The first Voluntary Retirement Program authorized in Moldova

 The private voluntary pension fund of Moldova, “First Pension Fund”, launched its first program called “Victoria Rational”. It was authorized by the National Commission for Financial Market and is meant for both businesses and individuals. The company’s officials declare: “At first we will conclude agreements with corporate clients and accept applications from individuals who by 1 January 2009 will also become members of the Fund”. Also, “together with VICTORIABANK we have decided that the time has come for a new stage in the history of Moldova’s private voluntary pension system development. Private pensions will help improve the quality of life for senior citizens, taking into account that nowadays an average pension makes up only 27% of the average salary and the country’s demographic situation is getting more and more deplorable. As the same time, the program provides companies with a possibility to supplement, with maximum efficiency, the package of benefits that they offer their employees together with a basic product”, specified Alexandru ZGARDAN, Director of the private voluntary pension fund “First Pension Fund” for XPRIMM Newsletters.

    Victoria Rational Voluntary Retirement Program is proposed by an open fund that will invest in various financial instruments in order to maximize profit for beneficiaries. Its primary goal will be guaranteeing investment safety.

    It is worth mentioning that the “First Pension Fund” is so far the only private voluntary pension fund registered by VICTORIA Asigurari at the end of year 2007.

   Presently, the Republic of Moldova has a Law on private pension funds which was developed in 1999 and now requires significant revision and updating. Furthermore, the regulatory basis of this Law has not been developed, which gives rise to certain technical obstacles in management of such fund.

 

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