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Romania's pension market watchdog scores out Omniforte fund from Pillar II

The pension market watchdog (CSSPP) decided to erase the pension fund Omniforte from Pillar II, after green lighting the merger between Omniasig Fond de Pensii and BCR Administrare Fond de Pensii, according to data provided by CSSPP.  

The merger between BCR Fond de Pensii Administrat Privat and Omniforte was finalized on July 3.

Omniforte counted 70,000 participants, but only 500 of them asked to be transferred towards other pension funds during the merger period.

At the end of July, BCR Fond de Pensii had more than 211,000 participants and net assets of 72.62 million lei.

The Romanian pension system was reformed in May 2007. Apart from the traditionally state-collected pensions (Pillar I) and the optional private ones (Pillar III), a new type appeared, the mandatory pensions privately managed (Pillar II).

The mandatory private pension market ran net assets of 1.7 billion lei at the end of July, up 8.4 percent on the previous month, according to data of the association for privately administered pensions in Romania (APAPR).

The 13 mandatory private pension funds operating on the market counted almost 4.4 million clients.

Sursa: http://www.newsin.ro

Tags: pension pillar omniforte market bcr

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