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 The 2008 statistic data of the Romanian private pensions market are now
available in complete time series for all the core business indicators.
Briefly, the figures show increases at all levels, both in Pillar II
and Pillar III.
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APAPR, Romania's Private Pension Funds' Association, has appointed
Mihai BOBOCEA as its first Secretary General, starting the 1st of
January. His new responsabilities include internal ansd external
communication, data gathering and dissemination, studies and research,
public affairs and PR and others, the Association noted in a press
release.
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The 14 mandatory (2nd pillar) private pension funds on the Romanian
market posted a nominal weighted average rate of return of 6.96% for
2008, surpassing the rate of inflation, according to official data
published by APAPR, Romania's pension funds' association. The rate of
return stands for the first 7 months of operation for these funds (20th
May - 31st December); in this period, the real weighted average rate of
return was 2.4%-2.8% above the 4%-4.5% inflation in the same period.
Annualized, the rate of return would be 11.29% for the whole 2008, that
is about 4% in real terms.
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INTERAMERICAN Pensions, the company managing Romania's 6th largest mandatory private pension fund (2nd pillar pensions), will merge with BANCPOST Pensions, which manages the 11th largest fund on the Romanian mandatory private pensions market, sources from the market told www.privatepensions.ro. The transaction will be announced today and needs regulatory approval to begin official proceedings. After the pensions companies will have merged, the two pension funds will merge too. The absorbed entity will be BANCPOST Pensions and its fund.
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ROMANIA. The country's freshly launched mandatory pension funds (2nd
pillar pensions) managed to post a net weighted average return of 5.1%
for the first six months of operation, according to an analysis by
www.privatepensions.ro. The return is above inflation and above expectations, especially
considering the effects of the crisis on the financial markets. 11 of
the 14 mandatory pension funds on the market managed to post positive
returns by betting on state bonds and bank accounts and keeping their
equity / stock exposure to a minimum.
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ROMANIA, EXCLUSIVE. CSSPP, Romania's private pensions supervisory authority, voted against the deal proposed by BCR Leasing and OMNIASIG Pensions, in which BCR Leasing was going to buy OMNIASIG's shares, with the ultimate goal to merge the mandatory private pension funds (2nd pillar pensions) managed by BCR and OMNIASIG - CSSPP confirmed exclusively for www.privatepensions.ro, after an official inquiry made by our webportal. OMNIASIG Pensions manages the 10th largest mandatory pension fund on the Romanian market, with a market share of aprox. 1,5%.
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Over 10,000 Romanians became new members in the voluntary private
pensions system (3rd pillar) during October, bringing this market at
the total figures of 135,900 participants and EUR 18 million net
assets, according to an analysis made by www.privatepensions.ro.
The total voluntary private pensions market's assets reached EUR 18
million at the end of October, a EUR 2 million growth compared to the
end of September. For the end of this year, the most plausible
estimations show a total amount of 150,000 participants and about EUR
23 million net assets.
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ROMANIA. President Traian BASESCU recently promulgated a law bringing some improvements to the Romanian private pensions system architecture, which makes it mandatory for the draft law on the Guarantee Fund for the private pensions system to reach the MP's tables in less than 4 months. Romania's Guarantee Fund for the private pensions system is based on the model already adopted in the Romanian banking system.
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ROMANIA. Mandatory pension funds' (2nd pillar) equity investments fell
below 2% of total net assets at the end of October, as against 3.42% of
net assets at the end of September, 4.23% at the end of August and 9.5%
at the end of May (the start of the system) - CSSPP executive manager
Cristian ROSU stated in pensions conference organized by Media XPRIMM.
During the last few months, mandatory pension funds stopped buying
equity to avoid exposure to the sharp decline in stock / equity
markets. The Bucharest Stock Exchange lost 67% of its composite value
during the first 10 months of this year, on of the sharpest drops in
the region and in the world. However, most of the country's mandatory
pension funds managed to stay in the black, avoiding exposure o equity
and buying state securities and amassing bank deposits.
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ROMANIA. The country's mandatory private pension funds (2nd pillar
pensions) will collect aprox. EUR 455 mn. worth of contributions as of
next year. The average gross wage in Romania for 2009 is estimated at
1,865 RON (505 EUR), according to the budget adopted by the Romanian
government for 2009. The estimation is based taking into account a
contribution level of 2.5% of this wage for about 3,5 million
participants and an average exchange rate EUR/RON of 3.7 units.
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ROMANIA. RAIFFEISEN BANK, one of the largest five banks in Romania,
decided to offer voluntary private pensions (3rd pillar pension) for its
5,400 employees, the fund chosen being the voluntary pension fund
managed by RAIFFEISEN Asset Management. At the end of October 2008, the
freshly-launched "RAIFFEISEN Acumulare" voluntary pension fund had
5,449 participants and net assets of 1 RON mn. (0.3 EUR mn.).
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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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The Romanian Private Pension Funds Association (APAPR) has reached 20
members, which represent almost 100% of the market and has decided the
affiliation to specialized international federations, EFRP (European
Federation for Retirement Provision) and FIAP (International Federation
of Pension Funds Administrators), APAPR announced. 11 mandatory private
pension companies (pillar II), 4 voluntary private pension companies
(pillar III) and 5 depository banks - this is the APAPR membership to
date, after the General Assembly Meeting.
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