Two new funds on optional pension market

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Two new funds on optional pension market
Two new optional pension funds BRD PRIMO and BRD MEDIO, administered by SC BRD Private Pension Funds Administration Company SA, have been authorized on Tuesday, May 19, by the the Council of the Commission for the Surveillance of the Private Pension System (CSSPP) to manage optional pensions (Pillar III), CSSPP informs in a release.
So far, 12 optional pension funds were operational on the optional pension fund administration market, as well as 10 authorized administrators, monitored and controlled by CSSPP, namely AZT Moderato (Allianz-Tiriac Private Pensions), AZT Vivace (Allianz-Tiriac Private Pensions), Concordia Moderat (Asirom Concordia Pensions), My pension (Aviva Life Insurance), Max Pension (Aviva Life Insurance), BCR Prudent (BCR Life Insurance), Eureko Comfort (Eureko Pensions), Generali Stable (Generali Pensions), ING Classical (ING Life Insurance), ING Optimum (ING Life Insurance), OTP Strateg (OTP Garancia Insurance) and Raiffeisen Accumulation (Raiffeisen Asset Management).
Risk profile of the two new optional pension funds is low for BRD PRIMO and respectively average for BRD MEDIO.
According to the legislation, each optional pension fund is associated with a certain risk degree. Between 85 percent and 100 percent of the total fund assets are considered with a low risk degree, the money being invested into low risk instruments (treasury bills, bonds issued by non¬governmental foreign bodies, other financial instruments fully guaranteed by the state).
As for the average risk degree, these instruments account for 65 percent to 85 percent of the total fund assets and as for a higher risk degree they account for 50 percent and 65 percent of the total of fund assets.
According to the latest available data, at the end of April this year, a number of 164,790 participants were involved into the optional pension fund system and the net accumulated assets stood at almost 122 million lei.
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