Privately managed pensions (pillar II), considered to be thebusiness of the next decades as they will rake up assets worth tensof billion euros, are today entering their fourth year, with over 5million clients and managed assets worth around 880m euros (3.7bnRON).
In the three years in business, the system has met with hurdlesrather than boosts from authorities, while in developed countriesprivate pensions have been operational for a long time and are seenas the best option for having a decent income when retiring.
Thus, the initial contribution increase calendar has been upset:instead of contributions being raised after the first year, 2009,from 2% to 2.5%, their level was frozen and the increase wasapplied as late as this year. Moreover, this spring authoritiesplanned to cut the level of contributions from 2.5% to 0.5% toreduce the public pension deficit, an intention that sparked toughreactions from managers.
"I believe we've built a sound system, but we have not beensuccessful in everything: the asset volume is low because of lowcontributions. We want to reach a 6% level of contributions in ashorter period of time than the initially targeted one, when theeconomy allows us," says Mircea Oancea, CSSPP chairman.
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