The official launch of the mandatory pension system (pillar II) will be postponed until September 17th- a delay of at least one month after the previously considered date (August), the Private Pension System Supervision Commission (CSSPP) announced yesterday.

On this date (in two months' time to be precise) the four-month campaign to join a mandatory private pension fund will begin. Every employee below 35 years of age (up until December 31st this year) will have to join a mandatory pension fund, with the option also open to employees aged up to 45 years.

Advertising campaigns for mandatory pensions are permitted to start on September 17th, simultaneously, for each individual fund manager. The Commission prohibits any marketing and advertising operations before the approved date.

"September is a start date that everyone is satisfied with," says Mircea Oancea, CSSPP chairman, commenting on the recent requests from labour unions (that want the system delayed by at least two months) and to the objections of the companies on the private pension market (which say they are ready to begin in August, as initially planned).

"A longer period of time allotted for licensing will give contributors the ability to choose from a wide variety of funds, with different characteristics." This is how the Commission chose to explain its decision to postpone the start of the system.

The initial period allowed for joining a fund will be exactly four months, followed by a "lottery", which will redistribute the employees below 35 years of age who have not chosen a fund by the required time, proportionate with the number of contributors already attracted.

The first contributions to the system will most likely start being collected in February or March next year, later than initially planned (January).

Meanwhile, the number of companies interested in th