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The net assets under management by the Romanian private pension funds
reached EUR 1.33bn at the end of April 2011, data published today by the
CSSPP, the pensions watchdog, shows. In local currency, the net value
of managed assets surpassed RON 5.43bn, this representing combined
figures for both mandatory (2nd Pillar) and voluntary (3rd Pillar)
pension funds.
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 The rather small contribution level and the low contribution density to
the mandatory private pension funds (2nd Pillar) are the main reasons
why half of the funds' participants currently have less than RON 500
(cca. EUR 130) in their personal accounts with the pension funds, said
Mircea OANCEA, Chairman of the CSSPP, the pensions watchdog, talking at a
pensions conference recently. The head of the pension markets'
supervisory authority also re-stated his belief in the necessity to
increase the contribution level faster than the system's initial plans,
and also reschedule the contribution calendar to reach 8% instead of 6%
in 2016.
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 The fourth edition of the Private Pensions Market Awards Gala recently
emphasized the outstanding market results of 2010, in the context of a
year so difficult from both an economical and political perspective.
PRIMM Magazine - Insurance & Pensions awards this year were designed
to capitalize personal efforts, financial success as well as the
ongoing struggle to financially educate the public.
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 The Council of the CSSPP, Romania's pensions watchdog, recently approved
secondary legislation providing for full disclosure of the investment
portfolios of all pension funds twice a year, with a lag of aprox. 3
months. All fund managers have already undergone the first step in this
supplementary transparency exercise by publishing detailed investment
information for the end of 2010 on their websites.
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Romanian MPs have been discussing a law modifying the Fiscal Code during
the last few weeks, but the debates were postponed because of domestic
political matters. Among the hot issues of the proposed new fiscal
regulations was one regarding the extension of tax deductions for
contributions made to voluntary private pension funds (3rd Pillar), but
this particular amendment is still under scrutiny by the deciding
Commissions in the Chamber of Deputies, the lower chamber of the
Parliament. The Romanian pensions industry has been supporting this
amendment for quite some time now, and the proposal is also favored by
the CSSPP, the private pensions' system watchdog.
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National House of Public Pensions transferred towards Pillar II pension
funds, in February, for December as referral month, a total contribution
volume of EUR 34.09 million, representing the most consistent sum out
of all 2010 transfers. Most likely, it is the result of the end year
bonuses that were included in the contribution's calculation base, thus
the highest level of medium contributions for 2010, recorded in December
LEI 43.76 per participant (approx. EUR 6.50 per participant). The
number of participants whose accounts have been fed in December was kept
in the ordinary note of the last months, 3.31 million people.
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The Senate adopted yesterday, 21st February, the Law on the Guarantee
Fund in private pensions system. The new Law brings under regulation the
establishment, organization and functioning of the Guarantee Fund for
private pension\'s rights and is considering guaranteeing the rights
acquired by the participants in the private pension system, in order to
protect both the interests of participants and beneficiaries. The
positive result of yesterday\'s vote (48 pro - 41 against, 1 holdback)
pushes the project to the next legal phase, Deputies Chamber, with a
real chance to browse around parliamentary procedure until June.
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 "Ideal would be for the whole individual employee contribution to the
social insurance budget (10.5% of the income) to go to private
administration; not quite easy and there are important budgetary costs.
We wish for a financing solution to be found, at a governmental level,
in a long term respected program", stated Mircea OANCEA, President of
the Private Pensions Supervisory Commission, in the opening of XPRIMM
Annual Forecast Meeting - Private Pensions.
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"It is safe to say that 2010 was a good year hence the real growth over
the inflation for the participants. If we turn over to other European
pensions market, it is obvious that very few pension funds got positive
results. In this context, the yields obtained by the Romanian funds are
very good", declared Mihai SEITAN, former Labor Minister, within the
XPRIMM Annual Forecast - Private Pensions 2011.
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 The Private Pensions Supervisory Commission (CSSPP) first published
substantially detailed information on pension fund investments recently,
revealing both the individual holdings, as well as exposure data on the
issuers and maturities of investments made in fixed income instruments.
Far from any surprise, the published statistics satisfies the curiosity
of certain figures outside the system, revealing the pension funds'
vision, as important institutional investors, on Romania's economic
sectors, financial markets, inflation, as well as other matters
regarding the macroeconomic outlook.
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Ministry of Labour has posted on its website, the law draft on
occupational pensions. Enforcement of this law would enrich the content
of the Pillar III private pension, bringing Romanian employees the
opportunity to add an additional source of income at the retirement age.
Besides its merits in expanding saving opportunities for retirement,
the content of the project raises certain questions, the answer of which
might strongly influence the willingness, both of the employers and the
fund managers, to engage in the development of this new market segment.
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• Legal stability
• Increased system financing
• Improved secondary legislation
• Investment enhancing
• Improve and increase communication with the public
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The International Federation of Pension Funds Administrators (FIAP)
brings together most associations of pension funds from the states with
a multi-pillar pension system, providing global representation of their
interests, as well as experience sharing, for the benefit of all its
members. Present in Romania in order to invite APAPR, the Romanian
association of the private pensions industry, to accede to FIAP, the
President of the Federation, Guillermo Arthur ERRAZURIZ, gave PRIMM
Insurance&Pensions magazine an exclusive interview.
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The first signs of the current financial crunch emerged in July 2007 on
the subprime mortgage loans market in the United States of America.
Meanwhile, the effects of the crisis became visible overseas as well
and started to affect all financial markets, bringing the collapse of
stock exchanges and causing losses of hundreds of billion Euros for
large and small investors alike. As usual in times of crisis, risk
appetite plunged, further worsening the precarious state of the world's
stock exchanges. The private pension funds were not spared by the
effects either: during the first year alone, the financial crunch
caused losses in excess of 9 billion Euros for the private pension
funds across Central and Eastern Europe.
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The number of empty accounts (with no contributions) in the mandatory
private pensions system (pillar II) is under 584,000, meaning 13.4% of
the participants' quantum, after five rounds of collecting the
contributions, according to an analysis made by portal
www.pensiileprivate.ro portal. The empty accounts situation has
improved in these last five months, the number of no contributions
accounts declining from 961,000 in May, when they represented 23% of
the total.
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Employers contribute for 71% of the 125,000 voluntary private pensions
system's clients (pillar III), while individual customers contribute
themselves in only 29% of the cases - a sign that the employers have
already started including voluntary private pensions as a remuneration
package benefit - the CSSPP (Romania's private pensions regulator)
quarterly report has shown.
The Comission's data points out that 58% of the employers contribute
alone to the voluntary private pensions, 13% contribute together with
the employee and 29% of the individual clients contribute themselves.
According to the statistics, the voluntary private pensions market is
until now oriented on the corporate section, its importance growing
continuously in the last six months.
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Romania's voluntary private pensions market (3rd pillar) has not
matched expectations so far, despite the optimistic estimates at its
start in June 2007. Until one month ago, only 121,000 participants
started to save in the optional private pension system, and the
accumulated assets barely exceeded 15 million Euros. For comparison,
the estimates made when the market was launched indicated 250,000
participants and assets worth 30-40 million Euros for the end of 2007,
but these forecasts seem remote so far, even for the end of 2008. But
there is still room for hope on the market: the fiscal incentives for
contributions in the voluntary pensions system could be increased from
January 1st, and the voluntary pension plans could thus become more
attractive.
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One year ago, the mandatory private pensions market (2nd pillar) did
not exist. The pension companies had just started the chase for
customers and the results at the end of the four months of initial
signup campaign exceeded all expectations: over 4 million participants
got into the system. Ever since, the mandatory pensions market
developed quickly: it collected and started to invest the participants'
money and, more recently, witnessed the first transaction between two
pension companies. The first merger of funds is next, and the following
year could bring a major reform of the system, defined by two terms:
liberalization and modernization.
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Crinu ANDANUT, CEO of ALLIANZ-TIRIAC Private Pensions, is also the Chiarman of APAPR, the Romanian pension funds' association. Find out his vision of the Romanian private pensions market in this interview:...
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A year after the start of the mandatory private pensions system (2nd
pillar) and very close to the first official announcement of the
returns reached by voluntary pension funds (3rd pillar), the Romanian
private pensions market is still in the middle of a consolidation
process. About required changes, perspectives, future plans, in an
interview with Mircea OANCEA, Chairman of CSSPP - Romania's private pensions supervisory authority.
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