Other two companies, authorised to administer mandatory private pensions in Romania

The two were added to the already existing seven mandatory private pension managers existing in Romania. CSSPP authorized the creation of AG2R Fond de Pensii SA, which should become mandatory private pension manager.

Insurers ING, Aviva and Allianz-Tiriac were the first three authorized Romanian companies to administer mandatory private pension funds.

Romania has introduced a new pensions system, comprising three categories, on May 1 . 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.