BCR Asigurari de Viata is poised to enter the segment of optional pension funds once legislation in the domain has been finalised.
The company's shareholders are to add this future activity to the incorporation documents, according to the general manager of the company, Florina Vizinteanu.
"We want to be ready to enter this market segment. We are going to modify the company's incorporation documents and after the Supervisory Commission of the Private Pensions System adopts the enforcement guidelines for Law 204/2006 (pillar III i.e.), we will start operating on the segment of optional pension fund management," stated Vizinteanu.
At the end of this month, the shareholders of BCR Asigurari de Viata are going to discuss the inclusion of the optional pension fund management activity into the company's incorporation documents.
BCR Asigurari de Viata was set up in 2005 by BCR (Romanian Commercial Bank) together with another four affiliated entities. The company's share capital stands at 6.2 million euros (21.9 million RON).
The main shareholder is BCR, with 65.66 percent, while BCR Asigurari, Financiara SA, BCR Leasing and BCR Securities each own 0.68 percent in the stock of the insurer. A stake accounting for 31.61 percent in the share capital belongs to several individuals.
At the end of last year, BCR Asigurari shareholders approved the transfer of life insurance policies to the newly founded company.
AIG Life, ING Asigurari de Viata, Allianz-Tiriac, Delta Asigurari, Generali, Ardaf and Certinvest have also voiced their interest in the management of private pension funds.
Pursuant to the legislation regulating the segment of optional pensions (making up the third pillar of the pension system), the minimum share capital of a company managing such funds will be of 1.5 million euros.
The share capital must be raised by 0.2% for each million euros added to assets in case the total value of assets tops 200 million euros.
Private pension funds can be managed by insurance companies, investment management companies or companies set up for this purpose.
People deriving revenues from professional activities will be able to contribute to optional pension funds, with the maximum level of contributions being set by law at 15% of contributors' gross monthly salary.
The payment of this contribution can be split between employees and employers, according to the stipulations included in the collective employment contract.
Contributions to optional pension funds will be deductible from the income tax within the limit of 200 euros per year.
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