Applied Economy Group plans on collecting 100,000 signatures for the private pension insurers to secure an annual yield at least equal to inflation rate, a measure deemed necessary in current financial crisis. Association for Privately-Managed Pensions in Romania (APAPR) finds the proposal unrealistic and incompatible and that affects Romanians’ long-term interests.

Campaign for collecting signatures

Applied Economy Group (GEA) intends on collecting 100,000 signatures for the private-pension administrators to grant an annual yield merely equal to inflation rate, as the measure is deemed necessary in the current economic downturn, said the executive director of GEA, Liviu Voinea (photo).

”We are bound to contribute to mandatory pension tier, but we have no guarantee on the minimum return. The current financial crisis is increasing concerns on financial security of population. In the mandatory private pension system (tier II), we risk a miserable annuity”, Voinea explained.

The association of Applied Economy Group, together with Cartel Alfa and National Unionist Block announced the delivery of Phare 2006 project “Who and how is taking care of our pension funds?”

Voinea explained that three reports of CSSPP’s activity monitoring will be made under this project, eight regional seminars will be organized, following to be collected 100,000 signatures for the novation of the mandatory private pension laws, aiming to introducing the minimum guaranteed return equal to inflation rate.

“We will launch this signature-collection campaign in early March, and we intend on collecting 100,000 signatures with the help of the two trade-union associations”, he added.

Voinea pointed out that the monitoring reports would be made based on a set of international performance indicators.

APAPR: Unrealistic and incompatible proposal

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