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Four optional pension funds merge

The Commission for the Supervision of the Private Pension System (CSSPP) approved on Tuesday the final authorization of the merger of optional pension funds administered by BRD Private Pensions, Generali Private Pensions and Onix Insurance (former OTP Insurance), the institution announced.

Thus the pension funds administered by BRD Private Pensions, BRD Primo and BRD Medio merged, the latter being the absorbing fund.

In the other merger process, the Stable fund administered by Generali Pensions took over OTP Strateg administered by Onix Insurance (former OTP Garancia Insurance). According to the law, the merger authorization process includes two stages: previous and final.'The merger of optional pension funds is made only with the approval of most participants of the pension fund to be absorbed', a press release of CSSPP shows.

At the end of October, BRD Primo and BRD Medio had 6805 clients and net active stock of 9.88 million lei, while Stabil and OTP Strateg had 3964 clients and active stock of 3.41 million lei.

'After obtaining the final authorization of the merger, administrators involved in mergers make both the transfer of participants who do not agree with the merger and those who requested the merger to another optional pension fund, as well as the transfer of participants from the absorbed pension fund to the absorbing fund. At the same time, administrators and depositors of stock of the pension funds involved in the merger are responsible with the transfer of all active and passive stick, rights and obligations, data and documents,' the press release shows.

In case of the merger between Stabil and OTP Strateg, CSSPP will withdraw the administration authorization for the optional pension fund Onix Insurance and wipe it from the Register of the institution. 13 pension funds administered by 11 companies, with 252,283 clients and net stock of 413.59 million lei are found in Pillar III.

Sursa: http://www.actmedia.eu

Tags: pension insurance otp brd merger funds optional administered

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