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Romanian Pension System Snapshot 2011

Romanian Pension System Snapshot 2011. Crinu Andanut Phd, CEO. Split, September 2011. Content. Romanian Pension System Up to date market situation Investment results Latest initiatives on the agenda. I. Romanian Pension System. Romanian Pensions System. Public Pension Funds.

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Romanian Pension System Snapshot 2011

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  1. Romanian Pension SystemSnapshot 2011 Crinu Andanut Phd, CEO Split, September 2011

  2. Content • Romanian Pension System • Up to date market situation • Investment results • Latest initiatives on the agenda

  3. I. Romanian Pension System

  4. Romanian Pensions System Public Pension Funds Private Pension Funds Private Pension Funds Mandatory membership Employee contribution: 10,5 % from employee gross salary (income) Employer contribution : 20,8% related to employee gross salary (income) Mandatory membership for employees < 35 years old Voluntary membership for employees > 35 years old, but < 45 Contribution (in 2011) : 3% from employee gross income • Voluntary membership. • Contribution: • - max. 15% related to gross income; • joint contribution (employee & employer) is encouraged through the • tax deductibility of 400 eur/year for both employee & employer Administration fees:N/A Administration fees: ≤ 2,5% of each contribution ≤0,05% of AuM / month Administration fees: ≤ 5% of each contribution ≤0,2% of AuM / month

  5. II. Up to date market situation

  6. Market Situation, first half 2011 – P2 (Mandatory pension funds)

  7. Market Situation, first half 2011 – P3 (Voluntary pension funds)

  8. Pillar 2 (mandatory pension funds) direct sales analysis

  9. III. Investment results

  10. Investment Returns (P 2 & P 3 AZT Funds)

  11. Romanian Market Investment Returns * CSSPP Data relevant for 31/07/2011 ** Calculated as a weighted average of funds returns based on the fund market share

  12. Market weighted average returns versus Inflation

  13. Portfolio Asset Allocation Structure – Pillar 2

  14. Portfolio Asset Allocation Structure – Pillar 3

  15. IV. Latest initiatives on the agenda

  16. Latest initiatives on the agenda • Private Pensions Guarantee Fund • Gross contributions guarantee • Life time cycle (Pillar 2) • Pay-out phase legal frame • Occupational pensions

  17. Thank you for your attention!

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