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Romania's T-bills and T-bonds were listed on the Stock Exchange by August 4th

Romania's T-bills and T-bonds were listed on the Stock Exchange on August 4th. First, 26 series of fixed coupon state bonds shall be listed, yet to reach maturity, with a total theoretic volume of RON 8 billion. However, treasury bonds shall not be listed (securities with a maturity of less than one year, inflation-indexed bonds and bonds issued based on special laws). Continuare

VOSGANIAN: We shall at least double fiscal deductibility for voluntary pensions

Fiscal deductibility for voluntary private pension funds (pillar III) shall be subject to an increase from simple to double, at least, namely to at least EUR 400 per year, most likely beginning with the 1st of January 2009, stated for the portal the minister of economy and finance, Varujan VOSGANIAN. He mentioned that a more significant increase (more than double) might apply, but this is still debated at ministry level. VOSGANIAN also added that the increased deductibility might become effective on the 1st of October this year. Continuare

Survey: Possibility to accumulate and the system's security, seen as main advantages of the private pension

The possibility to accumulate (by savings and investments) and the security are seen as the main advantages of the private pension system, according to a representative survey conducted by CURS nationwide and ordered by CSSPP. For the mandatory pension, 26% of the Romanians consider accumulation as the main advantage, 23% appreciate the security, 19% the ownership over the money and 18% the fact that they don't have to pay anything extra. For the voluntary pension, 37% of the Romanians say the main advantage is accumulation, 25% the ownership over the money, 13% security and 12% fiscal deductibility. The survey indicates that 73% of the Romanians have not heard about voluntary pensions. Continuare

Strategy: Although the return on state securities increases, pension funds keep their money in bank deposits

The return on the most liquid state securities on the primary market - with a 6-month and a 1-year maturity - continued its strong growth trend in the first seven months of this year, getting closer to 11%, compared to 6%-7% a year and a half ago. However, the mandatory private pension funds continue to prefer bank deposits to the detriment of state securities, taking advantage of the legislative derogation allowing them to invest over 20% of the assets in the monetary market, and keep postponing the investment of most money in state securities. Continuare

Pillar II in CEE: 29 million clients and EUR 55 billion worth of assets in 2007

The ten states from Central and Eastern Europe that have introduced the mandatory private pension reform so far (pillar II) counted 28.8 million clients for the mandatory pension fund and administrated total assets of EUR 54.6 billion at the end of last year, according to an exclusive survey conducted by the PRIMM Insurance&Pensions Magazine. Compared to 2006, the number of participants to pillar II in the region increased by 24%, and the net assets went up by 30%. Continuare

BRD surpassed BT AEGON at the third collection round for mandatory pension funds

BRD's mandatory pension fund collected more at the third contribution collection round than its direct rival, BT AEGON, thus reaching 8th place in the pension funds' rankings by collected contributions in the third round. Up until now, the situation was in favor of BT AEGON. The change of places could still be a matter of conjuncture, bearing in mind BRD's substantial increase in the average collected contribution at the third round.

Romania's pensions journey: beginning of the road

Ten years have passed from the first discussions about introducing private pensions in Romania. The long wait was put to an end last year, when proper legislation and the first private pension funds emerged - first, the voluntary pension system (3rd pillar) was launched in June 2007, then the initial adhesion campaign for mandatory pensions (2nd pillar) was started in September 2007. It successfully ended in January 2008, and the mandatory pension funds started collecting contributions in May. Following the story... Continuare

50%-60% differences among incomes of different mandatory pension funds' participants

The first three collection rounds to the mandatory pension funds (2nd pillar) brought to light significant differences, of 50%-60%, between gross incomes of different mandatory pension funds' participants, according to an exclusive analysis by At the first collection round, the difference between the average gross income of the fund with the best paid participants (BCR) and the one with the poorest paid participants (PRIMA PENSIE) was of 47%, to increase to 52% at the second collection round (between ING and PRIMA PENSIE) and to 60% at the third collection round (between BRD and PRIMA PENSIE). Continuare

OANCEA: In a few years' time, the voluntary pensions system should be overhauled

The voluntary pensions system (3rd pillar) should be overhauled in a few years' time, with the direction of liberalization and to distinguish voluntary from mandatory pensions (2nd pillar), Mircea OANCEA, President of CSSPP (the Romanian pensions regulator) told Continuare

What pension funds were the first choices of new labour market entrants in H1

BCR, GENERALI and ALLIANZ-TIRIAC - these were the mandatory pension funds (2nd pillar) of choice for the new entrants in the labour market during H1. All in all, the mandatory pensions system welcomed 7,914 new participants between the 17th of January and the 20th of June, out of which 2,217 chose BCR (28% of new entrants), 1,569 chose GENERALI (20%) and 1,480 chose ALLIANZ-TIRIAC (19%). Continuare

AVIVA filed for a second voluntary pension fund license

AVIVA Life Insurance filed the necessary documentation to CSSPP to get it’s second voluntary pension fund (3rd pillar) authorized - a higher-risk profile, growth fund, Shah ROUF, CEO of AVIVA Group in Romania, told Continuare

Third collection round: Mandatory pension funds received EUR 27,2 mn. in contributions

Romanian mandatory pension funds (2nd pillar) collected contributions worth EUR 27,2 mn. at the third round of collection, that took place July the 21st. Around 3,27 million participant (out of the total 4,16) will receive contributions in their personal accounts, the rest of over 895.000 being empty accounts. The average contribution was of 8,31 EUR, as compared to 8,59 EUR in the second round of collection. Continuare

3rd Pillar: Lump sum payment for particular cases

CSSPP - The Private Pension System Supervisory Commission - approved the norm regarding the voluntary private pension participant's personal assets in case of disability and death. The new law regulates the way in which the participant's personal assets will be used in case he:... Continuare

The average Romanian saves EUR 18 a month, meaning 10% of earnings

Each Romanian saves on average RON 66 (EUR 18) per month, meaning almost 10% of his/hers earnings, according to data published by the National Institute of Statistics (INS), based on the family budget survey. This amount is small, but it shows the potential to stimulate private savings in a system such as the voluntary private pensions (3rd Pillar). Continuare

ING paid the EUR 380,000 fine for outsourcing asset management of pension funds

ING Life Insurance and INF Pensions yesterday paid the EUR 380,000 worth fee for outsourcing the asset management activity for the 3 pension funds they manage (two voluntary and one mandatory), ING representatives told The deadline for the payment would have been today, the 17th of July. Continuare

First season of transfers between mandatory pension funds begins in two weeks

First season of transfers between mandatory pension funds (2nd pillar) begins in two weeks - on the 1st of August, CNPAS will process the first round of transfer requests. Pension fund managers expect the procedure to go along smoothly and they believe the transfer activity would be quite small. Mandatory pension fund participants can opt to transfer to another fund at any time, but their request will only be processed and applied four times a year - on the 1st of February, May, August and November. Continuare

INTERAMERICAN enters voluntary pensions market

INTERAMERICAN Pensions announced filing for a voluntary pensions management license, in roder to get two funds authorized and thus enter the Romanian 3rd pillar market. The pension funds will be EUREKO CONFORT (medium risk profile) and EUREKO ACTIV (high risk profile). "The success we had on the mandatory pensions market, reaching a top5 position, and our shareholder EUREKO’s decision to invest another EUR 3.2 mln. into our company is reason enough for us to enter the voluntary pensions market”, said Besim JAWAD, CEO of INTERAMERICAN Pensions. Continuare

OANCEA: Voluntary pension funds will manage net assets of EUR 25 mln. by year-end

Voluntary pension funds (3rd pillar) will have assets under management of about EUR 25 mln. by the end of 2008, Mircea OANCEA, president of CSSPP (the Romanian pensions regulator), said recently to "Our estimates have been more optimistic up until now, but in the end a slower market growth for voluntary pensions is healthier. The voluntary pension funds will manage assets of about EUR 25 mln. by the end of this year, compared to EUR 11 mln. at the end of H1", he stated. Continuare

Continuous opt-in for mandatory pensions: 3,000 new participants joined during June

Only 3,000 participants signed for a mandatory pension during June, CNPAS announced, that being only half of the total number of registered adhesions (6,000). Continuous opt-in is mandatory for new entries in the labour market (under 35) and optional for 25-45 year olds that haven’t yet opted in. This is the second validation round for the continuous opt-in procedure. Continuare

GENERALI: The pension business in Romania is second most important to us in CEE

The private pensions business in Romania is the second most important for GENERALI’s interests in the Central and Eastern Europe region, judging by the number of mandatory pension funds’ participants (2nd pillar) in each country, Werner MOERTEL, former responsible for CEE of GENERALI Holding Viena, told Romania is only surpassed at this by Poland, but comes ahead of Slovakia, MOERTEL also said. He was present in Romania to celebrate 15 years of continuous presence for GENERALI on the local market, alongside the Romanian GENERALI team. 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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