Pursuant to the press release issued yesterday, 3 March 2010, by the Oversight Committee for the System of Private Pensions (CSSPP), in which the committee announced that it was sending a written warning to Aviva Societate de Administrare a Unui Fond de Pensii Privat SA.
Pursuant to the press release issued yesterday, 3 March 2010, by the Oversight Committee for the System of Private Pensions (CSSPP), in which the committee announced that it was sending a written warning to Aviva Societate de Administrare a Unui Fond de Pensii Privat SA (Aviva Administration Company for a Private Pension Fund SA) concerning the violation of the provisions of article 86 para (1) letter (a) of Law no 411/2004 on privately administered pension funds, republished, with its subsequent amendments and additions, for having exceeded the maximum applicable limit on administration fees retained by the administrator from gross contributions made in the period January 2009 – September 2009, our company wishes to make the following points:
In accordance with the current legislation, the fee that applies to the fund administrator is a maximum of 2.5% of the value of the monthly contribution made by the CNPAS for each stakeholder in the respective fund. For those stakeholders to whom an unequal amount has been paid in any given month, an amount to three decimal places (for example, 1x2.5%= 0.025 RON) will be paid after the commission has been calculated.
In 2008, Aviva Societate de Administrare a Unui Fond de Pensii Privat (Aviva Administration Company for a Private Pension Fund) calculated the net amount and subsequently the administration fee as the difference between the gross amount and the net amount, a calculation which favoured the stakeholders in the pension fund. Therefore, Aviva Societate de Administrare a Unui Fond de Pensii’s commission decreased by 4,098.88 RON.
In the year 2009, in accordance with instructions received from the CSSPP, the administrator’s fee was calculated initially, followed by the net amount as the difference between the gross amount and the commission – after rounding-up this therefore left a bonus of 4,620.17 RON for the administrator. At the stakeholder level we are talking about a maximum amount of 0.045 RON for nine months and 0.005 RON for one month.
On 28 February 2010 the total accumulated difference for a stakeholder would be 0.05267 RON (of which 0.045 RON is the difference based on the principal amount – after rounding-up of the amount and 0.005 RON x nine months, and 0.00767 RON is the difference based on the NAV appreciation for all the amounts).
Aviva Societate de Administrare a Unui Fond de Pensii Privat (Aviva Administration Company for a Private Pension Fund) will set its commission for 2009 in accordance with the CSSPP’s instructions within 30 days.
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The point of contact for further information:
Adina Ioniţă – Manager Distribution Marketing
Telephone: 0724 204 217
E-mail: adina.ionita@aviva.ro