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Romania's ING Life Insurance to name new CEO as of next week

ING Life Insurance, Romania's market leader in life insurance and voluntary pensions (3rd pillar), will name its new CEO in a conference to be held next week, market sources told Bram BOON, the ex-CEO, detached to lead ING's insurance operations in Greece, will also attend the official event. Most likely, the event will take place on Monday or Tuesday, and new CEO of ING Life Romania will be an expat sent from Amsterdam.

First two weeks of T-bonds on BSE show disappointing results

The first two weeks of transactions with Romanian state securities (T-bonds) on the Bucharest Stock Exchange (BSE) showed disappointing results for the local private pension funds: only two transactions, each worth RON 1 mln. (EUR 285,000) took place during those first two weeks after T-bonds got listed at the local stock exchange. Although the market expects soaring demand for state securities coming from pension funds, the interbank market still "makes the rules of the game" when it comes to secondary market T-bonds trading.

During the same two weeks, the volume of trading on the Romanian interbank market for T-bonds was over 20 deals per day (more than 100 times more than on the BSE), while the total value of these deals was of over RON 145 mln. (EUR 41,5 mln.)  per day, that is 725 times more than the ones that took place on BSE, according to data published by the National Bank of Romania and analyzed by

What do Romania's employers think of voluntary pension plans?

11.26% of employers surveyed during six editions of the Regional Private Pensions Forums in Romania stated that voluntary private pensions are optimal for use as a tool for motivation and retention of key staff - the percentage is otherwise identical to that of employers who have praised the efficiency of this savings instrument as "very high", shows a survey done by PRIMM Insurance & Pensions Magazine in six major Romanian regions. Continuare

First transfers between pension funds in Romania: where did the clients go?

Only 296 applications for transfer between mandatory private pension funds (pillar II) were validated by CNPAS, during the first season of private pensions transfers in Romania, which took place on 1st of August. The volume of transfers has been practically insignificant, well below the volume of continuous enrollment into the system, shows the data provided by CNPAS for After three stages of reporting and validation for continuous enrollment, over 16,500 Romanians have started to save for a mandatory private pension in this system. What companies gaied and what companies lost the most clients? Continuare

The number of empty accounts in the mandatory pensions system down by 300,000 in three months

The number of accounts left empty (without contributions transferred) after three rounds of contribution collection for Romania's mandatory pension funds (2nd pillar) is only 662,000, meaning 300,000 fewer than the initial figure of 961,000 collected, according to an analysis by the portal, based on data by CNPAS (the National House of Pensions) and CSSPP (Romania's private pensions regulator). Continuare

ANAF: 20,000 companies with new debts to the public pensions budget in Q2

Nearly 20,000 companies were registered as new debtors at the public pension budget in the second quarter of this year, having had no outstanding debts before, according to data provided by the Romanian IRS, ANAF to our portal Q2 also coincides with the launch of collection of contributions in the mandatory private pension funds (2nd pillar). The start was disturbed by local fiscal indiscipline, which led the initial number of empty accounts in the system to nearly one million. At the end of H1, 84,213 Romanian companies had outstanding debts to the public pension budget, worth a total of EUR 1.5 billion - as against 70,517 companies at the end of 2007, with total debts worth of EUR 1.56 billion. Continuare

CSSPP prepares proposal to increase contributions to mandatory private pensions by 1% per year

CSSPP, Romania's pensions regulator, is preparing a proposal to increase the level of contributions paid into the mandatory private pension system (2nd pillar) from half a percentage point per year to a percentage point per year, making the level of contributions reach 6% in 2012, not in 2016, as required by current legislation, market sources told Accelerating the increase in contributions will help increase the assets of pension funds and will give participants the opportunity of more consistent private pensions. Continuare

More than 3.5 million participants with at least one contribution to the mandatory pension

The number of participants with at least one contribution transferred to the mandatory private pension funds (pillar II) exceeded 3.5 million after the first three collection rounds, according to data published by CSSPP today. The assets of the 14 funds reached 80.65 million euros, as shown in the same data. Continuare

The voluntary pension market reached EUR 13.3 million and 117,169 customers in July

By the end of July, the eight voluntary private pension funds on the Romanian market reached a total number of 117,169 participants (7,000 more compared to the previous month) and net assets of EUR 13.33 million, up by 17.5% compared to mid-year, according to data published by the Private Pension Supervisory Commission (CSSPP).

The first season of pillar II transfers: only 322 transfer requests were submitted

The mandatory private pension companies (pillar II) processed and sent to CNPAS only 322 requests of transfer to other mandatory pension funds, all received from the participants, stated the management of the National House for Pensions and Social Security (CNPAS) for the portal. The first season of transfers between mandatory pension funds took place on Friday, the 1st of August, when the companies reported to CNPAS the participants' transfer requests. Continuare

RAIFFEISEN Asset Management started selling voluntary pensions

RAIFFEISEN Asset Management (RAM), the most recent new entry on the voluntary private pension market (pillar III) in Romania, started to sell these products and has already collected the first contributions from the participants to the fund, RAIFFEISEN Accumulation, according to data published by the company. Thus, the number of funds active on this market is now eight, with four more voluntary pension funds pending authorization at CSSPP. Continuare

An expat sent from Amsterdam shall be the new CEO of ING Life Insurance

After Bram BOON's transfer to Greece, the new CEO of ING Life Insurance shall be another expat, sent from Amsterdam, as stated by sources from the insurance market for the specialized portal . Thus, Cornelia COMAN, the current interim CEO, shall soon be replaced by a foreign manager, assigned by the ING headquarters to run the insurance operations from Romania. The new expat to manage ING Life Insurance shall also be the President of the Board of Directors for ING Pension Fund, a position previously held by Bram BOON. Continuare

The takeover of BCR Prudent by BCR Pensions, discussed on August 25th

On the 25th of August, during the Extraordinary General Assembly, the shareholders of BCR Life Insurance shall discuss the offer of BCR Pension Fund Administration regarding the takeover of the voluntary pension fund (pillar III) BCR Prudent, according to the notification published by the company. Thus, the BCR Prudent fund might be swiftly transferred to BCR Pensions, namely it would go back from VIG to ERSTE, as posted on the portal, one and a half month ago. BCR Prudent is the largest voluntary pension fund (based on managed assets) from Romania.

Radu VASILESCU: The private pension market will breakeven within more than 10 years

Private pension companies shall breakeven on all the investments made for the system's launch within a timeframe of over 10 years, in average, as stated for the portal by Radu VASILESCU, former CEO of market leader ING Pension Fund, in his first interview for the press after his resignation last week. "The market shall get a return on its total investments, namely reach the breakeven point, within a timeframe of over ten years", he said, assessing the results after the first three months of collecting contributions in the mandatory private pension funds. Continuare

CSSPP asked the Ministry of Finance for variable deductibility on voluntary pensions, up to EUR 2,000 per year

The Private Pension Supervisory Commission (CSSPP) submitted a notification to the Ministry of Economy and Finance (MEF), requesting the increase of the fiscal deductibility for voluntary private pensions (pillar III) up to a maximum of RON 3,500 per year (EUR 1,000 per year), both for the employee and for the employer, stated Mircea OANCEA, president of CSSPP, for Continuare

APAPR proposed CSSPP several improvements for the private pension system

Yesterday the management of the Association for the Privately Administered Pensions from Romania (APAPR) proposed to the management of CSSPP several measures intended to improve the private pension system, including new measures for special administration, the increase of fiscal deductibility for voluntary pensions (pillar III), measures for the fair assessment of the pension funds' assets and for reducing the number of participants' fraudulent transfers between mandatory pension funds (pillar II), according to an announcement made by APAPR today. Continuare

Emilia BUNEA shall be the new CEO of ING Pension Fund, after the resignation of Radu VASILESCU

Emilia BUNEA, chief financial officer of ING Life Insurance, shall be the new CEO of ING Pension Fund, after today's resignation of Radu VASILESCU, as announced by the ING Group today. "Emilia Bunea, the current CFO of ING Life Insurance, shall take over the position of Deputy CEO for ING Pension Fund, once CSSPP endorses the authorization file submitted by ING Pension Fund in this respect. The company shall subsequently request the approval for Emilia Bunea to become the CEO of ING Pension Fund", announced ING.

Radu VASILESCU resigned from the management of ING Pension Fund. Emilia BUNEA, the new CEO

Radu VASILESCU resigned from the management of ING Pension Fund, to focus on financial consulting, he said for ING Pension Fund is the largest private pension fund administrator (mandatory and voluntary) on the Romanian market. Continuare

Top mandatory private pension funds with the most "valuable" clients in Romania

ING, AIG, BRD and BCR attracted the most "valuable" clients on the mandatory private pension market (pillar II) according to an assessment conducted by the portal, based on data from CSSPP and CNPAS. The assessment, the very first one in this respect, underlined the net average assets value for each participant attracted by the mandatory pension funds, three months after the system started to collect the contributions. Continuare

Change of leader on Romania's voluntary private pension market

ING Life Insurance became last month the new leader of Romania's voluntary private pension market (pillar III), based on the administered net assets, taking over this position from BCR Life Insurance, according to a survey conducted by the portal. ING has already become the largest voluntary private pension administrator based on the number of participants to its funds, taking this position from ALLIANZ-TIRIAC Private Pensions. The fight is close at the top, with many changes of positions in the ranking. 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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