Raiffeisen Pensions the first company to be re-licensed in accordance with requirements of the new law


11.11.2010

Raiffeisen Penions has the great pleasure to announce that it was the first company to be re-licensed by the Albanian Financial Supervisory Authority according to the requirement of the new law. A new law on the third pillar has been approved by the Albanian Parliament on December 10th 2009. This law is in accordance to European directives, International Organization of Pension Supervisors standards, and the World Bank guidelines.

“We are very happy to be the first and I would like to stress that we will do everything in our power to develop this market and to offer the best services offered in other western markets. This is the first real step toward the liberalization of the private pension market and we welcome these measurements”, said Christian Canacaris, CEO of Raiffeisen Bank in Albania.

The object of the activity of Raiffeisen Pensions is to appropriately manage pension funds in order to provide supplementary private pensions for the individuals during their third age period. In addition, employers may also make contributions on behalf of their employees.

“We are very excited to get the new license according to the requirements of the law. We will work hard to fulfill the financial and social needs for adequate income at retirement and to be the market leader in setting new and high standards in the pensions industry in Albania”, Said the CEO of Raiffeisen Pensions, Majlinda Gjata.

Raiffeisen Pensions offers new alternatives of saving and providing income for retirement.

  • The possibility to earn a good rate of return on periodic/small and regular savings;
  • The client/member continues to earn interest during his retirement period
  • The savings in the private pension scheme are inheritable and transferable;
  • Each client has the right to receive the payment of the net-asset value standing to his or her account as a lump-sum or periodic payments, 5 years before the retirement of the public pension system.

Albanian Financial Supervisory Authority is eager to push for reforms in Private pension market and non-banking financial market in general. Recently, a progress has been made regarding pensions industry and other developments are on the way in order to complete the legal framework.

Albanian Financial Supervisory Authority gave one year time to the existing pension companies to apply for the re-licensing and transform these companies in accordance with the requirements of the new law. Raiffeisen Pensions is the first company that has obtained such license in the market. Raiffeisen Pensions will play a crucial role in developing this market which is in the first steps.