ING merges Pillars II and III

“Both the fund administration activities, software applications and reporting systems of both the Pillar II (mandatory private pension funds) and Pillar III (optional private pensions) are similar. It would thus be much more appropriate for the private pension funds to be administered through a single company,” said Vasilescu.

The Private Pension System Supervisory Commission (CSSPP) approved ING’s request to merge the two companies. Other private pension funds are considering the merger of Pillars II and III.