The Council of the Oversight Committee for the System of Private Pensions (CSSPP) today approved the request by the Aviva Life Insurance company for authorisation as an administrator of voluntary pension funds.
The Council of the Oversight Committee for the System of Private Pensions (CSSPP) today approved the request by the Aviva Life Insurance company for authorisation as an administrator of voluntary pension funds. During the same session, the CSSPP also approved the request for authorisation of the prospectus for the voluntary pension scheme "My Pension".
Aviva is the second life insurance company to receive a decision for authorisation from the CSSPP.
In accordance with law nr 204/2006 regarding voluntary pensions, authorisation of the first prospectus for a voluntary pension scheme is granted at the same time as authorisation for administering pension funds. An administrator can administer one or more voluntary pension funds, but for each one he/she will require a prospectus for an voluntary pension scheme which must be approved by the CSSPP.
With a voluntary private pension, an individual can contribute a maximum of 15% of his/her gross monthly income to the voluntary pensions system, allowing him/her to benefit from an additional income on reaching the age of 60. Contributions to pillar III are tax-deductible, capped at €200 for the employer and €200 for the employee.
"We entered the Romanian market in 2000 with a clear objective in mind: to be pioneers in the private pensions market and now we can finally do this!1 What is extremely important to us is the fact that we can now offer to the Romanians the possibility of enjoying a period of retirement free of financial worries. We hope that an ever greater number of people will apply for a private pension in the coming years, and, thanks to our competitive offer, we hope to persuade them to opt for our products. Aviva is the number one provider of pensions and life insurance policies in Europe, being the operator with the longest experience in this field," according to Shah Rouf, director general of Aviva Life Insurance.
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For further information:
Giliola Ignat
Telephone: 203 83 73
Notes to editors:
1 The 2006 trade register
The Aviva group is one of the most influential financial groups in the world, administering €434 billion worth of assets representing the money of over 35 million clients worldwide (400,000 of whom are Romanians). Aviva is the largest company in Great Britain and the fifth largest on an international scale.
The Pensions Fund administered by Aviva Poland represents one of the most important investment funds on the Polish financial market, and was recently named by the journal Investment & Pensions Europe as being the highest performing in Central and Eastern Europe.
Aviva is the market leader for private pensions in Poland, boasting more than 2.6 million clients and administering over €8 billion worth of assets. The company began operating in this market in 1999, at the time when reform of the pensions system was launched in Poland, and has occupied the position of market leader right from the outset.