Insurers ING, Aviva and Allianz-Tiriac are the first three authorized Romanian companies to administer mandatory private pensions funds (the second pillar), the Private Pension System Supervision Commission (CSSPP) said. CSSPP has also authorized the company Salve Club as a broker.
The first seven companies to get the authorization are: ING Fond de Pensii SA, Aviva Societate de Administrare a unui Fond de Pensii Privat SA and Omniasig Pensii - Societate de Administrare a unui Fond de Pensii Privat SA, Prima Pensie Fond de Pensii SA, BRD Fond de Pensii SA and Interamerican Societate de Administrare a unui Fond de Pensii Privat SA together with BCR Administrare Fond de Pensii SA.
Romania has introduced starting May 1 a new pensions system, comprising three categories. Pillar I consists of traditional state-collected social security contributions, which will now be supplemented by obligatory privately-managed pension payments, Pillar II, and the optional private pension funds, known as Pillar III. Workers will be able to contribute up to 15 percent of their salaries to private retirement funds.
Source: Newsin
