MKB ROMEXTERRA Pension Fund received approval for license withdrawing
MKB ROMEXTERRA Pension Fund received the CSSPP’s approval to withdraw the license as mandatory private pension administrator (pillar II) today, thus becoming the third company to go out this business, after MARFIN and ZEPTER. The request was submitted yesterday and approved today by the Private Pension Supervisory Commission (CSSPP). MKB ROMEXTERRA Pension Fund will now proceed to the notification of the 1,884 participants they had, and they shall be equally redistributed to the remaining 15 funds on the market.
Within 90 days from the redistribution date, any of the participants to the “dissoluted” pension fund may transfer to any other fund without paying penalties. The procedure, established by CSSPP, protects the participants and their right to choose, also allowing for the funds with very few clients to go out the market, as they could not have reached the threshold of 50,000 participants in the next three years, in accordance with the legal requirements. So far, three funds chose this method to leave the market: MARFIN, ZEPTER and MKB ROMEXTERRA. The small pension funds can still go for this method (request the withdrawal of the authorization) only by the 20th of May, when the market shall collect the first contributions.
The total number of clients in the three funds leaving the mandatory pension market is 3,727, representing only a small fraction of the 4,156,316 participants to the system.
