Generali: 1.5m-euro advertising for private pensions

Generali Asigurari has budgeted net expenditures worth 1.5 million euros to advertise private pension products in the next three years, according to company’s general manager, Tudor Moldovan. Net sums account for 40-50% of the rate-card advertising tariffs. He says Generali has not yet set the total investment that will go into the private pension funds management. “We have built a budget and a personnel structure, but we are waiting for the (enforcement) guidelines for the third pillar (optional pensions) to come out and to see the final version of the law for the second pillar (privately managed pensions),” says the company’s manager. The Commission for the Supervision of the Private Pensions System is currently devising the regulations to be enforced in the case of optional pensions, which are currently up for public debate. At the same time, the draft for the modification of the law regarding privately managed pension funds is to be debated in the Senate plenum, followed by the Chamber of Deputies and then be sent for promulgation. Generali is looking to hire 25-30 people to work for the company it will establish, which will manage the second pillar pension funds. Fewer employees will be required to manage the third pillar pension funds – some 10 people, according to Tudor Moldovan.