AG2R Pension Fund, the fourth to go off the market, upon own request
AG2R Pension Fund is the fourth mandatory private pension administrator (pillar II) that submitted to the Private Pension Supervisory Commission (CSSPP) a request for withdrawal of the administration license to leave this market, following the model of MARFIN, ZEPTER and MKB ROMEXTERRA, stated sources on the market, for www.privatepensions.ro. After the enrolling campaign (direct sales and lottery), AG2R ranked 17th on this market, with 1,127 participants to the fund, meaning a market share lower than 0.03%. The participants will be equally redistributed to the 14 remaining funds.
The AG2R Pension Fund’s withdrawal from the market, upon own request, adds to another four withdrawals, namely MARFIN, ZEPTER and MKB ROMEXTERRA. CSSPP approved the withdrawal requests of all four funds. In fact, they are the last ones to enter this market, in September last year, after the official start of the system.
At the start on the 17th of September, 14 funds of mandatory private pensions (pillar II) were in place. Subsequently, another four funds - MARFIN, AG2R, MKB ROMEXTERRA, and then ZEPTER - received the authorization from CSSPP, these funds being the last ones to go on the market. Now, they are the first ones to withdraw, and their participants are redistributed by CSSPP to the other 14 funds remaining on the market. Within 90 days, the participants thus distributed are entitled to chose another fund than the one assigned for them by CSSPP, without paying any transfer penalties.
In total, the four funds that left the market had 4,854 participants, namely a little more than 0.1% of the total 4,156,316 clients in the mandatory private pension system.
