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Over 3.1 million Romanian pensioners make less than 140 EUR a month

Over 3,100,000 Romanian pensioners (that is 56% of all pensioners in Romania) have to live on less than 140 EUR each month (500 RON), statistics analysed by www.privatepensions.ro show. In the Romanian public pensions system there are two main categories of pensioners: social security pensioners and farmers. The first categories receives pensions from the public pension budget (social security PAYG system), while the second category receives pensions from the state budget.

All in all, 3.1 million pensioners in the public system have a pension worth less than 140 EUR a month. On the other hand, only 360,000 pensioners earn more than EUR 280 a month (1,000 RON) - that is only 7% of all pensioners in Romania.

The average social security pension is now of 156 EUR, and it is planned to increase by 20% this November. The average farmers' pension is now 66 EUR.
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Romania to use budget surplus to increase state pensions by 20% this November

The 20% raise in public pensions in Romania, announced yesterday for this November, will be most likely financed through the social security budget surplus, as official figures show. Romania had a EUR 136 million budgetary surplus at the public pensions' budget in H1 2008, 100 EUR million less than in H1 2007.

The 20% raise in public pensions will take the average public pension in the social security system to 191 EUR in November, right before this year's general elections (scheduled to take place on November 30th). The average public pension in Romania increased 55% in the last 12 months, and the social security budget is still registering a surplus - to be used for the next state pension hike.
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Romania's market leader in mandatory pensions officially has a new CEO

Emilia BUNEA was today confirmed by CSSPP (Romania's private pensions regulator) as the new CEO of ING Pension Fund, Romania's market leader in mandatory private pensions (2nd pillar), market sources told www.privatepensions.ro. Emilia BUNEA has been CFO fo ING Life Insurance in Romania during the last year, and prior to this position she was both CFO and deputy CEO of INTERAMERICAN Insurance, EUREKO's insurance company in Romania.

Emilia BUNEA thus replaces former ING Pension Fund CEO Radu VASILESCU, who led the company since its inception last year and until July 2008. VASILESCU left the CEO position of ING Pension Fund last month, to start his own financial advisory and consultancy company.
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Romania's largest voluntary pension fund, still caught between VIG and ERSTE

The transfer of Romania's largest voluntary pension fund (3rd pillar) from BCR Life Insurance (VIENNA INSURANCE Group) to BCR Administrare Fond de Pensii (ERSTE BANK Group) has been postponed, after it was due to be discussed on the shareholder's meetings scheduled 25th and 26th of August 2008, market sources told www.privatepensions.ro. BCR Prudent is Romania's largest voluntary pension fund in terms of managed assets.
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EPN writes about the Romanian private pensions reform

European Pensions and Investments News (ENP) has a story about the Romanian private pensions reform, told by the former CEO of the pensions market leader, ING. You can read the story here.
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Romania's Government raised state pensions by 20% right before this year's elections

The Government of Romania decided today to raise state (public) pensions by 20% starting this November, Romania's prime minister Calin-Popescu TARICEANU announced today. He added that the average public pension will be raised by 20%, to reach 678 RON (191 EUR) in November this year. State pensions have already increased by 55% in the last year, but the average pension in Romania is still very low today - only 159 EUR. The general (parliamentary elections) in Romania will take place on the 30th of November.
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Romania's population to fall by 4.5 mln. until 2060, dependency ratio to triple to 65%

Romania's population will fall by 4.5 million inhabitants by the year 2060, reaching 16.9 million inhabitants, shows data released today by EUROSTAT. Romania will have in this period the fourth sharpest decline in population among the 27 EU states: 21%, after Bulgaria (28%), Latvia (26%) and Lithuania (24%). Also, the old-age dependency ratio in Romania will triple until 2060, from 21.3% in 2008 to 65.3% in 2060, the same data shows. The demographic timebomb is preparing to blow all over Europe, hitting especially the Eastern part of the continent - the only counterattack being private savings for retirement.
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Romania's Finance Ministry to increase fiscal incentive for voluntary pensions in September

A proposal to substantially increase fiscal incentives for voluntary private pensions (3rd pillar) in Romania will be introduced in the project for the modification of the Fiscal Code, to be promoted by the Romanian Finance Ministry in September and, if adopted, it will come into force starting 1st of January 2009, market sources told www.privatepensions.ro. Yesterday evening, CSSPP (Romania's private pensions regulator), APAPR (the Romanian pension funds association) and the highest representatives of the Ministry of Economy and Finance met to discuss proposals for the increase in incentives for the 3rd pillar and the calendar for adoption of the measures.
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Bucharest has 1,000,000 mandatory pension funds participants

Bucharest, the capital of Romania, has almost one million mandatory pension funds (2nd pillar) participants, according to data released today by CNPAS (The National House of Pensions). After Bucharest (950,000 participants in the country's newly launched 2nd pillar private pensions system), a few other big counties follow: Timis (160,000), Cluj (150,000), Prahova (126.000) and Constanta (123.000). See the data below, plus a structure of pension funds' portfolios by age and gender:
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ING Life Insurance Romania has a new CEO: Cornelia COMAN

ING Life Insurance Romania, the leader of the local life insurance and voluntary private pensions (3rd pillar pension) market, has a new CEO: Cornelia COMAN, who has a 10 year experience in the company, ING announced today. Cornelia COMAN will replace Bram BOON, the ex-CEO, who was detached by ING to run the group's life insurance business in Greece. COMAN was also the interim CEO since June 2008, when ING announched Bram BOON's detaching in Greece.
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Largest employer in Romania already offers voluntary pensions to its employees

The Romanian postal service (POSTA ROMANA) became the largest employer in Romania as of last year, data published today by the Ministry of Economy and Finance showed. POSTA ROMANA has over 35,000 employees and it surpassed PETROM, the country's largest company in terms of business turnove, but who only employes 30,000 people. Also, POSTA ROMANA already pays voluntary pension contributions on behalf of over 20,000 of its employees as of June, proving to be an example to all major employers in Romania. Continuare

ALLIANZ-TIRIAC Private Pensions: Banks have no interest in trading T-bonds on BSE

Romania's mandatory private pension funds (2nd pillar) will continue to prefer the primary market to buy T-bonds, at long as liquidity of those instruments on the Bucharest Stock Exchange (BSE) stays really low, says Dorin BOBOC, CIO at ALLIANZ-TIRIAC Private Pensions, the manager of the second largest pension fund in Romania. "The banks have no real interest in trading T-bonds on the BSE, although those instruments were listed this month. The market liquidity for those bonds on the BSE will stay low for quite a while, especially because the listing of state securities at the BSE was done without any change in the OTC interbank market for T-bonds", he says.
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Romanians don't save because they can't afford to

66% of all Romanians say they can't afford to save, not even for a pension, this being the main reason why they don't put money aside, according to research made in January 2008 by Henley Centre Headlighit Vision for AVIVA Plc. The second reason (63% of all answers) is that Romanians like to have easy access to their financial resources. The other reasons invoked by respondents are the small levels of interest rates (18%) and a preexisting loan, that prevents them from saving anything. Continuare

VIENNA INSURANCE enters Romanian voluntary pensions market

VIENNA INSURANCE officially entered the Romanian voluntary private pensions market (3rd pillar) this week, its voluntary pension fund "CONCORDIA Moderat" having been authorised by CSSPP, the Romanian pensions regulator. Thus, the number of funds on the Romanian voluntary pensions market reached 9, with a potential to get to 12 funds by the end of this year. At the end of July 2008, the Romanian voluntary pensions market had over 117,000 participants and assets under management of 13.6 EUR mln - being expected to reach 200,000 clients and 25 EUR mln worth of assets by the end of the year. Another 3 funds are in currently in authorisation procedures at CSSPP.
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Top ranking of mandatory pension funds in Romania, by contributions

Romania's 14 mandatory private pension funds (2nd pillar pensions schemes) received 30.8 EUR mln. in contribution today, reaching a total of 110.3 EUR mln. in just the first four months of operation. ING, ALLIANZ-TIRIAC and GENERALI lead the rankings: the largest three funds (out of the total 14 fmandatory pension funds on the market) concentrate a cumulated market share of 70% by contributions received. At the same time, the largest 7 funds concentrate 92% of the market, while the other 7 funds have a cumulated market share of only 8%. Here's the ranking below:
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Romania's mandatory pension funds collected contributions worth EUR 110 mln. in 4 months

Romania's mandatory private pension funds (2nd pillar) will collect contributions worth 30.8 EUR mln. at the fourth collection round, that will take place tomorrow, CNPAS President Mariana CAMPEANU told www.privatepensions.ro All in all, after the first four collection rounds, the funds will have collected total contributions worth EUR 110 mln. - just on track to surpass EUR 220 mln. until the end of the year. Continuare

Voluntary pension funds' investments still focus on state and corporate bonds

Romania's voluntary private pension funds (3rd pillar pensions) continued investing in state and corporate bonds during July, reducing their exposure on listed shares to under 8%, according to data by www.privatepensions.ro and CSSPP, Romania's pensions regulator. Thus, at end-July, the 8 voluntary pension funds active in Romania had the following asset structure: 71.4% state and municipal bonds (as against 69% in June), 6.5% corporate bonds (5.9% in June), 13.5% bank deposits (15.5% in June), 7.9% listed shares (9.1% in June) and 0.7% mutula funds (0.5% in June). At end-July, the cumulated assets under management, after 14 months from launch, were of 13.6 EUR mln.
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138,000 new entrants in Romanian mandatory private pension funds in August

Over 138,000 new employees joined the Romanian mandatory private pension funds (2nd pillar) during August, raising the total to over 4.3 million future private pensions recipients, data published today by CNPAS shows. The 138,000 new participants entered the market through the first periodical (monthly lottery) in the continuous enrollment procedure - that means, they did not sign an adhesion, but were obligated by the law to enter the system and CNPAS organized a lottery to redistribute them proportionally among the 14 funds on the market.

During January - August, the first period of continuous enrollment, only 16,500 participants opted-in by themselves, i.e. by signing an adhesion, so the number of 138,000 who joined by lottery is unexpectedly large.
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How Romanian mandatory private pension funds invest during the crisis

Romania's mandatory pension funds (2nd pillar) avoided listed shares, but bought state and corporate bonds using the surplus cash and deposits during July, data by CSSPP, Romania's private pensions regulator, shows. The funds, managing assets of almost EUR 81 mln., had the following portfolio structure at the end of July: 58.9% in state bonds (as against 43.8% in June), 12.8% in corporate bonds (6.7% in June), 5.7% in listed shares (6.1% in June), 22.3% in cash and deposits (43.1% in June) and 0.3% in mutual funds (same as June).
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INTERAMERICAN to begin selling voluntary pensions in Romania in October

INTERAMERICAN Pensions estimates they will begin selling voluntary pensions (3rd pillar pension) in October, after they will receive the authorisation license for the two funds from CSSPP, the Romanian private pensions regulator, Besim JAWAD, CEO of INTERAMERICAN Pensions, told privatepensions.ro. The two voluntary pension funds, EUREKO Activ and EUREKO Moderat, will have a high investment risk profile (Activ) and a moderate one (Moderat).
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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

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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