Marsh: Brokers will handle 7-8% of voluntary pensions

Insurance and pension brokers will intermediate only 7-8% of the number of new voluntary pension contracts (3rd pillar) starting this year, estimates Daniela Barbieru, senior consultant at Marsh, one of the largest insurance brokers on the market. “Under the current circumstances, this year, the voluntary pension market could potentially reach 200,000 – 300,000 participants,” she said. This means that the share of brokers in the total number of clients could total between 14,000-24,000, according to her estimates. So far, 34 pension and insurance brokers have secured authorisations to sell voluntary pensions, when the market expects attention to switch from mandatory pensions (2nd pillar) to voluntary pensions (3rd pillar). “2008 will definitely be an important year for voluntary pensions. With the subscription period for the 2nd pillar ending, the population is now better prepared with a view to saving for retirement,” says Daniela Barbieru, adding that the development of the market will be aided by the shift of the sales force (from mandatory pensions to voluntary pensions), and by the increased interest of employees in voluntary pensions.