GIURESCU, ASF: We are working on the retirement pay law, as well as on the implementation of occupational pensions
“In all these years we – authorities, administrators, supervisory authorities – have made together the history of this market. We succeeded in setting up a system in which many people believed and which was quite disputed even before, but also after it was applied. What I think is very good is that amid this turmoil we managed to obtain unexpected results, without bringing forth dissatisfaction and noise. Even if occasionally there were discussions, we all know that a solution that pleases everybody is not necessarily the right solution,” pointed out Ion GIURESCU, ASF Vice President for the private pensions field, five years after the setting up of Pillar II.
“You, the market operators, contributed to drafting the actions we will also take in the future. (…) For example, the retirement pay law is to be passed, along with the occupational pensions. A project is currently being discussed at the Ministry of Labor, which will also be passed on to the Ministry of Finance. More so, on Pillar III it is desired to raise the deductibility threshold from EUR 400 to EUR 1,000 EUR,” went on the ASF Vice President.
During our discussions that took place today, within the Private Pensions Day, the operators in the private pensions industry emphasized, among their expectations related to the functioning of the newly formed supervisory authority – ASF, a few essential aspects: decisional debate and transparency, cost- and decision-making effectiveness, experience and professional training, the principled harmonizing of regulations.
In the opinion of the private pension funds’ administrators, the absolute priority on the ASF agenda should be the legislative stability and predictability. With ASF, “we would like to have the same good collaboration we had with CSSPP, but first of all we want decisional debate and transparency. Also, we are expecting cost-effectiveness. However, we believe this is a good time for placing experienced professionals in key positions and for harmonizing regulations in principle,” pointed out Mihai COCA-COZMA, APAPR Vice President.
The revival of Pillar III, the promotion of the pay law, the reviewing of the risk/provisioning framework, as well as system cost-effectiveness are equally on the list of priority topics in the operators’ dialog with the supervisory authority.
“Among the priorities are the regeneration of Pillar III, the promotion of the law on the market, the reviewing of the risk framework, as well as provisioning and system cost-effectiveness,” went on APAPR Vice President.
The seventh edition of the “Private Pensions Day” was held today in Sinaia, within the International Insurance-Reinsurance Forum – FIAR 2013. In the event organized by courtesy of the companies ALLIANZ-TIRIAC Pensii Private, GENERALI Pensii and AEGON Pensii Private, participated specialized market operators’ representatives, those of the supervisory authority, and other specialists in finances and investments. The conference proceedings were moderated by Ioan VREME, CEO, GENERALI Pensii.