aged 35 to 39, working on the financial market and living in Bucharest - this is the profile of the typical client for voluntary private pensions (pillar III), according to the data published by the Private Pension Supervisory Commission (CSSPP). Continuare

ING wants to move the voluntary pensions from ING Life Insurance to ING Pension Fund

The two voluntary private pension funds (pillar III) administered by ING Life Insurance might be transferred from ING Life to ING Pension Fund, the mandatory private pension company (pillar II) of the Dutch group from Romania, stated today Radu VASILESCU, CEO of ING Pension Fund for Continuare

CNPAS: June 20th - the second transfer of the contributions to the mandatory pension funds

The mandatory private pension funds (pillar II) shall collect the second monthly set of contributions on the 20th of June, precisely one month after the first collection round, stated Mariana CAMPEANU, president of the National House of Pensions and Other Social Security Rights (CNPAS) today, at a seminar on private pensions. Continuare

Voluntary private pension funds invested 10% of the clients’ money in shares

At the end of May, the voluntary private pension funds (pillar III) had the following investment structure: 71% in state securities and municipal bonds, 14% in bank deposits, 10% in shares, 4% in corporate bonds and 1% in mutual funds, according to the data presented today by Mircea OANCEA, president of the Private Pension Supervisory Commission (CSSPP), in a seminar organized by ZIARUL FINANCIAR. Thus, the voluntary private pension funds’ investments in shares reached a new peak, after the 7% from March. Continuare

OANCEA: By the end of this year, we shall have 4-5 voluntary pension funds left on the market

"At the moment, we have one voluntary pension fund pending authorization. We expect to have another 3-4 voluntary pension funds authorized by the end of this year. I don’t mean the intention to start on the market, but the funds we actually expect to be authorized and functional by the end of this year", stated today Mircea OANCEA, president of the Private Pension Supervisory Commission (CSSPP). Continuare

Simulation: Mandatory pension funds might collect EUR 23.5 billion worth of contributions by 2020

The mandatory private pension funds might collect total gross contributions of EUR 23.5 billion by the end of 2020, according to an estimative analysis of the portal, based on the data from the long term forecast bulletin of the National Forecast Commission (CNP). From a EUR 202 million-volume collected as contributions this year, funds might reach annual inflows of EUR 3.65 billion by 2020. Continuare

Voluntary pensions attracted 5,500 more contributors during May

5,500 more Romanians started contributing in the voluntary pensions (3rd pillar) system during the month of May, according to a survey by the specialized web portal, based on data published by the pension companies. Those new participants chose the voluntary pension funds managed by ING Life (3,220 new customers), BCR Life, (1,583) and ALLIANZ-TIRIAC Private Pensions (363). The total number of 3rd pillar participants thus reached 87,836 at the end of May, 7% more than in April. Continuare

BCR: Mandatory pension funds to manage EUR 1.5 billion in 2010

The mandatory private pension market (pillar II) will get to manage assets amounting to EUR 1.58 billion at the end of 2010, according to a report published by the analysts of BCR, the largest local bank. Until then, the assets of the mandatory pension market will be EUR 225 million at the end of this year, and EUR 793 million at the end of 2009. The specialists from BCR estimated an average return of 6.8% in 2008, 6.5% in 2009 and 5% in 2010 for pillar II. Continuare

Mihai SEITAN: Empty accounts mean EUR 40-50 million worth of losses for pension companies

The over 961,000 empty accounts from the mandatory private pension system (pillar II), identified after the first round of contribution transfer is actually a loss of approximately EUR 40-50 million for the companies managing these funds, estimated for the portal Mihai SEITAN, expert in private pensions and head of FINCOP Pension Broker, the second broker on the mandatory private pension market in the four-month campaign. Continuare

The Americans from IOS Partners shall prepare the draft law for payout of private pensions

The American consultancy firm IOS Partners won the tender for preparing the draft law on payout of the private pensions, a law that must be adopted by the Parliament by July, next year, according to the data provided exclusively for by the Ministry of Labor. The selected company is about to present a technical and financial proposal for the draft law which shall take, according to the contract, a maximum of 4 months. Continuare

CSSPP: We shall propose the Ministry of Finance a EUR 1,000 deductibility per year for voluntary pensions

The Private Pension Supervisory Commission (CSSPP) shall propose the Ministry of Economy and Finance an increase up to over EUR 1,000 per year for the fiscal deductibility on voluntary private pensions (Pillar III) to stimulate savings in the system, stated Mircea OANCEA, President of the institution, for the portal Continuare

Private pension companies from TOP 3 started off with different investment strategies

The three largest mandatory private pension funds (Pillar II) from the market started to invest their clients’ money based on different strategies, also taking advantage of the derogation adopted by CSSPP at the very last minute and allowing, for the first six months, to place any percentage of the assets in bank deposits, according to a study conducted by the portal T Continuare

Pension leaders to CNPAS: Eliminate the “negative amounts” causing impossible situations!

The top mandatory private pension companies (pillar II) try to persuade the National House for Pensions and Social Security (CNPAS) not to transfer them “negative amounts”, namely orders to diminish the participants’ accounts, starting with the second contribution collection round. The “negative amounts” are actually impossible to manage and create problems not only for administrators, but also for the participants to the fund. Continuare

CSSPP adopted the norm of mergers between mandatory private pension funds

The Private Pension Supervisory Commission (CSSPP) approved the norm on the merger of mandatory private pension funds (pillar II) and the protection of participants for such operations, as stated in a press release of the institution. According to this norm, participants who disagree with the merger can transfer to another fund, over a three-month period, without paying commissions or transfer penalties. Continuare

GENERALI Pension Fund: We shall manage EUR 25-30 million worth of assets by the end of the year

Generali Pension Fund plans to manage a EUR 25-30 million worth of assets in its mandatory private pension fund (pillar II) by the end of this year. This represents 10% of the EUR 250-300 million, namely the net assets for 2008 on the entire market, stated today Anne-Marie MANCAS, investment director of GENERALI Pension Fund, at a conference celebrating GENERALI’s 15 years of uninterrupted business in Romania. Continuare

GENERALI will enter the voluntary private pension market

GENERALI Pension Fund, the third mandatory private pension (pillar III) company on the local market, will go on the voluntary private pension market (pillar III) with a medium-risk fund, according to the statement made by the company’s representatives today. "We plan to reach for voluntary pensions a position similar to the one in mandatory pensions", mentioned Ioan VREME, CEO of Generali Pension Fund, during a conference celebrating 15 years of continuous presence on the Romanian market for GENERALI. Continuare

ING Pensions: We shall launch an on-line IT system for clients to check their personal account at any moment

At the end of this week, ING Pension Fund will launch an IT application whereby the company’s almost 1.4 million clients in mandatory pensions (pillar II) will be able to check over the internet the value of their personal account and the contribution history, stated Radu VASILESCU, CEO of ING Pension Fund, the market’s leader, for Continuare

Employees prefer a voluntary pension as bonus, instead of life insurance

Over 97.7% of the inhabitants of Bucharest with no life insurance are not participating in any voluntary private pension fund (pillar III) either. The share of those from the rest of the country in the same situation is 96.6%. This is one conclusion of the study “What do employees think about life insurance?", conducted by MEDNET Marketing Research Center and presented by Lacramioara Laura VOINEA, Managing Director, at the Life Insurance Day from FIAR 2008. 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

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» Comparison between the 2nd and 3rd pillar

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