Generali prepares for compulsory pensions

Generali Asigurari (Generali Insurance) intends to apply for licence for its pension company that will manage 2nd pillar pensions (compulsory pensions). “We have begun to structure our company and have already employed the “core” group of our management team, which includes five people who have worked in finance and particularly banks,” stated Ioan Vreme, project manager at Generali Fond de Pensii (Generali Pension Fund), Generali’s private pension division. He says that until the compulsory pensions system starts operating, the company will only hire around 15 more people. “A team of twenty people is sufficient, for the time being. However, when the pension contributions start, the number of employees will either rise or fall depending on the company’s product portfolio,” explains Vreme. For distribution, the pension company will use the Generali Asigurari sales force (comprising around 3,000 agents) as well as brokers. Ioan Vreme refused to specify the total investment earmarked for Generali Fond de Pensii.