Private pension association to elect board in January

The Association of Privately Managed Pensions in Romania (APAPR) has adopted a new statute and will elect its management in January, after the pension lottery takes place during the same month, Bram Boon, the current president of APAPR, told ZF. APAPR will act as the professional association for the private pensions market, similar to ARB (for banks), UNSAR (for insurance companies) and UNSICAR (for insurance brokers). “The new statute was voted on December 11 by the members of the Association. We will then elect the new board and establish the length of term,” specified Boon, who is also CEO of ING Asigurari de Viata (ING Life Insurance). He said the elections would be held after the lottery of mandatory private pensions takes place, in order to know the position and size of every private pension company. According to the new statute, APAPR will only include private pension companies (both mandatory and voluntary) and the funds’ depositary banks.