The mandatory pension market to change as of May

“The payments of subscribers will be made around 25 May, according to a set calendar,” said Mariana Campeanu, President of the National House of Pensions and Other Social Insurance Rights (CNPAS).

Pension funds are awaiting the publication of the law regulating mergers and acquisitions on Pillar II. “The law regarding mergers and acquisitions will be discussed next week by the Board of Directors, and we believe that this will be subject to public debate in two-three weeks. In about two months it will published in Monitorul Oficial [Ed. n. official gazette],” according to a declaration for Business Standard by the Vice President of the Private Pension System Supervisory Commission (CSSPP), Ion Giurescu.

For now, representatives of the pension funds are carrying out discussions, to see what the market offers. As such, Omniasig, Aviva and BCR have declared that they are prepared to acquire portfolios or merge. Allianz-Tirac is not interested in either of these options. OTP, Prima Pensie, Zepter and Marfin intend to sell their portfolios, and market sources say that OTP has already closed a deal with BT Aegon. The price for each participant is estimated by market sources at €150-200.