At least 10 private pension management companies in 2008

Over nine companies have expressed interest in managing a private pension fund starting in 2008, although only one insurance company has so far submitted a request for an authorisation with the Private Pension System Supervision Council (CSSPP). “The majority of companies that handle unit-linked insurance have announced their intention to become involved in private pensions for the 2nd pillar (compulsory private pensions) and some of them want to apply for the 3rd pillar as well (optional private pensions), Mircea Oancea, chairman of the CSSPP told ZF. He specified that among the companies that have announced their intention to create a compulsory private pensions fund and have discussed the necessary formalities with the CSSPP are: Allianz Tiriac Asigurari (Allianz Tiriac Insurance), ING Asigurari de Viata (ING Life Insurance), Interamerican, Omniasig, Aviva, Certinvest, Raiffeisen Asset Mangagement, BRD Asset Management. So far, only BCR Asigurari has submitted to the CSSPP an authorisation request to manage a pension fund and an authorisation request for a pension scheme plan for the 3rd pillar. Oancea, however, specified that Allianz-Tiriac and ING Insurance are at quite an advanced stage in putting together their documentation, the two companies having already been granted approval from the Insurance Supervision Commission (CSA).