The takeover of BCR Prudent by BCR Pensions, discussed on August 25th
On the 25th of August, during the Extraordinary General Assembly, the shareholders of BCR Life Insurance shall discuss the offer of BCR Pension Fund Administration regarding the takeover of the voluntary pension fund (pillar III) BCR Prudent, according to the notification published by the company. Thus, the BCR Prudent fund might be swiftly transferred to BCR Pensions, namely it would go back from VIG to ERSTE, as posted on the privatepensions.ro portal, one and a half month ago. BCR Prudent is the largest voluntary pension fund (based on managed assets) from Romania.
On this occasion, BCR Life Insurance shall amend its constitutive act, giving up the administration of voluntary pension fund as object of activity.
Due to this transaction, the voluntary pension operations would be conducted by ERSTE, after the Austrian banking group sold its insurance operations from Central and Eastern Europe to VIG. CSSPP has recently adopted a norm allowing the transfer of the voluntary pension funds administration activity from life insurance companies (that started this activity a year ago) to mandatory private pension companies (pillar II), for a combined management of the two types of private pensions.
