Almost 4.1 million Romanians have joined one the 18 pension funds on the market, which includes 920,000 in the last ten days.
The last ten days of the mandatory pension campaign brought an unexpected sales peak: almost 920,000 participation contracts were sealed during this period, according to the data ZF collected from the 18 funds. The last bimonthly report on the total number of customers was submitted last Friday. Therefore, after four months, the figure is close to 4.1 million customers, namely 80% of the total number of employees (5.1 million).
Management firms have voiced their surprise at the huge sales volume reported during the final period. The previous sales high was reached a month after the sales campaign started, in mid-October, when almost 690,000 participants had been validated.
Even after the last report, the market maintained the same level of concentration, when the top five funds attracted 3.35 million customers, namely 82% of the total. ING retained its leading position, with 1.32 million customers (and a 32.2% market share), followed by Allianz-Tiriac (1.03 million customers, namely 25.3%), Generali (410,000 customers, namely 10% of the market), Aviva and Interamerican.
The only changes in the top ten were between BT Aegon and BCR. BT Aegon climbed to seventh, with almost 129,000 customers, and jumped above BCR (which dropped to eighth position), with just 124,000 customers. Outside the top ten, the only change was Prima Pensie, which dropped to 13th from 11th.
Of all the 18 funds, only 3 managed to hit their target in terms of customers: ING, Allianz-Tiriac and Generali. BCR and Aviva posted the highest gaps between targets and achievements.
Given the huge number of customers who joined during the last part of the campaign, managers are afraid the number of multiple signatures, errors and ineligible joiners will be higher than usual, but hope the volume of invalidated documents will not exceed 10% of the last days' total. In other words, there are chances that the official data due to be published by the National Office of Pensions and Other Social Security (CNPAS) next week may show the number of validated customers at just over four million.
Under the circumstances, management companies say the number of customers who will be redistributed in the lottery will be way below the expected level.
By law, all employees aged below 35 who did not join a fund or sign with several mandatory pension funds will be redistributed in the lottery, which is scheduled for February.
With the publication of official data for the first four months, CNPAS will also announce the number of participants who will be redistributed.
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