The ING mandatory private pension product is promoted and sold by more than 41,000 authorized agents. A further 1,800 agents are waiting to be authorized by the Council of the Commission for the Surveillance of the Private Pension System (CSSPP), according to ING Fond de Pensii.
The company targets a 30 percent share of the mandatory private pension market, meaning one million subscribers. “We continue to recommend potential clients who have to join a fund in the near future to be as well-informed as possible regarding the new system,” said the General Manager of ING Fond de Pensii, Radu Vasilescu. He added that, if someone signs several contracts, these are declared invalid and the person is automatically randomly distributed to a pension fund, which is not a “desirable situation”. The problem of multiple signatures, which will cause people who signed several subscription contracts to be randomly allocated a pension fund, divided administration companies in two sides.
Some demand amending the regulation regarding the principle “First In, First Out”, while others say this is not the time for changing market regulations. “We may be surprised as 40 percent of those who have to subscribe to these funds to enter the random allocation system, as they signed several documents with several administrators,” Vasilescu said. ING Fond de Pensii has a share capital exceeding €42 million. The fund’s depositary bank is BRD-
Groupe Societe Generale and financial audit is ensured by Ernst&Young Assurance Services. ING has 75 million clients in 50 countries. The total value of assets administrated by ING through pension funds worldwide amounted to €223 billion by the end of 2006.
