Insurance provider Aviva Romania has submitted a formal request to become authorized as a voluntary private pensions administrator in the eastern European country.

<p>UK-based Aviva is one of the first life insurance companies to submit to the Supervision Committee of Private Pensions System the necessary documentation for licensing as a pillar III private pensions administrator. <br /><br />If successful, the new Aviva voluntary pension will enable a person to contribute a maximum of 15% of their gross monthly revenue. As a result, they will be able to benefit from additional revenue when they become 60 years old. The contributions to the Aviva pillar III private pension will be fiscally deductible in the limit of E200 for employer and an additional E200 for employees.<br /><br />Shah Rouf, Aviva CEO for Romania, has forecast that 600,000 people will apply for private pensions within the first few years. Aviva will be well positioned to provide a competitive offer across the whole of Romania and we expect this to attract the major share of the market, he added.</p>