Omniasig Pensii Private, the Romanian company specialising in pensions of the Vienna Insurance group, is to focus on selling optional pensions to corporate customers from its portfolio this year, says sales manager Cristian Span.
According to Span, Omniasig will file an application to authorise the sale of optional pensions (pillar III) within two weeks at the latest, and will begin by focusing on the corporate sector.
"At first, that is this year, we intend to sell optional pensions on the corporate segment to companies that are already part of our portfolio. In fact, most optional pension managers will probably have the same strategy, as the retail sector will not be attractive at first, due to the overlapping with the period for the sale of compulsory pensions. This year we will have a small team specialising in corporate sales, which we will subsequently expand," he stated.
With 4 licensed managers (ING Viata, Allianz-Tiriac, Aviva, BCR Viata) already on the market, a further two pending licensing (OTP Garancia and Raiffeisen AM) and a total of eight optional pension funds set to be launched, the first contributions to optional pensions are expected to be made as early as this month.
All people aged below 52 can contribute to the system of optional pensions with a limit of 15% from their monthly gross incomes, on the strict condition that their incomes are paid in the form of a salary. Despite setting up their pension programme later than several rivals, Omniasig believes it will catch up by selling optional pensions to companies with a large number of employees.
As for compulsory pensions (pillar II), where sales will take place from August-November, Span believes success will largely depend on a public information campaign. "This campaign is vital in terms of educating people. The system is secure and well regulated, but it will take a long time until we gain the full confidence of the public," he added.
After the 4-month period has expired, the employees aged below 35 that did not choose any of the available funds, will automatically be redistributed to pension managers from the system. Cristian Span believes the obligation to participate in the compulsory private pension system may bring problems. "Probably as many as half the people contributing to pillar II, will not have made an option by the end of the four-month period.
Span adds that in terms of distribution; Omniasig's campaign strategy for the sales of pillar II pensions will involve pension brokers, namely new companies specialising in selling pensions.
Overall, Omniasig wants to gain a share of around 10%-12% of customers from the private pensions system.
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