CSSPP has authorised the first voluntary pensions funds according to the 204/2006 law.
CSSPP has authorised the first voluntary pensions funds according to the 204/2006 law. The private pension fund "Pensia Mea" administrated by Aviva is one of them.
A person can contribute to the voluntary (Pillar III) pension system with a maximum of 15% of his gross income and can have an additional income when he gets 60 years old. Pillar III contributions are tax deductible up to the limit of €200 for the employer and €200 for the employee.
The voluntary pension fund "Pensia Mea" administrated by Aviva Asigurari de Viata offers a market relative guarantee as specified in law 411/2004 and has an asset structure as follows:
- 75% fixed income and 25% equities (neutral mix)
- Fixed income mainly composed of treasury medium and long term bonds, very low money market exposure and some corporate credit allocation
- Equities allocation to local stock market and benchmarked to BET (Bucharest Stock Exchange index) and BET FI ( BSE financial index).
The depositary of "Pensia Mea" fund is BRD Groupe Societe Generale.
"We are delighted to be one of the first companies that have received all the necessary authorisations from CSSPP and that and that are marketing agents are fully trained and ready to start collecting contributions." stated Shah Rouf, CEO Aviva Asigurari de Viata.
Recently, the Aviva group published the Customer Attitudes to Long Term Savings Study made in co-operation with Henley Centre Headlight Vision and GfK Romania. The study was made with 25,000 people form 24 countries, including Romania. The study stated that 48% of the pensioners regret not saving enough for the retirement period, Romanian's being the most concerned for not saving enough for retirement.
34% of the Romanians declared they are worried for not saving enough for retirement, compared to 9% of the German people and 4% of Dutch people.
Shah Rouf, CEO Aviva Asigurari de Viata added: "35% of the Romanian people declared that they have no idea where to go to get a recommendation about how to save for retirement. Now, they can come to us and benefit from a free financial analysis from advisers that can recommend products from a comprehensive product suite."
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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:
About Aviva
The Aviva offer is made of long term savings products, private pensions, management of investment funds and general insurances. The group has 434 billion EUR assets in administration which represent the money of over 40 million clients all over the world.* Aviva Asigurări de Viaţă has officially started its carrier in 11 October, 2000 in Romania, at present time the company having a sales force of over 1000 consultants and managers and a net made of 19 branches and 4 development centers.
* on 31 December 2006