Optional pension market eyes increase by 16 percent in March

The value of the net assets of the 7 optional pension funds (Pillar III) having launched operations on the domestic market so far increased by 16.03 percent in March, thus amounting to 24.81 million lei (6.7 million euros), according to the data published by the Private Pension System Supervisory Commission (CSSPP).
The 7 optional pension funds (Pillar III) are: AZT Moderato and AZT Vivace, BCR Prudent, ING Clasic and ING Optim, Pensia Mea and OTP Strateg. There were 75,423 clients attracted by such funds in late March. BCR Prudent has the largest number of participants (17,768), followed by AZT Moderato (16,270) and AZT Vivace (14,114).
ING Optim recorded the largest growth in net assets as against the previous month, standing at 30.92 percent. The increase recorded by the other funds stood at 23.45 percent in the case of AZT Vivavce, 23.58 percent in the case of Pensia Mea, 22.96 percent in the case of OTP Strateg, 25.30 percent in the case of ING Clasic and 19.25 percent in the case of AZT Moderator, 5.01 percent for BCR Prudent.

CSSPP has also approved that SAI Raiffeisen Asset Management should operate as a manager of optional pension funds, but it has not started working. Asirom-Concordia informed of its intention to join the market.
The first contributions to the optional private pension fund (Pillar II) were collected in May 2007.
In compliance with the legislation in force, employees aged maximum 52 years and six months can contribute to the private pension funds.
ING considers the number of the participants in the optional pension funds might come to 500,000-600,000 in the end of the year, with the total potential of the market standing at 1.5-1.6 million people.
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