Allianz-Tiriac Pensii Private (Allianz-Tiriac Private Pensions) plans to attract 30% of the client base for mandatory private pensions (the second pillar) and to manage assets worth 60 million euros by the end of next year.
The company is among 14 mandatory private pension managers (the second pillar) that have already joined the system, which will be officially launched on September 17. According to a market estimate, out of a client base of around 3 million individuals, 30% accounts for almost one million clients who are available to join a mandatory private pension fund. ING, Aviva and BCR have all declared equally ambitious targets.
"We estimate we will attract over 30% of the available participants to our mandatory pensions scheme," said Crinu Andanut, CEO of Allianz-Tiriac Pensii Private. The company has invested over 4 million euros in a promotional campaign for private pensions, both mandatory (the second pillar), and voluntary (the third pillar), explained Andanut.
The pension firm has received the green light for its own sales force of almost 20,000 marketing agents and has also announced partnerships with five pension brokers, which will bring an additional sales force of 50,000 agents.
The main problem in launching the private pension system, said Andanut, is the delayed validation procedure for the participants. Under the law, each participant in the private pensions system has to sign a single admission agreement with a single fund. Individuals who sign more than one agreement are very likely to be redistributed automatically via the IT system, as part of the "lottery", held after January 17 2008.
Under the current legislation, each client who signs an initial admission agreement is registered in the system and receives a temporary validation.
If the same client signs with another via an agent from another management company, they will be invalidated and redistributed within the system. As a result, neither of the pension fund managers can be certain they will be able to keep the registered client, although both will have to pay a commission to the sales agent. The final validation will only be granted after January 17, when the first phase of the campaign has ended.
"That is why the legislation needs to change, and the final stage of the process needs to be validated faster," believes Andanut. Most mandatory pension managers have requested a change in the legislation, which the Private Pension Commission (CSSPP) is currently working on.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
