CSSPP had a EUR 8.1 million budget in 2007, with a EUR 6.5 million surplus
The Private Pension Supervisory Commission (CSSPP) had a total income of EUR 8 million last year, most of it coming from certification, authorization and administration fees. The Commission spent only EUR 1.6 million of this amount, thus recording a EUR 6.5 million surplus, according to its own income and expenses budget, published in the 2007 annual report.
Out of the total EUR 8.1 million income, 92% came from certification, authorization and administration fees collected by the Commission from the private pension operators, 5% represented funding from the World Bank, 1% funding from the state budget and 2% from other sources. With regard to expenses, 82% of the funds represented personnel expenditure and 18% spending for goods and services. The initially planned budget was exceeded by 1% in income and by 4% in surplus.
Last year, the Commission had 48 employees, 33% more than in 2006. The average age of the CSSPP staff was 38. According to the annual report, the Commission invested in its specialists, paying their participation to various seminars and specialized training courses.
The costs for the public information campaign at the start of the mandatory private pension system, funded with money from the World Bank and from the Ministry of Labor (MMSSF), amounted to EUR 1.53 million and were not included in the CSSPP budget.
