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Banca Transilvania Financial Group assists the future in Romania through self invested pension plans

Comunicat de presa 2020-11-27
Banca Transilvania Financial Group assists the future in Romania through self invested pension plans

Banca Transilvania's clients have the opportunity to contribute to the Pensia Mea (My Pension), a voluntary self-invested pension fund. They can opt for it in all  Banca Transilvania’s branches throughout the country. The Pensia Mea Fund is managed by BT Pensii, the newest brand in the Banca Transilvania Financial Group and the only Romanian company dedicated to managing voluntary self-invested pensions.

In 2019, the BT Group announced the intention to expand its financial services in the field of private pensions through the acquisition of Certinvest Pensii, which manages the Pensia Mea fund. Certinvest Pensii became BT Pensii in February 2020 and by that time it already managed over 75 million RON and had 9,500 participants in the self-invested pension plan. During the integration period of the new company in BT, while over 850 agents received trainings and certifications, the number of investors in the Pensia Mea fund increased to over 16,000, and the amount managed to 89.5 million RON.

"As we are the favorite bank of the Romanians, we want to become the first option for people who are building their future, those who currently work and save. Our priority is to create a community in which, as many active people as possible, feel prepared for the future from a financial point of view. Romania is our home, we are glad to invest here and support the future of our country.”- Gabriela Nistor, Deputy Chief Executive Officer Retail Banking, BT.


The voluntary pension completes the public pension

The privately managed self invested pension means that monthly contributions are placed in an accumulation fund, for a future pension, which completes the public pension. Both an employee and the employer on behalf of the employee can contribute to this fund, as an additional benefit to the monthly salary. The first step towards Pensia Mea is the discussion with one of the retail agents from any BT branch and the signing the specific documents. Both individuals and companies have permanent access to information by opening an online account through the BT Pensii website. After each contribution transferred, BT Pensii informs by SMS the beneficiary of the pension plan.

The employees with a work contract must notify the employer regarding the individual document for joining Pensia Mea, if they want the employer to retain and transfer the contribution. The persons who have incomes from liberal professions will transfer on their behalf the value of the contribution registered in the initial documents to join the fund Pensia Mea, in the account mentioned on these documents.

Prepared for tomorrow. What does Pensia Mea mean:

  • An additional income: It is an accumulation fund from which a person can benefit after the age of 60;
  • Flexibility: The contribution must be of at least 60 RON/ month and a maximum of 15% of the monthly gross income. The amount can be modified at any time and, moreover, there is the option of suspending the contributions for a period, with the subsequent resumption of the contributions;
  • Fiscal facility: The monthly contribution to the privately managed voluntary pension is tax deductible, up to a limit of 400 euro / employee and fully deductible for the employer;
  • Easy management of the funds: The payment is made directly from the current account or by the employer
  • Sustainable future: The earlier a person starts saving, the longer the investment period  will be, up to 60 years.

The activity of BT Pensii is coordinated by Corina Cucoli, Chief Executive Officer. With over 25 years of experience in the management field, out of which 15 years were in the financial sector, she is a founding member of the self-invested pension fund Pensia Mea. Corina Cucoli contributed to the creation of the private pension market in Romania in 2007, with the introduction of Pillar II of the mandatory private pensions. According to the data provided by the National Institute of Statistics, in January 2020, the average age of the population was 41.7 years, and the highest share in total, the age group 40 - 44 years, representing 8.6%.

The demographic aging index increased in Romania from 112.1 (on 1.01.2019) to 115. That means 6 elderly people per 100 young people (on 1.01.2020).The phenomenon of demographic aging has been accelerated: the population aged 65 and over has exceeded the young population (0-14 years) by 507,000 people. Given the trends, the usefulness of an additional pension system appeared, in addition to Pillar I (state pension) and Pillar II (mandatory private pension), namely Pillar III (privately managed self-invested pension). Everyone interested in the Pensia Mea pension fund, can also get information on our financial education platform, Intreb BT (AskBT).