Several Romanian Mandatory Private Pension Funds Fined RON5.2M For Breaching Competition Law

Competition Council president Bogdan Chiritoiu told a news conference that the 14 pension funds breached the law regarding the distribution of pension fund contributors, which stipulates that contributors to more than one pension fund must be distributed randomly. Chiritoiu added that the 14 funds agreed to distribute contributors among themselves.

About 78,000 people who contributed to several mandatory private pension funds were not distributed according to the law, said Chiritoiu, citing Competition Council data.

The private pension funds in question are ING Fond de Pensii, which must pay a RON1.573 million fine, Allianz-Tiriac Pensii Private (fined RON1.259 million), Generali Pensii Private (fined RON474,333, Aviva Fond de Pensii (RON422,868), BCR Pensii (RON391,809), Eureko Pensii Private (RON382,215), Alico Fond de Pensii (former AIG Fond de Pensii) - RON293,443, BRD Pensii Private (RON165,911), Aegon Fond de Pensii (RON150,301), Omega Interconsult SRL (former OTP Fond de Pensii) - RON58,699, KD Real Management Solution SRL (RON21,839), Prima Pensie Fond de Pensii (RON13,713), TBIH Management Services SRL (RON4,748) and IMO Property Investments (RON1,815).

According to the Competition Council, this is the first instance of infringement of both local and EU laws on competition. Chiritoiu said that private pension system regulator CSSPP had knowledge of the way contributors were distributed.

If you liked this story, please follow MEDIAFAX.RO on FACEBOOK »

The content of mediafax.ro is for your information only. Republishing or using this content is forbidden without express consent of MEDIAFAX. For this consent, please ask for it by mail at vanzari@mediafax.ro.