Surprise-deal: Romanian voluntary pension fund returns from VIG to ERSTE
The voluntary pension fund (3rd pillar) BCR Prudent will be transferred from BCR Life Insurance (company which was recently sold by ERSTE to VIENNA INSURANCE GROUP to BCR Private Pensions (company still in the ERSTE group).
This transaction brings the voluntary pensions activity back to ERSTE, after the Austrian banking group sold its insurance operations in CEE to VIG.
Recently, CSSPP (Romania's private pensions supervisory body) adopted secondary legislation to allow the transfer of voluntary (3rd pillar) pension funds from life insurance companies to specialized private 2nd pillar pension companies, for mixed administration of the two types of funds.
05.07.2008
