http://www.privatepensions.ro/ PrivatePensions.ro - Everything about the Romanian private pensions system en Thu, 11 Mar 2010 05:22:10 GMT PrivatePensions.ro pensii@mxp.ro 30 167 60 http://www.PrivatePensions.ro http://www.PrivatePensions.ro/images/logo.gif http://www.privatepensions.ro/Romanian-pension-funds-returned-11-in-the-first-8-months-of-2009-article-1-221.htm In a few words, here is the picture of the Romanian mandatory private pensions market, after the first 8 months of 2009: mandatory pension funds returned and average of 11.31% in the first 8 months of 2009; voluntary pension funds returned an average of 10.73% in the same period; all 25 funds returned net real values (above inflation rate) in the last 12 months; net assets of Romanian pension fund industry surpassed EUR 476mn. Sun, 13 Sep 2009 21:00:00 GMT http://www.privatepensions.ro/Romanian-pension-funds-returned-11-in-the-first-8-months-of-2009-article-1-221.htm http://www.privatepensions.ro/2008-statistics-show-positive-returns-for-the-Romanian-pensions-market-article-1-217.htm 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. Mon, 09 Feb 2009 22:00:00 GMT http://www.privatepensions.ro/2008-statistics-show-positive-returns-for-the-Romanian-pensions-market-article-1-217.htm http://www.privatepensions.ro/Mihai-BOBOCEA-appointed-Secretary-General-of-APAPR-Romania-s-Pension-Funds-Association-article-1-216.htm 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. Mon, 12 Jan 2009 22:00:00 GMT http://www.privatepensions.ro/Mihai-BOBOCEA-appointed-Secretary-General-of-APAPR-Romania-s-Pension-Funds-Association-article-1-216.htm http://www.privatepensions.ro/Romania-s-mandatory-private-pension-funds-post-7-nominal-return-for-2008-surpassing-inflation-article-1-215.htm 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. Mon, 12 Jan 2009 22:00:00 GMT http://www.privatepensions.ro/Romania-s-mandatory-private-pension-funds-post-7-nominal-return-for-2008-surpassing-inflation-article-1-215.htm http://www.privatepensions.ro/INTERAMERICAN-Pensions-to-merge-with-BANCPOST-Pensions-the-pension-funds-will-merge-too-article-1-214.htm 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. Mon, 15 Dec 2008 22:00:00 GMT http://www.privatepensions.ro/INTERAMERICAN-Pensions-to-merge-with-BANCPOST-Pensions-the-pension-funds-will-merge-too-article-1-214.htm http://www.privatepensions.ro/Romania-s-mandatory-pension-funds-post-5-1-net-return-after-6-months-of-operation-article-1-213.htm 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. Wed, 03 Dec 2008 22:00:00 GMT http://www.privatepensions.ro/Romania-s-mandatory-pension-funds-post-5-1-net-return-after-6-months-of-operation-article-1-213.htm http://www.privatepensions.ro/EXCLUSIVE-CSSPP-rejected-the-BCR-OMNIASIG-deal-to-merge-their-mandatory-pension-funds-article-1-212.htm 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%. Thu, 20 Nov 2008 22:00:00 GMT http://www.privatepensions.ro/EXCLUSIVE-CSSPP-rejected-the-BCR-OMNIASIG-deal-to-merge-their-mandatory-pension-funds-article-1-212.htm http://www.privatepensions.ro/Voluntary-pensions-market-135-900-clients-and-EUR-18-mn-AuM-at-the-end-of-October-article-1-211.htm 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. Wed, 05 Nov 2008 22:00:00 GMT http://www.privatepensions.ro/Voluntary-pensions-market-135-900-clients-and-EUR-18-mn-AuM-at-the-end-of-October-article-1-211.htm http://www.privatepensions.ro/The-private-pensions-system-s-Guarantee-Fund-to-reach-the-Parliament-in-less-than-4-months-article-1-210.htm 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. Wed, 05 Nov 2008 22:00:00 GMT http://www.privatepensions.ro/The-private-pensions-system-s-Guarantee-Fund-to-reach-the-Parliament-in-less-than-4-months-article-1-210.htm http://www.privatepensions.ro/CSSPP-Mandatory-pension-funds-equity-investments-below-2-of-assets-article-1-209.htm 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. Wed, 05 Nov 2008 22:00:00 GMT http://www.privatepensions.ro/CSSPP-Mandatory-pension-funds-equity-investments-below-2-of-assets-article-1-209.htm http://www.privatepensions.ro/Mandatory-pension-funds-to-collect-EUR-455-mn-worth-of-contributions-for-2009-article-1-208.htm 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. Wed, 05 Nov 2008 22:00:00 GMT http://www.privatepensions.ro/Mandatory-pension-funds-to-collect-EUR-455-mn-worth-of-contributions-for-2009-article-1-208.htm http://www.privatepensions.ro/RAIFFEISEN-BANK-offers-voluntary-pensions-to-its-Romanian-employees-article-1-207.htm 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.). Wed, 05 Nov 2008 22:00:00 GMT http://www.privatepensions.ro/RAIFFEISEN-BANK-offers-voluntary-pensions-to-its-Romanian-employees-article-1-207.htm http://www.privatepensions.ro/Interview-with-Guillermo-Arthur-ERRAZURIZ-President-of-FIAP-article-1-206.htm 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. Tue, 21 Oct 2008 21:00:00 GMT http://www.privatepensions.ro/Interview-with-Guillermo-Arthur-ERRAZURIZ-President-of-FIAP-article-1-206.htm http://www.privatepensions.ro/The-crisis-melted-down-9-billion-Euros-from-the-CEE-pension-funds-article-1-205.htm 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. Tue, 21 Oct 2008 21:00:00 GMT http://www.privatepensions.ro/The-crisis-melted-down-9-billion-Euros-from-the-CEE-pension-funds-article-1-205.htm http://www.privatepensions.ro/Empty-accounts-only-represent-13-4-of-the-mandatory-private-pensions-system-article-1-204.htm 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. Tue, 21 Oct 2008 21:00:00 GMT http://www.privatepensions.ro/Empty-accounts-only-represent-13-4-of-the-mandatory-private-pensions-system-article-1-204.htm http://www.privatepensions.ro/Employers-pay-for-71-of-the-voluntary-private-pensions-funds-customers-article-1-203.htm 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. Tue, 21 Oct 2008 21:00:00 GMT http://www.privatepensions.ro/Employers-pay-for-71-of-the-voluntary-private-pensions-funds-customers-article-1-203.htm http://www.privatepensions.ro/Pillar-III-Thinking-of-fiscal-incentives-article-1-202.htm 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. Tue, 21 Oct 2008 21:00:00 GMT http://www.privatepensions.ro/Pillar-III-Thinking-of-fiscal-incentives-article-1-202.htm http://www.privatepensions.ro/Pillar-II-started-the-consolidation-race-article-1-201.htm 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. Tue, 21 Oct 2008 21:00:00 GMT http://www.privatepensions.ro/Pillar-II-started-the-consolidation-race-article-1-201.htm http://www.privatepensions.ro/Interview-with-Crinu-ANDANUT-PhD-Chairman-of-APAPR-article-1-200.htm 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:... Tue, 21 Oct 2008 21:00:00 GMT http://www.privatepensions.ro/Interview-with-Crinu-ANDANUT-PhD-Chairman-of-APAPR-article-1-200.htm http://www.privatepensions.ro/Interview-with-Mircea-OANCEA-Chairman-of-CSSPP-article-1-199.htm 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. Tue, 21 Oct 2008 21:00:00 GMT http://www.privatepensions.ro/Interview-with-Mircea-OANCEA-Chairman-of-CSSPP-article-1-199.htm