Pension administrators want to "archive" empty accounts

Mandatory private pensions administrators (2nd pillar) could “archive” the client accounts into which no money has been transferred so far, so as not to draw up reports and send informative letters to these clients, in view of cutting their operating costs, with the accounts to be re-activated when the first transfer is made. Currently, for 462,000 private pensions clients, out of the over 4.75 million, no money has yet been transferred into their private pension account or to the social security state budget. “Empty accounts” make up 9.7% of the overall number of private pension clients. Clients for which no money has been transferred (funds started to collect contributions on May 20th 2008) or for which payments are not made every month, will have significantly diminished pensions. “We are now in the process of modifying norms, and when this is close to an end, we will also discuss empty accounts. We will suggest that after a certain time has passed without any money being transferred, the account be put on hold and no longer be active,” said Mircea Oancea, chairman of the Private Pensions System Supervisory Commission (CSSPP).