CSSPP adopted the norm of mergers between mandatory private pension funds
The Private Pension Supervisory Commission (CSSPP) approved the norm on the merger of mandatory private pension funds (pillar II) and the protection of participants for such operations, as stated in a press release of the institution. According to this norm, participants who disagree with the merger can transfer to another fund, over a three-month period, without paying commissions or transfer penalties.
According to CSSPP, the stages of mergers between funds are as follows: - taking over the participants who did not transfer from the absorbed fund to the merger fund; - taking over the assets left after the transfer of participants to other private pension funds, from the absorbed fund to the merger pension fund; - withdrawing the authorization of the absorbed pension fund, after completing the assets transfer procedure; - withdrawing the authorization of the administrator managing the absorbed pension fund, after completing the assets transfer procedure; - withdrawing the authorization issued by the Commission for the prospect of the private pension plan of the absorbed fund; - endorsing the change of the private pension plan prospect of the merger fund.
The norm shall be sent for publication in the Official Gazette and shall enter into force only after the publication date. After the entry into force, the first official intentions of mergers between mandatory private pension funds can be announced.
