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The second round of contribution transfers to the mandatory private
pension funds (pillar II), to take place on the 20th of June, at the
latest, shall also include the retroactive payment of the first month’s
contributions, related to the nominal declarations that certain
employers were late in submitting, said Mariana CAMPEANU, president of
the National House for Pensions and Social Security.
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The debate on the potential outsourcing of asset management by the
mandatory private pension companies (pillar II) to entities specialized
in asset management has changed focus this week, when the
representatives of the Supervisory Commission (CSSPP) met face to face
with the representatives of the pension industry at the Private Pension
Day, organized at FIAR 2008.
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Crinu ANDANUT, CEO of ALLIANZ-TIRIAC Private Pensions, is the new
President of the Association for Privately Managed Pensions of Romania
(APAPR), the professional organization representing the local private
pension industry. Thus, ANDANUT replaces Bram BOON, former interim
President of APAPR, who shall leave his position at ING Life Insurance
to run the insurance operations of ING Greece.
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"I am convinced, in time, the number of empty accounts for pillar II
will go down" - this was the conclusion drawn yesterday by Mariana
CAMPEANU, president of the National House for Pensions and Social
Security (CNPAS), when analyzing the market on the PRIVATE PENSION DAY
at FIAR 2008.
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Mariana CAMPEANU A number of 33,674 new clients signed in for a
mandatory private pension (pillar II) between January 18th and May 20th
this year, during the continuous enrollment process, stated today
Mariana CAMPEANU, President of the National House for Pensions and
Social Security, at the “Private Pension Day” conference at FIAR 2008.
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The mandatory private pension funds (pillar II), which collected the
first contributions yesterday, received from CSSPP a six month
derogation from the investment obligations undertook in the prospect,
namely they can invest more than 20% of the assets only in bank
accounts, so as to accumulate liquidities and reach a critical mass
before portfolio diversification, but only for a six-month period, at
the most.
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The 77% collection rate on the mandatory private pension market (pillar
II), calculated after deducting the 23.1% of the empty accounts in the
system, shall improve significantly in the next few months, as the
system “settles” and the declaration, collection and transfer
procedures become a routine, stated for www.pensiilprivate.ro several
representatives from the market’s leading segment.
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ING, AIG and BCR are the administrators of the mandatory private
pension funds (pillar II) that stood to win most from the contribution
collection start which took place today. The three pension companies
gained a significant market share, compared to the ranking according to
the number of participants.
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AIG Pension Fund, the mandatory private pension company (pillar II)
ranking sixth in terms of number of participants (with over 261,000
clients in the administered fund), climbed spectacularly to position 4
after the first contribution collection round carried out today. Thus,
AIG went from a 6.3% market share according to the number of
participants, to 7.3% after the first contribution transfer.
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The mandatory private pension companies (pillar II) from TOP3 control
almost 72% of the market after the first contribution collection round,
to be actually paid tomorrow. To compare, market concentration
according to the number of participants was 68.2% in the hand of the
first three players. The differences come from portfolio quality -
different shares of empty accounts or different income of participants,
leading also to differences in the collected contributions.
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Tomorrow CNPAS shall transfer EUR 24.11 million worth of contributions
(RON 88.2 million) in the account of the 14 mandatory private pension
funds (pillar II), in line with the initial expectations. The number of
empty accounts is about 961,000: only 3.2 million participants shall
received their contributions in the accounts, the rest up to over
4,156,000 participants representing empty accounts (without any
contributions transferred), stated today the representatives of the
authorities involved in the collection process, at a press conference
organized to discuss this issue.
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The legislative objectives of the Private Pension Supervisory
Commission (CSSPP) this year consist of the two laws that are missing
from the system for the moment: the special law on the calculation and
payout of the private pensions and the law on setting up the system’s
guarantee fund, based on the banking model.
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The participation to a voluntary private pension fund (pillar III)
implies a total commission of 5.7% (market average), including all
fees, according to the data published by the Private Pension
Supervisory Commission (CSSPP) in its 2007 annual report.
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The average contribution to the voluntary private pension funds (pillar
III) was RON 144 (about EUR 42) last year, representing 10% of the
monthly average gross salary, according to the calculations of the
Private Pension Supervisory Commission (CSSPP), published in the 2007
annual report.
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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.
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The companies for mandatory private pensions (pillar II) experienced
total losses amounting the EUR 45.2 million in 2007, according to the
annual report published today by the Private Pension Supervisory
Commission (CSSPP). The losses reflect only partially the companies’
investments to support the start of the system.
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The 18 mandatory private pension companies (pillar II) operating on the
market during the sales campaign for these products (September 2007 -
January 2008) invested over EUR 200 million in the share capital alone,
the amount representing almost 9% of the total share capital inflow
from the foreign companies present in Romania in 2007.
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The brokerage market for mandatory private pensions (Pillar II) reached
EUR 55 million, representing the commissions paid to legal entities
acting as agents during the entire four-month campaign of selling
mandatory pensions, according to the data in the annual report for 2007
of the Private Pension Supervisory Commission (CSSPP).
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The Ministry of Finance offered today an average return of 10.61% for
state securities with a six month maturity, this being the highest
return offered in the past year and a half, since the state became
active again on the primary state securities market. The maximum return
accepted by the Ministry of Finance was 10.75%.
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The senators rejected the legislative proposal to set up a minimum
guaranteed return equal to the annual inflation for the mandatory
private pension funds (pillar II), according to the data published on
the Senate’s site. The Senate expresses this opinion following the
Government’s negative opinion on this proposal, and the legislative
initiative was submitted two days ago for debate in the specialized
commissions from the Chamber of Deputies.
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