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Romania's voluntary pension funds (3rd pillar) have had quite different
returns during their first year of operation, according to some
research by www.pensiileprivate.ro, based on data by the depository
bank (BRD) and the supervisory body (CSSPP). The four 3rd pillar funds
launched in May/June last year returned between 1.4% and 11.5%,
depending on their investment and cost (fees) strategy.
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Individual clients who pay their contribution for a voluntary private
pension themselves (pillar III), without any monetary contribution from
the employer, represent 38% of the total number of participants on this
market, according to the data published by the Private Pension
Supervisory Commission (CSSPP). A higher share (48%) belongs to the
participants for whom only the employer is contributing to the
voluntary pension, while 14% of the cases involve both parties (the
employee and the employer) paying the contribution, according to the
same data.
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Woman, aged 35 to 39, working on the financial market and living in
Bucharest - this is the profile of the typical client for voluntary
private pensions (pillar III), according to the data published by the
Private Pension Supervisory Commission (CSSPP).
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The two voluntary private pension funds (pillar III) administered by
ING Life Insurance might be transferred from ING Life to ING Pension
Fund, the mandatory private pension company (pillar II) of the Dutch
group from Romania, stated today Radu VASILESCU, CEO of ING Pension
Fund for www.privatepensions.ro.
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The mandatory private pension funds (pillar II) shall collect the
second monthly set of contributions on the 20th of June, precisely one
month after the first collection round, stated Mariana CAMPEANU,
president of the National House of Pensions and Other Social Security
Rights (CNPAS) today, at a seminar on private pensions.
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At the end of May, the voluntary private pension funds (pillar III) had
the following investment structure: 71% in state securities and
municipal bonds, 14% in bank deposits, 10% in shares, 4% in corporate
bonds and 1% in mutual funds, according to the data presented today by
Mircea OANCEA, president of the Private Pension Supervisory Commission
(CSSPP), in a seminar organized by ZIARUL FINANCIAR. Thus, the
voluntary private pension funds’ investments in shares reached a new
peak, after the 7% from March.
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"At the moment, we have one voluntary pension fund pending
authorization. We expect to have another 3-4 voluntary pension funds
authorized by the end of this year. I don’t mean the intention to start
on the market, but the funds we actually expect to be authorized and
functional by the end of this year", stated today Mircea OANCEA,
president of the Private Pension Supervisory Commission (CSSPP).
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The mandatory private pension funds might collect total gross
contributions of EUR 23.5 billion by the end of 2020, according to an
estimative analysis of the portal www.privatepensions.ro, based on the
data from the long term forecast bulletin of the National Forecast
Commission (CNP). From a EUR 202 million-volume collected as
contributions this year, funds might reach annual inflows of EUR 3.65
billion by 2020.
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5,500 more Romanians started contributing in the voluntary pensions
(3rd pillar) system during the month of May, according to a survey by
the specialized web portal www.pensiileprivate.ro, based on data
published by the pension companies. Those new participants chose the
voluntary pension funds managed by ING Life (3,220 new customers), BCR
Life, (1,583) and ALLIANZ-TIRIAC Private Pensions (363). The total
number of 3rd pillar participants thus reached 87,836 at the end of
May, 7% more than in April.
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The mandatory private pension market (pillar II) will get to manage
assets amounting to EUR 1.58 billion at the end of 2010, according to a
report published by the analysts of BCR, the largest local bank. Until
then, the assets of the mandatory pension market will be EUR 225
million at the end of this year, and EUR 793 million at the end of
2009. The specialists from BCR estimated an average return of 6.8% in
2008, 6.5% in 2009 and 5% in 2010 for pillar II.
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The over 961,000 empty accounts from the mandatory private pension
system (pillar II), identified after the first round of contribution
transfer is actually a loss of approximately EUR 40-50 million for the
companies managing these funds, estimated for the portal
www.privatepensions.ro Mihai SEITAN, expert in private pensions and
head of FINCOP Pension Broker, the second broker on the mandatory
private pension market in the four-month campaign.
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The American consultancy firm IOS Partners won the tender for preparing
the draft law on payout of the private pensions, a law that must be
adopted by the Parliament by July, next year, according to the data
provided exclusively for www.pensiileprivate.ro by the Ministry of
Labor. The selected company is about to present a technical and
financial proposal for the draft law which shall take, according to the
contract, a maximum of 4 months.
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The Private Pension Supervisory Commission (CSSPP) shall propose the
Ministry of Economy and Finance an increase up to over EUR 1,000 per
year for the fiscal deductibility on voluntary private pensions (Pillar
III) to stimulate savings in the system, stated Mircea OANCEA,
President of the institution, for the portal www.privatepensions.ro.
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The three largest mandatory private pension funds (Pillar II) from the
market started to invest their clients’ money based on different
strategies, also taking advantage of the derogation adopted by CSSPP at
the very last minute and allowing, for the first six months, to place
any percentage of the assets in bank deposits, according to a study
conducted by the portal www.pensiileprivate.ro. T
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The top mandatory private pension companies (pillar II) try to persuade
the National House for Pensions and Social Security (CNPAS) not to
transfer them “negative amounts”, namely orders to diminish the
participants’ accounts, starting with the second contribution
collection round. The “negative amounts” are actually impossible to
manage and create problems not only for administrators, but also for
the participants to the fund.
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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.
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Generali Pension Fund plans to manage a EUR 25-30 million worth of
assets in its mandatory private pension fund (pillar II) by the end of
this year. This represents 10% of the EUR 250-300 million, namely the
net assets for 2008 on the entire market, stated today Anne-Marie
MANCAS, investment director of GENERALI Pension Fund, at a conference
celebrating GENERALI’s 15 years of uninterrupted business in Romania.
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GENERALI Pension Fund, the third mandatory private pension (pillar III)
company on the local market, will go on the voluntary private pension
market (pillar III) with a medium-risk fund, according to the statement
made by the company’s representatives today. "We plan to reach for
voluntary pensions a position similar to the one in mandatory
pensions", mentioned Ioan VREME, CEO of Generali Pension Fund, during a
conference celebrating 15 years of continuous presence on the Romanian
market for GENERALI.
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At the end of this week, ING Pension Fund will launch an IT application
whereby the company’s almost 1.4 million clients in mandatory pensions
(pillar II) will be able to check over the internet the value of their
personal account and the contribution history, stated Radu VASILESCU,
CEO of ING Pension Fund, the market’s leader, for
www.privatepensions.ro.
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Over 97.7% of the inhabitants of Bucharest with no life insurance are
not participating in any voluntary private pension fund (pillar III)
either. The share of those from the rest of the country in the same
situation is 96.6%. This is one conclusion of the study “What do
employees think about life insurance?", conducted by MEDNET Marketing
Research Center and presented by Lacramioara Laura VOINEA, Managing
Director, at the Life Insurance Day from FIAR 2008.
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