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Tuesday 10 December 2019


Romanian savers’ enquiries about pillar II pensions increase by 145%

Written by Natalie Tuck

Romanian savers’ enquiries to a pension information website about pillar II pensions has increased by 145 per cent year-on-year, according to the country’s Financial Supervisory Authority (ASF).

The ASF monitors how administrators of the privately administered funds respond to the requests registered on the ‘Find out what your pension is’ hosted by the ASF website.

In the third quarter of 2019, 19,451 unique requests were registered in the application, a 145 per cent more than in the same period of the previous year, when 7,921 requests were registered, which ASF said reflects the growing interest in the system of privately administered pension funds.

The total number of resolved requests (contacted applicants, resolved petition), in the third quarter of 2019, was almost 152 per cent higher, compared to the similar period of the previous year.

In the case of 685 requests, the applicant could not be contacted, and in the case of 65 requests, the applicant was contacted, but the petition could not be resolved.

Among the reasons that generated these situations are: the phone number filled in by the applicant was incorrect and there were no other contact details, the applicant did not answer the phone, the applicant refused the conversation, the phone number belonged to another person, the applicant did not complete the email address etc.

ASF said the administrators of the privately administered pension funds generally complied with the 10-day deadline assigned for resolving information requests regarding pillar II membership. The average response time, at the level of the pillar II pension system, was about five days, during the reference period.

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