ING has 333,000 signatures for mandatory pensions

ING Fond de Pensii (ING Pension Fund) has secured over 333,000 signatures for mandatory private pension contracts (the 2nd pillar) in the first two weeks since the launch of the system, company representatives told ZIARUL FINANCIAR. ING targets a 30% market share, with similar targets being announced by three other pension management companies: Allianz-Tiriac Pensii Private, Aviva Pensii and BCR Pensii. On Monday, however, they did not reveal the number of signatures secured within the first two weeks. The initial campaign for the sale of mandatory pensions started on September 17 and will last for four months, i.e. until January 17, and targets almost 3 million employees. Every two weeks, the companies send reports concerning the signed contracts, to the National Pension House (CNPAS), in order for the mandatory pension contracts to be temporarily validated. The first reports took place on Monday, when ING reported 247,000 contracts (registered until last Tuesday). It is impossible for any company to know exactly how many clients it will get until after January 17, 2008, when the clients’ definitive validation takes place. ING had reported over 178,000 mandatory pension contracts signed in the first week, whilst other companies announced preliminary data. AVIVA closed around 65,000 contracts in the first seven days, BT Aegon 10,000, Generali 76,000 (in the first 10 days), and AIG closed 40,000 by the end of last week.