Allianz-Tiriac, the current leader on the insurance market, is getting ready to file for a licence to manage optional private pensions (third pillar), stated Crinu Andanut, head of the company's pensions unit.
"The moment we start managing private pensions largely depends on the legislative calendar," said Andanut.
"The money needed for the company's entry on this market has already been earmarked, the budgets have been approved, we only need to review our business plan after the law on the 2nd pillar is passed," he stated.
The final version of the law on compulsory private pensions (2nd pillar) was published in the Official Gazette late last week and this was the moment Allianz-Tiriac was waiting for to settle the final details before filing for a 3rd pillar licence.
Then, says Andanut, the application for participation in the 2nd pillar will be submitted in May-June, with the Pensions Commission due to issue enforcement guidelines for the law in the meantime.
"Overall, we estimate the first options for compulsory pension funds can be made in September, with the first contributions to be registered in January 2008," says Allianz-Tiriac representative.
Thus, pension funds' assets will go beyond 200 million euros in the first year, before exceeding 1.1 billion euros around 2010, says Andanut, on the basis of his estimates on the market. "Around 2.5 million employees will contribute to the 2nd pillar and at the level of 2010 assets will get to 800 million euros. At the same time, the 3rd pillar will have some 500,000 participants in 2010, with assets topping 300 million euros in this case," he specified.
On this market, Allianz-Tiriac is targeting the top position, added Andanut.
"We have the financial power and the necessary distribution network to gain a customer basis large enough to get us a leading position in pension management, as well," says the company's representative.
"We will have several different pension funds, with distinct risk profiles, in order to satisfy as many potential customers as possible (...)," specified Andanut.
Pursuant to the law, a pension fund has to reach at least 50,000 customers in the first three years or otherwise it will be sold and merged with other funds.
"We have bigger plans for the number of customers compared with the legal requirements, though. We will easily go beyond 50,000 customers for each fund that we are planning to set up," Allianz-Tiriac representative also said.
Although at least nine companies have voiced their interest in the management of private pension funds, only BCR Asigurari de Viata has filed for a licence thus far.
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