The National Commission for Financial Markets (NCFM) granted the first license for the management of optional pension funds, to “Aragonn Grup” Voluntary Pension Funds Management Company, whose founder is the insurance company “Asterra Grup”, IPN reports.

In April this year, the NCFM issued the notice regarding the establishment of “Aragonn Grup”. The approval procedure also included the acceptance of the persons proposed for managerial posts at “Aragonn Grup” and the issuance of the prior approval for the acquisition by “Asterra Grup” of the qualifying holding of over 50% of the voting shares of “Aragonn Grup”.

At the next stages, “Aragonn Grup” must submit the necessary documents for obtaining the NCFM’s approvals for the constitution of the pension fund, the depository of the pension fund’s assets and for the optional pension prospectus.

“Aragonn Grup” can set up an individual or occupational pension fund and attract participants by concluding civil society contracts. Interested persons will become participants in the fund after signing the individual adhesion contract and making the necessary contributions. It should be noted that a pension fund must have a minimum of 15 participants.

According to the NCFM, joining a pension fund is an individual option and the status of participant is acquired by signing the membership contract with the pension fund manager and paying the first contribution. The size of contributions to a pension fund and the method of making these are stipulated in the individual adhesion contract, according to the rules of the optional pension plan.