First transfers between pension funds in Romania: where did the clients go?
Only 296 applications for transfer between mandatory private pension funds (pillar II) were validated by CNPAS, during the first season of private pensions transfers in Romania, which took place on 1st of August. The volume of transfers has been practically insignificant, well below the volume of continuous enrollment into the system, shows the data provided by CNPAS for www.privatepensions.ro. After three stages of reporting and validation for continuous enrollment, over 16,500 Romanians have started to save for a mandatory private pension in this system. What companies gaied and what companies lost the most clients?
The data show that during the transfer session on the 1st of August ING (the current market leader) has won 107 new clients and lost 39 clients, while ALLIANZ-TIRIAC lost 127 clients and has won 19. It is interesting that six private pension funds have not gained any new customer. Five of those are the ones at the bottom of the rankings by total number of customers (places 9-14).
As regards to continuous enrollment in the mandatory pensions system, July brought 8,659 new participants into the market, compared to 7,914 new customers in the combined previous two stages of continuous enrollment. ING, BCR, GENERALI and ALLIANZ-TIRIAC were the companies of choice for the new market participants, shows the same data.
Only 296 applications for transfer between mandatory private pension funds (pillar II) were validated by CNPAS, during the first season of private pensions transfers in Romania, which took place on 1st of August. The volume of transfers has been practically insignificant, well below the volume of continuous enrollment into the system, shows the data provided by CNPAS for www.privatepensions.ro. After three stages of reporting and validation for continuous enrollment, over 16,500 Romanians have started to save for a mandatory private pension in this system. What companies gaied and what companies lost the most clients?