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Fiscal deductibility for voluntary private pension funds (pillar III)
shall be subject to an increase from simple to double, at least, namely
to at least EUR 400 per year, most likely beginning with the 1st of
January 2009, stated for the www.privatepensions.ro portal the minister
of economy and finance, Varujan VOSGANIAN. He mentioned that a more
significant increase (more than double) might apply, but this is still
debated at ministry level. VOSGANIAN also added that the increased
deductibility might become effective on the 1st of October this year.
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The possibility to accumulate (by savings and investments) and the
security are seen as the main advantages of the private pension system,
according to a representative survey conducted by CURS nationwide and
ordered by CSSPP. For the mandatory pension, 26% of the Romanians
consider accumulation as the main advantage, 23% appreciate the
security, 19% the ownership over the money and 18% the fact that they
don't have to pay anything extra. For the voluntary pension, 37% of the
Romanians say the main advantage is accumulation, 25% the ownership
over the money, 13% security and 12% fiscal deductibility. The survey
indicates that 73% of the Romanians have not heard about voluntary
pensions.
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The return on the most liquid state securities on the primary market -
with a 6-month and a 1-year maturity - continued its strong growth
trend in the first seven months of this year, getting closer to 11%,
compared to 6%-7% a year and a half ago. However, the mandatory private
pension funds continue to prefer bank deposits to the detriment of
state securities, taking advantage of the legislative derogation
allowing them to invest over 20% of the assets in the monetary market,
and keep postponing the investment of most money in state securities.
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The ten states from Central and Eastern Europe that have introduced the
mandatory private pension reform so far (pillar II) counted 28.8
million clients for the mandatory pension fund and administrated total
assets of EUR 54.6 billion at the end of last year, according to an
exclusive survey conducted by the PRIMM Insurance&Pensions
Magazine. Compared to 2006, the number of participants to pillar II in
the region increased by 24%, and the net assets went up by 30%.
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BRD's mandatory pension fund collected more at the third contribution
collection round than its direct rival, BT AEGON, thus reaching 8th
place in the pension funds' rankings by collected contributions in the
third round. Up until now, the situation was in favor of BT AEGON. The
change of places could still be a matter of conjuncture, bearing in
mind BRD's substantial increase in the average collected contribution
at the third round.
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Ten years have passed from the first discussions about introducing
private pensions in Romania. The long wait was put to an end last year,
when proper legislation and the first private pension funds emerged -
first, the voluntary pension system (3rd pillar) was launched in June
2007, then the initial adhesion campaign for mandatory pensions (2nd
pillar) was started in September 2007. It successfully ended in January
2008, and the mandatory pension funds started collecting contributions
in May. Following the story...
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The first three collection rounds to the mandatory pension funds (2nd
pillar) brought to light significant differences, of 50%-60%, between
gross incomes of different mandatory pension funds' participants,
according to an exclusive analysis by www.privatepensions.ro. At the
first collection round, the difference between the average gross income
of the fund with the best paid participants (BCR) and the one with the
poorest paid participants (PRIMA PENSIE) was of 47%, to increase to 52%
at the second collection round (between ING and PRIMA PENSIE) and to
60% at the third collection round (between BRD and PRIMA PENSIE).
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The voluntary pensions system (3rd pillar) should be overhauled in a
few years' time, with the direction of liberalization and to
distinguish voluntary from mandatory pensions (2nd pillar), Mircea
OANCEA, President of CSSPP (the Romanian pensions regulator) told
www.privatepensions.ro.
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BCR, GENERALI and ALLIANZ-TIRIAC - these were the mandatory pension
funds (2nd pillar) of choice for the new entrants in the labour market
during H1. All in all, the mandatory pensions system welcomed 7,914 new
participants between the 17th of January and the 20th of June, out of
which 2,217 chose BCR (28% of new entrants), 1,569 chose GENERALI (20%)
and 1,480 chose ALLIANZ-TIRIAC (19%).
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AVIVA Life Insurance filed the necessary documentation to CSSPP to get
it’s second voluntary pension fund (3rd pillar) authorized - a
higher-risk profile, growth fund, Shah ROUF, CEO of AVIVA Group in
Romania, told www.privatepensions.ro.
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Romanian mandatory pension funds (2nd pillar) collected contributions
worth EUR 27,2 mn. at the third round of collection, that took place
July the 21st. Around 3,27 million participant (out of the total 4,16)
will receive contributions in their personal accounts, the rest of over
895.000 being empty accounts. The average contribution was of 8,31 EUR,
as compared to 8,59 EUR in the second round of collection.
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CSSPP - The Private Pension System Supervisory Commission - approved
the norm regarding the voluntary private pension participant's personal
assets in case of disability and death. The new law regulates the way
in which the participant's personal assets will be used in case he:...
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Each Romanian saves on average RON 66 (EUR 18) per month, meaning
almost 10% of his/hers earnings, according to data published by the
National Institute of Statistics (INS), based on the family budget
survey. This amount is small, but it shows the potential to stimulate
private savings in a system such as the voluntary private pensions (3rd
Pillar).
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ING Life Insurance and INF Pensions yesterday paid the EUR 380,000
worth fee for outsourcing the asset management activity for the 3
pension funds they manage (two voluntary and one mandatory), ING
representatives told www.privatepensions.ro. The deadline for the
payment would have been today, the 17th of July.
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First season of transfers between mandatory pension funds (2nd pillar)
begins in two weeks - on the 1st of August, CNPAS will process the
first round of transfer requests. Pension fund managers expect the
procedure to go along smoothly and they believe the transfer activity
would be quite small. Mandatory pension fund participants can opt to
transfer to another fund at any time, but their request will only be
processed and applied four times a year - on the 1st of February, May,
August and November.
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INTERAMERICAN Pensions announced filing for a voluntary pensions
management license, in roder to get two funds authorized and thus enter
the Romanian 3rd pillar market. The pension funds will be EUREKO
CONFORT (medium risk profile) and EUREKO ACTIV (high risk profile).
"The success we had on the mandatory pensions market, reaching a top5
position, and our shareholder EUREKO’s decision to invest another EUR
3.2 mln. into our company is reason enough for us to enter the
voluntary pensions market”, said Besim JAWAD, CEO of INTERAMERICAN
Pensions.
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Voluntary pension funds (3rd pillar) will have assets under management
of about EUR 25 mln. by the end of 2008, Mircea OANCEA, president of
CSSPP (the Romanian pensions regulator), said recently to
www.privatepensions.ro. "Our estimates have been more optimistic up
until now, but in the end a slower market growth for voluntary pensions
is healthier. The voluntary pension funds will manage assets of about
EUR 25 mln. by the end of this year, compared to EUR 11 mln. at the end
of H1", he stated.
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Only 3,000 participants signed for a mandatory pension during June,
CNPAS announced, that being only half of the total number of registered
adhesions (6,000). Continuous opt-in is mandatory for new entries in
the labour market (under 35) and optional for 25-45 year olds that
haven’t yet opted in. This is the second validation round for the
continuous opt-in procedure.
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The private pensions business in Romania is the second most important
for GENERALI’s interests in the Central and Eastern Europe region,
judging by the number of mandatory pension funds’ participants (2nd
pillar) in each country, Werner MOERTEL, former responsible for CEE of
GENERALI Holding Viena, told www.privatepensions.ro. Romania is only
surpassed at this by Poland, but comes ahead of Slovakia, MOERTEL also
said. He was present in Romania to celebrate 15 years of continuous
presence for GENERALI on the local market, alongside the Romanian
GENERALI team.
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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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