The capital of the companies managing occupational pension funds may eventually amount to 2-3 million euros and not to 10 million euros, according to one of the amendments proposed by the Chamber of Deputies' Labour and Social Protection Commission to the law draft on the occupational pension funds, sent to Parliament by the Government.
The employees willing to supplement their public pension, as well as their employers, will optionally contribute to the occupational pension funds. The main advantage of these funds is that the contributions will be deductible from the taxable revenues, namely from the income tax, up to the limit of 400 euros (200 euros from the employer and 200 euros from the employee).
"We must make this system attractive, whereas a 10 million-euro capital is oversized, given the 40 million euros estimated to go into these occupational funds in the first years," Smaranda Dobrescu, chairman of the Labour and Social Protection Commission said.
Moreover, another amendment stipulates the fund managers must be companies established especially for this purpose, other than insurance companies or banks. According to the former law, the insurance companies, the financial investment companies (SIF) and the banks were allowed to manage these funds. Many insurers, among which ING Nederlanden, Allianz-Asigurari, Aviva and Generali have voiced plans to operate in this sector.
"The proposal to cut the capital requirements was a good thing. Discussions seem more reasonable now. But demanding distinct companies is a problem. This means new headquarters, a new team, which will definitely trigger additional costs," Tudor Moldovan, director of Generali Asigurari, said.
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