Banks start sale of mandatory pensions on the wrong foot

The seven banks already involved in the mandatory private pensions market (pillar II) by establishing management companies have collected only 8% of the total number of participation contracts signed across the entire market, reveals data collected by ZIARUL FINANCIAR. Out of the 17 management companies whose mandatory pension funds have been authorised by the Private Pension Commission (CSSPP), seven were established by local banks, eight by insurance companies already present on the market, and two by financial groups that entered the market specifically to engage in the mandatory private pensions market. After the first month of sales, the total number of participation contracts signed and reported by the seven banks amounted to approximately 90,000, which accounts for 8% of over 1,167,000 contracts reported by the market. Out of all the companies established by banks after the first month, BRD Fond de Pensii has the most signed contracts, according to the information available on the market and centralised by ZF.