Banca Transilvania customers can contribute to the Pensia Mea voluntary pension fund through the bank’s more than 500 branches and agencies nationwide, to build a privately managed voluntary pension. The Pensia Mea fund is managed by BT Pensii, the newest brand in the Banca Transilvania Financial Group and the only Romanian voluntary pension management company.

BT Group announced in 2019 its intention to expand its financial services into private pensions by acquiring Certinvest Pensii, which managed the Pensia Mea fund. Certinvest Pensii became BT Pensii in February this year, at which time it managed over 75 million lei and had 9,500 participants in the voluntary pension. This was followed by the integration of the new company into BT, training and certification for 850 marketing agents, and pilot phases. Over the same period, the number of participants in the Pensia Mea fund increased to over 16,000 and assets under management to 89.5 million lei.

“As we are Romanians’ preferred bank, we aim to become the first choice for people who are building their future — those who work and save today. Our priority is to create a community in which as many active people as possible feel financially ready for the future. Romania is our home; we are glad to invest here and to support the future in our own country” - Gabriela Nistor, Deputy CEO Retail Banking, BT.

The voluntary pension complements the state pension 

A privately managed voluntary pension means money accumulated in a fund for a future pension, which complements the state pension. Both the employee and the employer can contribute on the employee’s behalf as an additional benefit to salary. The first step towards Pensia Mea is a discussion with one of the marketing agents in BT branches and signing the enrollment form. Both individuals and companies have permanent access to information by opening an online account via the BT Pensii website. After each transfer, BT Pensii informs every Pensia Mea participant by SMS.

Employees with an employment contract must notify their employer of the individual enrollment form for Pensia Mea, and the employer will withhold and transfer the contribution. People who earn income from liberal professions will transfer, in their own name, the contribution amount stated in the enrollment form to the Pensia Mea fund, to the account specified in the enrollment form.

Ready for tomorrow. What Pensia Mea means:

• An additional income: It is an accumulation fund a person can benefit from after the age of 60;
• Flexibility: The contribution must be at least 60 lei per month and no more than 15% of gross monthly income. The amount can be changed at any time and, moreover, there is an option to suspend contributions for a period and resume later;
• Tax benefit: The monthly contribution to the privately managed voluntary pension is tax-deductible, up to EUR 400 per employee, and fully deductible for the employer;
• Easy money management: Payment is made directly from a current account or by the employer;
• A sustainable future: The earlier a person starts saving, the longer the investment period until age 60.

According to the National Institute of Statistics, in January this year the average age of the population was 41.7 years, and the largest share of the total was the 40–44 age group, at 8.6%. The demographic ageing index in Romania rose from 112.1 (as at 1 January 2019) to 115.6 elderly people per 100 young people (as at 1 January 2020). The ageing trend intensified: the population aged 65 and over exceeded the young population (0-14 years) by 507,000 people. Given these trends, the need for a supplementary pension system has emerged, alongside Pillar I (state pension) and Pillar II (mandatory private pension), namely Pillar III (voluntary private pension).

Those interested in Pensia Mea can also find information on the bank’s financial education platform, Intreb BT.