In private pension managers' worst-case scenario the share ofclients for whom employers do not pay contributions to privatelymanaged funds (2nd pillar) every month could climb to 35% of thetotal, compared with 30% at present. "I think the rise in thecontribution to 2.5% of the salary (as of March, now it amounts to2%) will be largely mitigated by the clients for whom contributionsare not paid monthly. If the companies' indiscipline is tolerated,the number of empty accounts will rise to 35% of the total," saidIoan Vreme, general manager of Generali Pensii, the third-largestmandatory pension manager on the Romanian market, at an eventorganised by Media XPRIMM.
In the past year many companies had financial problems and didnot pay their social security contributions, and, by way ofconsequence, to private pension funds. At the end of last yearmandatory funds had over 4.9 million clients, 1.5 million of whomdo not receive contributions on a regular basis, which in the endwill see their pension reduced. "I think the share of theseaccounts will see a slight rise, to 32-33% in 2010," believesCornelia Coman, president of ING Pensii, the largest fund manageron this market. Pension fund representatives expect 2nd pillarassets to reach 1 billion euros by the end of 2010, compared with570 million euros last year.
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