The Private Pension Supervision Commission (CSSPP) authorised the first 5 mandatory private pension funds (the 2nd pillar) on Tuesday and estimates, in total, that 15 firms will receive the go-ahead in time for the system's official launch on September 17.
The five mandatory pension funds authorised on Tuesday are Pensia Viva (managed by Aviva Pensii), AZT Viitorul Tau (Allianz-Tiriac Pensii Private), ING (ING Pensii), Aripi (Generali Pensii) and Vital (BT Aegon).
The same day also saw the number of managers authorised on the market of mandatory pensions reach 12, after BCR Pensii was added to the list.
"With the emergence of the first five funds today (i.e. Tuesday), we have reached the final authorisation stages. Preparations are almost over, with less than a month left until the start on September 17. So far, almost all the necessary conditions have been met for the system to start successfully; from legal procedures to the authorisation of big names, of important investors on the market," Mircea Oancea, president of the CSSPP, told ZF.
The three companies given the go-ahead on Tuesday have to go through one final stage in order receive authorisation for their sales forces. Each company will approach the CSSPP with the list of marketing agents (individuals), who will receive the necessary approval, which will enable each fund to start sales on September 17.
"I'd say 15 companies will be ready to start on this date, i.e. we will have 15 mandatory pension funds," explained Oancea, based on the readiness of the other companies that submitted their licensing papers to the Commission.
So far, 12 companies have been authorised as managers of mandatory private pensions, 5 of which are at more advanced stages (they have received the authorisation for the fund), and 7 that are one step behind (they have only received an authorisation for the fund's prospectus). Additionally, another six companies are on the waiting list to receive their manager licence and are one step farther behind in the race.
Under the law, each mandatory pensions manager can manage one fund, and each client (participant) may join one fund from the existing funds available on the market. All employees under 35 have to join a fund between September 17 and January 17, with the option also being open for employees aged between 35 and 45.
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