The timetable for the setting up of the private pensions system will not be influenced by the letter sent by some of the future managers as they stand no chances of changing the law on the pillar II or postpone the start of the market, says the head of the regulatory authority.
The system of compulsory private pensions would be launched at the initially set date, namely January 1, 2008, that is at the time when the first contributions to the system would be collected, Mircea Oancea, chairman of the Private Pension System Supervision Commission (CSSPP), told ZF.
"Collecting contributions to pillar II can only be delayed for technical reasons or through a political decision, but this is highly unlikely," said Oancea. His statements come as a reaction to the letter nine potential pension managers sent to the authorities last week.
The letter included 5 points of criticism related to the law on pillar II, which the signers of the letter wanted to be modified, which would delay the implementation of the system. The 5 points were related to the too low level of contributions and management fees, lack of clarity regarding the simultaneous management of a pillar II pension fund and of several pillar III funds, the unclear definition of the minimum profitability rate within the law, as well as to the short period during which people can join a pillar II fund.
The letter was signed by 7 insurers (AIG Life, Allianz, Aviva, Generali, ING, Interamerican, Omniasig Viata) and by 2 investment management firms (Certinvest and Raiffeisen), being addressed to the President, the Parliament, the Government, the Labour Ministry and the Pensions Office.
Mircea Oancea says, though, that not all the issues raised by the signers of the letter are justified. "In addition, their approach was incorrect. Instead of endless discussions, we should implement the system and adjust it as we go," he believes.
"Our priority for pillar II is to start the licensing process, followed by people joining funds and then contribution collection," he underscored. Starting August, there will be a 4-month period during which all employees below 35 and optionally employees aged between 35 and 45 years will join one of pillar II private pension funds.
After these 4 months, people who will not have expressed their options will be automatically redistributed to funds on the market, in line with the number of already existing clients.
"I don't know what's going to happen if we don't launch private pensions this year, either. We have an incredible structural problem with the pensions system. (...)," says Sebastian Vladescu, Finance Minister, criticising the moves to modify the legislation approved last year.
Oancea's statements
Came as a reaction to a letter signed by 9 potential pension managers that was sent to authorities last week, criticising the law on pillar II
The system of compulsory private pensions will be launched at the pre-set date of January 1st, 2008
Contribution collection can be delayed only for technical reasons or through a political decision
Not all the issues raised in the letter were justified
The system should be implemented and modifications can be made along the way
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