The regulator will issue final authorization after the funds’ participants are informed of the way and timeline of the merger of the voluntary private pension funds, and after the majority of participants have agreed to the merger.
Aviva Pensii Private will be left out of the contributor distribution process and may not sign up new contributors to the Pensia Viva fund, as per the regulator’s decision.
At the end of July, Pensia Viva was the fifth largest fund, with assets worth 560.5 million lei (EUR124.8 million) and 430,512 clients. The Alico fund had 374,529 clients and net assets of RON584.1 million. Total net assets on the mandatory private pension segment amounted to RON8.21 billion for RON5.67 million clients.
In August, London-based insurer Aviva announced it had completed selling its life insurance operations in Romania, Hungary and the Czech Republic to the local subsidiaries of U.S. insurer MetLife, represented in Romania through Alico Asigurari.
Aviva Pensii also operates on the voluntary pension segment, with the Pensia Mea fund, which had 10,300 clients and assets of RON25.9 million on July 31, according to CSSPP data. (EUR1=RON4.4898)