Aviva Romania has submitted their formal request for authorisation as a voluntary private pensions administrator.
Aviva Romania has submitted their formal request for authorisation as a voluntary private pensions administrator. The British insurer is one of the first life insurance companies to submit to the Supervision Committee of Private Pensions System (CSSPP) the necessary documentation for licensing as a pillar III private pensions administrator.
With a new Aviva voluntary pension a person will be able to contribute up to 15% of their gross monthly revenue. They will be able to benefit from additional revenue when they become 60 years of age. The contributions to the Aviva pillar III private pension will be fiscally deductible in the limit of €200 for employer and an additional €200 for employees.
“Aviva entered the Romanian market in 2000 with a clear objective to be a pioneer within the Romanian private pensions market. Aviva is the largest foreign insurance investor in Romania[1] and we have played an important role in creating pensions standards as a member of the Association for Private Pension Administration (ARPAP). Last year we conducted one of the largest pensions studies in Romania. More than 35% of respondees stated a high interest in private pensions, showing that interest in pensions is strong,” Shah Rouf, Aviva CEO Romania, declared.
“We estimate that 600,000 people will apply for private pensions within the first few years. Aviva will be well positioned to provide a competitive offer across the whole of Romania and we expect this to attract the major share of the market.
“With 300 years history we are the longest operating insurance company in the world. We have an impressive experience in private pension provision and we intend to use this global experience to help Romanians build a secure and a tax effective financial future.”
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For further information:
Andi McLennan
Director Market Development
Telephone +40 21 203 83 00
E-mail andi.mclennan@aviva.ro
Notes to editors:
Aviva group is one of the most powerful financial groups in the world. Aviva is the fifth largest insurer in the world and is the largest in Great Britain. The group has €434 billion assets in management which represent the money of over 35 million clients all over the world (400,000 of these customers are Romanian). Aviva is renowned as the European leader in private pensions and life insurance, and the company maintains top positions in the majority of the markets Aviva operates in.
Commercial Union Polska, part of the Aviva group, is leader on the private pensions market in Poland, having more than 4.5 million clients and managing assets of over €3 billion. The company started to operate in the Polish pension market in 1999, and took a market leading position from the start.
The Commercial Union Pension Fund represents one of the most important investment funds on the Polish financial market. Recently it was awarded Best Pension Fund in Central Eastern Europe by Investment & Pensions Europe magazine.
[1] 2006 Trade Registry of Foreign Investment in Romania