The Aviva Life Insurance company has started proceedings for authorisation as an administrator of voluntary pension funds - known as Pillar III.
The Aviva Life Insurance company has started proceedings for authorisation as an administrator of voluntary pension funds - known as Pillar III. Aviva is the largest operator in Great Britain and one of the first life insurance companies to submit the documentation required for authorisation to the Oversight Committee for the System of Private Pensions (CSSPP).
With a voluntary private pension from Aviva, 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. Aviva is the largest foreign investor in the insurance industry1 and one of the founder members of the Romanian Association for the Administration of Privately Administered Pensions (ARPAP). Last year, we organised one of the largest market research programmes into pensions in Romania. More than 35% of those surveyed expressed an interest in private pensions, demonstrating that there is excellent potential in this market.
"We estimate that around 600,000 people will apply for a private pension in the first few years, and we hope that, through excellent strategic positioning and our competitive offer, we can persuade a good proportion of them to come to us.
"Aviva has over 300 years of history, making it the operator with the longest experience in this field. We have an impressive level of expertise in private pensions, and our wish is to help the Romanians to enjoy a secure financial future," said 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 acknowledged as the European leader in the field of private pensions and life insurance policies, with the company holding the top position on the majority of the markets in which it operates.
Commercial Union Polska, part of the Aviva group, is the market leader for private pensions in Poland, boasting more than 4.5 million clients and administering over £3 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.
The Commercial Union Pensions Fund represents one of the most important investment funds on the Polish financial market. It was recently named by the journal Investment & Pensions Europe as being the highest performing in Central and Eastern Europe.