APAPR has 20 members and aims for EFRP and FIAP membership
The Romanian Private Pension Funds Association (APAPR) has reached 20 members, which represent almost 100% of the market and has decided the affiliation to specialized international federations, EFRP (European Federation for Retirement Provision) and FIAP (International Federation of Pension Funds Administrators), APAPR announced. 11 mandatory private pension companies (pillar II), 4 voluntary private pension companies (pillar III) and 5 depository banks - this is the APAPR membership to date, after the General Assembly Meeting.
"APAPR came together to almost all the pension companies and depository banks on the market. In addition, we have decided to join the most powerful and prestigious international institutions, EFRP and FIAP. APAPR's as soon as possible entrance into these federations will ensure a better representation of interests of our market and will help us benefit from the two associations international members' experience", said Crinu ANDANUT, President of APAPR. The 20 APAPR members concentrate 97% of the mandatory pension market, almost 100% of the voluntary retirement and all the depository banks in the system. According to the Association's statute, APAPR can only include pension funds administrators (both mandatory and voluntary) and depository banks (on both markets) as members. All five depository banks in the system are now APAPR members.
So far, the only pension companies not affiliated are BRD pension fund, BANCPOST pension fund, KD pension fund, OTP Garancia and ASIROM Concordia.
Also, APAPR decided to join EFRP and FIAP. The European Federation for Retirement Provision (EFRP) groups and represents the European Union private pension funds, status recognized as such by the EU institutions. International Federation of Pension Funds Administrators (FIAP) is a private pension funds federation in multi-pillar pension scheme states, implemented after the World Bank's model (first time in Chile, in 1979). Recently, Guillermo Arthur ERRAZURIZ, FIAP President, visited Romania to propose APAPR to join the organization.
