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The private pension funds will change the financial landscape of
Romania and will accelerate the stock market development, as well as
the bonds market’s growth, state the National Bank of Romania experts,
in the Financial Stability Report (2008 Edition). According to NBR, the
private pensions markets’ growth will be “substantial” in the following
years, while the pension funds will massively invest in state bonds and
on the capital market.
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Violeta CIUREL is the new Regional CEO of ING Group for greenfield
operations in CEE . Her most important responsibilities will regard
Russia and Ukraine, the biggest markets in the region, Dutch group ING
announced yesterday
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The Ministry of Finance will organize four bids for Romanian T-bills
and T-bonds during July, with instruments to mature in 6M, 1Y, 3Y and
5Y and total issuing values of RON 3 billion (EUR 822 million). - that
means a variety of opportunities for mandatory pension funds (2nd
pillar) to fill their portfolios with such instruments.
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ING Life Insurance has become at the end of last week the new market
leader in voluntary private pensions (3rd pillar) by number of
participants with 42,583 customers, surpassing ALLIANZ-TIRIAC Private
Pensions (35,262) and BCR Life Insurance (24,656).
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Voluntary pension funds (3rd pillar) and mandatory pension funds (2nd
pillar) were at the end of May just as conservative with their
investments, shows an analysis by www.pensiileprivate.ro.
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Romania's mandatory pension funds (2nd pillar) already started
investing their assets abroad, right after the start of collection and
the receiving of their first contributions from customers, shows data
provided by companies and CSSPP for www.pensiileprivate.ro.
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The voluntary pension fund (3rd pillar) BCR Prudent will be transferred
from BCR Life Insurance (company which was recently sold by ERSTE to
VIENNA INSURANCE GROUP to BCR Private Pensions (company still in the
ERSTE group).
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The second contribution collection round for mandatory pension funds
(2nd pillar) brought an improvement in on the market situation, raising
contribution volume and reducing the number of empty accounts.
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Companies ING Asigurari de Viata and ING Fond de Pensii have been fined
yesterday by the supervisory body, CSSPP, with RON 1.385 million (EUR
380,000), namely 0.5% of the cumulated share capital of the two
companies, for outsourcing the asset management operations for their
three pension funds (two voluntary and one mandatory). It is the first
time ever given by CSSPP, making it the most severe sanction on private
pensions market so far.
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Mandatory private pension company BT AEGON, ranking seventh on the 2nd
pillar market by the number of participants attracted to its fund, will
increase its current share capital with EUR 4 million, thus reaching
about EUR 17 million, in order to sustain its operational activity.
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Another 2-3 mandatory pension funds (2nd pillar) will exit the market
by the end of this year, through mergers and acquisitions, said Mircea
OANCEA, president of CSSPP (Romania's private pensions market
supervisory authority), to www.pensiileprivate.ro.
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The second contribution round to the mandatory pension funds (2nd
pillar) could bring another EUR 26.6 million in their accounts, 10%
more than the first round, according to some estimates the specialized
web portal www.pensiileprivate.ro, based on data published today by the
National Statistics Institute.
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The best paid mandatory pensions (2nd pillar) customer in Romania made
over 282,400 EUR as growth salary in March and contributes to the fund
managed by ING, the market leader, according to the data presented
today by Bram BOON, member in ING's pension company board.
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A number of 82,448 small and medium sized companies and 186 large
companies are registered with arrears to the public pensions' budget of
Romania, according to data recently published by the Ministry of
Finance. Their arrears spread from a few hundred euros to several
hundred million euros, with the biggest debtors being large state-owned
companies, black holes of the economy.
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Private pension funds are dealt with differently in the region,
depending on whether the asset management activity (investment) can be
outsourced or not, according to an exclusive survey conducted by the
portal www.privatepensions.ro. A debate on this topic is currently
underway on the Romanian market, therefore regional practice could be
relevant. While Hungary, Slovakia and the Czech Republic allow the
private pension funds to outsource the asset investment activity,
Croatia, Bulgaria and Poland ban this practice.
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The private pension guarantee fund will adopt the model from the
banking market, and pension companies will start by transferring 1% of
their share capital to the fund, according to the draft law on the
private pension guarantee fund. The draft was prepared by the Private
Pension Supervisory Commission (CSSPP) and was posted on the portal
www.privatepensions.ro by Mircea OANCEA, president of the institution.
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WATSON WYATT is one of the world’s leaders in financial and human
resources consulting. With a USD 1.3 billion in annual income, 7,000
collaborators and operating in 32 countries, WATSON WYATT provides
consulting services for 300 of the world’s largest pension funds. Mark
DOWSEY, Senior Consultant in the company, was one of the international
speakers at the “Private Pension Day” conference, at FIAR 2008 and
answered the questions of an exclusive interview with the PRIMM
Insurance&Pensions magazine.
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The Private Pension Supervisory Commission (CSSPP) approved today the
norm regulating the transfer of the private pension administration
activity for voluntary pension (pillar III) from a life insurance
company to a mandatory private pension company. The situation might
bring together the private pension administration activities for
several companies operating on both markets, the Dutch from ING being
the first ones to announce their intent in this respect.
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The Private Pension Supervisory Commission (CSSPP) might reconsider the
decision whereby the mandatory private pension companies (pillar II)
were not allowed to outsource their asset management activity, stated
for the portal www.privatepensions.ro Crinu ANDANUT, president of the
Private Pension Association from Romania (APAPR), the organization
representing the local private pension industry.
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The Association for Privately Managed Pensions of Romania (APAPR), the
professional organization representing the local private pension
industry, shall try to represent, from now on, the interests of all its
members, regardless of the size of their company, stated Crinu ANDANUT,
the new president of APAPR, for the portal www.privatepensions.ro.
ANDANUT, who is also CEO of ALLIANZ-TIRIAC Private Pensions, was
elected the new president of the Association on the 22nd of May, this
being his first interview for the press, after the APAPR elections.
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