The first three optional pension funds (pillar III) were authorised by the Private Pension System Supervisory Commission (CSSPP) yesterday and are poised to sell the optional pensions to potential clients.
The three approved funds are ING Clasic (managed by ING Asigurari de Viata), AZT Moderato (managed by Allianz-Tiriac Pensii Private) and Pensia mea (managed by Aviva Romania).
Anyone aged up to 52 years and earning salary-based incomes (they may be self-employed and not necessary salaried employees) are allowed to contribute to an optional pension. The monthly contribution for such pensions cannot exceed 15% from a gross income.
"Now that the fund has been authorised we can start to sell this financial product, but we will not make an official announcement until we have enough sales agents, which we expect to happen at the beginning of next month at the latest," Crinu Andanut, general manager of the Allianz-Tiriac Pensii Private told ZF.
Andanut said that the moment for sales to start is primarily the decision of the sales team of each company.
"We will begin selling optional pensions as soon as we are officially notified by the Commission. We have the necessary approved market agents and are working on a second fund," Radu Vasilescu, ING pension manager told ZF.
The sales force for the optional pensions funds will include around 2,000 agents (in ING Asigurari de Viata and Aviva's case) and 3,000 agents (Allianz-Tiriac), according to statements made by players on the market.
The three funds authorised yesterday have been assigned a moderate risk profile, investing only 25% of the assets of their future clients on the Bucharest Stock Exchange, with the remaining 75% being placed in fixed-income financial instruments (bonds) and instruments of the monetary market. Besides the three funds authorised yesterday, ING Asigurari de
