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15-Aug-08 11:15 [Europe, Middle East and Africa]
Romania could secure first private pensions deal The end of the year could bring about the first acquisition in the private pensions market in Romania, a pension news website has reported.
Global Pensions noted that the eastern European country's Private Pensions Supervisory Commission (RPPSC) said that the next few decades could see a boom in schemes, which could total billions in value.
The RPPSC's president, Mircea Oancea, told the news provider that his organisation was expecting to receive a portfolio transfer request and noted that it would probably be small funds struggling to survive on the market.
Global Pensions added that current Romanian legislation decrees that mandatory pension funds must have at least 50,000 members within three years or they will be forced to leave the market, but that this was subject to change by the end of 2009 to allow private pension schemes.
Mr Oancea said: "We will finalise the legislative framework next year."
A recent Romanian survey on voluntary pension schemes found that 57 per cent of employers believed them to be effective in their business, national website Private Pensions stated.
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