CSSPP: A six-month derogation for the investment limits allowed for pillar II
The mandatory private pension funds (pillar II), which collected the first contributions yesterday, received from CSSPP a six month derogation from the investment obligations undertook in the prospect, namely they can invest more than 20% of the assets only in bank accounts, so as to accumulate liquidities and reach a critical mass before portfolio diversification, but only for a six-month period, at the most.
The legal provision is included in norm 13/2008 on the investment limits for the mandatory pension funds. The norm can be accessed here, on the CSSPP website.
The norm was adopted yesterday by the CSSPP Board and shall enter into force only after publication in the Official Gazette. The norm provides the necessary procedure for a pension company to be allowed to delay the compliance to the target-portfolio.
