ZEPTER Pension Fund requested the withdrawal of its license, following MARFIN’s example
ZEPTER Pension Fund, the 16th company managing mandatory private pensions (pillar II), submitted today the request for withdrawal of the administration authorization (license) to leave the market, following MARFIN’s example two weeks ago. The information came to www.privatepensions.ro from the Private Pension Supervisory Commission (CSSPP) and was confirmed by the representatives of ZEPTER Pension Fund.
ZEPTER ended its race for mandatory pensions ranking 16th among the 18 pension funds, as it attracted only 1,649 participants. Two weeks ago, MARFIN, the smallest fund on this market, submitted the request for withdrawal of the license and left the market. Just like in happened in that case, the 1,649 clients of ZEPTER (from the total of almost 4.2 million on the entire market) shall be equally redistributed among the remaining 16 pension funds.
Actually, within only two weeks, the mandatory private pension market made an important step towards consolidation, as two of the smallest funds left this business. Once their license was withdrawn, MARFIN Pension Fund estimated losses of less than EUR 200,000.
"Yes, we made the decision to request the withdrawal of the license, we decided to leave the market. We have not assessed the losses yet, our auditing team is still working to get this information", stated Octavian BARITZ, deputy director general of ZEPTER Pension Fund for www.privatepensions.ro.
Two other mandatory pension funds are below the 2,000 participants’ threshold: MKB Romexterra (15th, with 1,884 participants to the fund) and AG2R (17th, with 1,127 clients). So far, the two companies did not state they wanted to leave the market.
