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CNPAS: The second round of contributions transfer will include the retroactive payment of the first month's contributions, related to delayed declarations

The second round of contribution transfers to the mandatory private pension funds (pillar II), to take place on the 20th of June, at the latest, shall also include the retroactive payment of the first month’s contributions, related to the nominal declarations that certain employers were late in submitting, said Mariana CAMPEANU, president of the National House for Pensions and Social Security. Continuare

CSSPP: Outsourcing asset management, only keeping the responsibility in the pension company

The debate on the potential outsourcing of asset management by the mandatory private pension companies (pillar II) to entities specialized in asset management has changed focus this week, when the representatives of the Supervisory Commission (CSSPP) met face to face with the representatives of the pension industry at the Private Pension Day, organized at FIAR 2008. Continuare

Crinu ANDANUT, head of ALLIANZ-TIRIAC Private Pensions, is the new President of APAPR

Crinu ANDANUT, CEO of ALLIANZ-TIRIAC Private Pensions, is the new President of the Association for Privately Managed Pensions of Romania (APAPR), the professional organization representing the local private pension industry. Thus, ANDANUT replaces Bram BOON, former interim President of APAPR, who shall leave his position at ING Life Insurance to run the insurance operations of ING Greece. Continuare

CNPAS: The number of empty accounts for mandatory pension shall go down

"I am convinced, in time, the number of empty accounts for pillar II will go down" - this was the conclusion drawn yesterday by Mariana CAMPEANU, president of the National House for Pensions and Social Security (CNPAS), when analyzing the market on the PRIVATE PENSION DAY at FIAR 2008. Continuare

CNPAS: Yesterday’s report included 33,674 new clients for private pensions, by continuous enrollment

Mariana CAMPEANU A number of 33,674 new clients signed in for a mandatory private pension (pillar II) between January 18th and May 20th this year, during the continuous enrollment process, stated today Mariana CAMPEANU, President of the National House for Pensions and Social Security, at the “Private Pension Day” conference at FIAR 2008. Continuare

CSSPP: A six-month derogation for the investment limits allowed for pillar II

The mandatory private pension funds (pillar II), which collected the first contributions yesterday, received from CSSPP a six month derogation from the investment obligations undertook in the prospect, namely they can invest more than 20% of the assets only in bank accounts, so as to accumulate liquidities and reach a critical mass before portfolio diversification, but only for a six-month period, at the most. Continuare

The 77% collection rate for pillar II shall increase in the next few months, according to the market leaders

The 77% collection rate on the mandatory private pension market (pillar II), calculated after deducting the 23.1% of the empty accounts in the system, shall improve significantly in the next few months, as the system “settles” and the declaration, collection and transfer procedures become a routine, stated for www.pensiilprivate.ro several representatives from the market’s leading segment. Continuare

The first contributions to pillar II: who won and who lost market share

ING, AIG and BCR are the administrators of the mandatory private pension funds (pillar II) that stood to win most from the contribution collection start which took place today. The three pension companies gained a significant market share, compared to the ranking according to the number of participants. Continuare

AIG Pension Fund climbed up to position 4 in the ranking of pension companies, after the first collection round

AIG Pension Fund, the mandatory private pension company (pillar II) ranking sixth in terms of number of participants (with over 261,000 clients in the administered fund), climbed spectacularly to position 4 after the first contribution collection round carried out today. Thus, AIG went from a 6.3% market share according to the number of participants, to 7.3% after the first contribution transfer. Continuare

The first three players control 72% of the mandatory pension market, after the first contribution round

The mandatory private pension companies (pillar II) from TOP3 control almost 72% of the market after the first contribution collection round, to be actually paid tomorrow. To compare, market concentration according to the number of participants was 68.2% in the hand of the first three players. The differences come from portfolio quality - different shares of empty accounts or different income of participants, leading also to differences in the collected contributions. Continuare

EUR 24.1 million in contributions and 961,000 empty accounts in mandatory private pensions

Tomorrow CNPAS shall transfer EUR 24.11 million worth of contributions (RON 88.2 million) in the account of the 14 mandatory private pension funds (pillar II), in line with the initial expectations. The number of empty accounts is about 961,000: only 3.2 million participants shall received their contributions in the accounts, the rest up to over 4,156,000 participants representing empty accounts (without any contributions transferred), stated today the representatives of the authorities involved in the collection process, at a press conference organized to discuss this issue. Continuare

Legislative objectives for CSSPP in 2008: the payout phase law and the law on the guarantee fund

The legislative objectives of the Private Pension Supervisory Commission (CSSPP) this year consist of the two laws that are missing from the system for the moment: the special law on the calculation and payout of the private pensions and the law on setting up the system’s guarantee fund, based on the banking model. Continuare

The participation to a voluntary private pension “costs” total commissions of 5.7%

The participation to a voluntary private pension fund (pillar III) implies a total commission of 5.7% (market average), including all fees, according to the data published by the Private Pension Supervisory Commission (CSSPP) in its 2007 annual report. Continuare

The average contribution to voluntary pensions, 10% of the average salary

The average contribution to the voluntary private pension funds (pillar III) was RON 144 (about EUR 42) last year, representing 10% of the monthly average gross salary, according to the calculations of the Private Pension Supervisory Commission (CSSPP), published in the 2007 annual report. Continuare

CSSPP had a EUR 8.1 million budget in 2007, with a EUR 6.5 million surplus

The Private Pension Supervisory Commission (CSSPP) had a total income of EUR 8 million last year, most of it coming from certification, authorization and administration fees. The Commission spent only EUR 1.6 million of this amount, thus recording a EUR 6.5 million surplus, according to its own income and expenses budget, published in the 2007 annual report. Continuare

Mandatory private pension campaigns - EUR 45.2 million worth of total losses in 2007

The companies for mandatory private pensions (pillar II) experienced total losses amounting the EUR 45.2 million in 2007, according to the annual report published today by the Private Pension Supervisory Commission (CSSPP). The losses reflect only partially the companies’ investments to support the start of the system. Continuare

Private pension companies - among the major foreign investors in the economy in 2007

The 18 mandatory private pension companies (pillar II) operating on the market during the sales campaign for these products (September 2007 - January 2008) invested over EUR 200 million in the share capital alone, the amount representing almost 9% of the total share capital inflow from the foreign companies present in Romania in 2007. Continuare

Mandatory private pension brokers and intermediaries earned EUR 55 million

The brokerage market for mandatory private pensions (Pillar II) reached EUR 55 million, representing the commissions paid to legal entities acting as agents during the entire four-month campaign of selling mandatory pensions, according to the data in the annual report for 2007 of the Private Pension Supervisory Commission (CSSPP). Continuare

The Ministry of Finance offered up to 10.75% returns for state securities on six months

The Ministry of Finance offered today an average return of 10.61% for state securities with a six month maturity, this being the highest return offered in the past year and a half, since the state became active again on the primary state securities market. The maximum return accepted by the Ministry of Finance was 10.75%. Continuare

The Senate rejected the proposal of minimum guaranteed return for mandatory pensions equal to inflation

The senators rejected the legislative proposal to set up a minimum guaranteed return equal to the annual inflation for the mandatory private pension funds (pillar II), according to the data published on the Senate’s site. The Senate expresses this opinion following the Government’s negative opinion on this proposal, and the legislative initiative was submitted two days ago for debate in the specialized commissions from the Chamber of Deputies. Continuare

Articole:
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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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» 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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