A new business for insurersPublish date: 11-08-2008
Private pension payments will be made through distinct funds from those already operational. These funds will be established at the end of 2009, in accordance with a law on pension payment, said the President of the Private Pension System Supervisory Commission (CSSPP), Mircea Oancea.
"We will finalize the legislative framework next year. Now we have one chunk, accumulation funds, and we must develop the law for the payment of pensions, after which there will be a new authorization period," said Oancea.
When someone retires, he must opt for a payment fund to which all his assets will be transferred. The fund may belong to the same administrator or another. The new fund will operate the monthly pension payments and continue to invest the remaining assets.
The activity of funds that could be established by the end of 2009 will initially be lower, as these will take over only Pillar III (optional private pension) clients. The first wave of Pillar II (mandatory private pension) retirements will be paid only 15 years from now.
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei