Subscription campaign for Pillar II has ended

Pillar II leader, ING Pension Fund, believes it will surpass 1.2 million subscribers, said General Manager Radu Vasilescu.

“The next step, following the final report and validation, will be the random assigning of employees who did not chose a private pension fund by 17 January 2008, as well as those invalidated by CNPAS”, CSSPP announced yesterday.

The assigning process has been subject to debate, as trade unions are insisting on equal distribution, while several administrators believe assigning should be based on market quota. Yet others feel that any change in legislation will set back company business plans and require changes in administrative details.

“It is possible that some administrators will not reach 50,000 subscribers in spite of equal distribution, and this wuold mean that we would affect a larger number of persons than now, through transfers and sales of portfolios,” said General Manager of the Generali Pension Fund, Ioan Vreme.