Allianz-Ţiriac: leader among optional pension providers

At present, five funds are operating on the optional pension market, administered by four companies: AZT Moderato and AZT Vivace (Allianz-Ţiriac Pensii Private), BCR Prudent (BCR Asigurări de Viaţă), ING Clasic (ING Asigurări de Viaţă), and Pensia Mea (Aviva).

“According to fund administrators, 8,318 contracts have been signed for the five funds, on the basis of which 4,239 subscribers are already making contributions,” Mircea Oancea, President of CSSPP, told Business Standard.

The optional pension fund market began its activity in May, and contributions were collected as of June.

Allianz-Ţiriac announced over 5,500 signed subscription contracts with AZT Moderato and AZT Vivace, and modified prospects of the two funds by reducing a set of commissions. According to company officials, the changes will have a positive impact on the productivity of the two funds. Clients will also be encouraged to save money for their retirement by way of these instruments.

“Optional pensions, even if they are now losing ground due to the second pillar (mandatory pension funds) will become a very interesting and attractive market. The main reason is the rate of salary replacement by pension, which, according to estimates, will reach 10 percent of mandatory pensions and 30-40 percent of optional ones,” Mihai Şeitan, General Manager of the Fincop Private Pension Broker, told Business Standard.

Following on the heels of AZT Moderator, ING Clasic has total assets worth €28,000, with 823 subscribers, compared to the Pensia Mea fund, which has 390 subscribers and total assets just below €15,000. BCR Prudent’s assets rose to €2,409, with 169 subscribers.

The most recent fund to enter this market was AZT Vivace, with a high risk profile, posting 7 contributions and €135 worth of assets.

“Optional pensions, even if they are now losing ground due to the mandatory pension funds, will become a very interesting and attractive market Mircea Oancea President, CSSPP