The first season of pillar II transfers: only 322 transfer requests were submitted
The mandatory private pension companies (pillar II) processed and sent to CNPAS only 322 requests of transfer to other mandatory pension funds, all received from the participants, stated the management of the National House for Pensions and Social Security (CNPAS) for the www.privatepensions.ro portal. The first season of transfers between mandatory pension funds took place on Friday, the 1st of August, when the companies reported to CNPAS the participants' transfer requests.
The total volume of 322 requests represents less that 0.01% of the total market volume, namely an insignificant number, in line with the pension companies' expectations. The fund administrators were expecting very few transfers, given the very brief time elapsed since the launch of the system and the fact that it is premature for most participants to these funds to make a transfer decision.
According to the legislation, the participants to the mandatory pension funds can submit requests of transfer between funds at any moment, but they must be reported to CNPAS, processed and validated only four times a year, on the 1st of February, May, August and November.
