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2009 kicks off with mandatory private pension contribution of 2.5 pc of gross income

The contribution transferred to mandatory private pension funds (Pillar 2) will rise 0.5 per cent to 2.5 per cent of the gross income of any participant in the system, from January 2009, Mediafax quoted the president of the Oversight Commission of Private Pension System (CSSPP), Mircea Oancea, as saying. ‘This increase is stipulated in the legislation and will be applied starting with January of 2009, January 20, to be more exact, when the money from contributions to the social insurance budget will be transferred to the mandatory private pension funds (Pillar 2),' Oancea said.

Asked whether the social insurance fund is prepared to withstand such move, the CSSPP official said legislation is quite clear in this respect, and, if the matter is delayed, the authority will present to the decision-makers in charge the arguments that uphold the legislative provisions. According to law, during the first year of activity, 2 per cent of the overall contribution of 9.5 per cent of the gross income paid by each employee into the social insurance fund will be transferred to private pension funds. Within eight years, the rate will rise to 6 per cent.

Interamerican-Bancpost partnership

Within days, Interamerican Pensii and Bancpost will submit to CSSPP the documents required for approval of a merger between the mandatory pension funds managed by the two entities, according to a press release.

‘We have decided to apply to CSSPP to authorise the fusion between the privately-run pension funds of Interamerican and Bancpost. We will go to the CSSPP within the next few days and then it is up to them whether they will okay the tie-up or not,' the general director of Interamerican Pensii, Besim Jawad, said yesterday, adding that the linkup might be approved in one to two months, given the time-consuming procedure.

The fusion between the privately administrated pension funds of Interamerican and Bancpost will produce a single fund called Interamerican Pensii.

 

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Tags: pension funds csspp income interamerican gross private contribution mandatory

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