The biggest stake on the private pension market next year is howthe supervisory authority will calculate for the first time theyield of the mandatory pension funds (pillar II), in June, twoyears from their launch, because this calculation could drive someplayers out of the market.
More exactly, the law says that any fund with a lower profitabilitylevel than the market average (average profitability weighted bythe value of the assets minus a few percentage points) for a yearmay lose its operating licence.
In case the benchmark of the market - minimum profitability - willbe the weighted average of all funds, of which several percentagepoints will be deducted as is the case on the voluntary pensionmarket, the major pension funds will shape the market and theiryield will influence the fate of the other players.
The number of funds on the market has already halved since launch,from 18 to 9, because some managers left the business, despitehaving invested at least several million euros each, and othersmerged.
"The calculation of the average yield weighted by the value ofassets is a high stake situation, there is a risk of having smallfunds below the average," said Mircea Oancea, chairman of thePrivate Pension System Supervisory Commission (CSSPP), specifyingthat talks were being held at the moment to decide how to calculateprofitability.
The top two players on the local market, ING and Allianz-Tiriac,account for more than 60% of the total assets and thereforeinfluence the average..
The guidelines for the calculation of the profitability ofmandatory pension funds has not been published by the CSSPP yet,but a system similar to the one in place on the voluntary pensionmarket is being discussed, where the reference of the market is aaverage profitability weighted by the value of the assets, of whichfour percent are deducted.
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