The government meets on Thursday, from 11:00, and on the agenda is the draft law on the payment of private pensions. According to the project, the payment of private pensions will be realized through funds specially established for this purpose, which will be managed by specialized companies.
Prime Minister Ilie Bolojan Photo: Gov.ro
The draft normative act establishes rules regarding the establishment and authorization of the payment funds of private pensions in Pillar II. Thus, the beneficiaries will be able to withdraw 30% of the amount collected when they reach the retirement age, and the rest of the money would be staggered over a period of eight years.
A fund for the payment of private pensions will be administered by a private pension supplier, authorized by ASF.
Regarding the organization and functioning of the payment system of the private pension, the draft law proposes solutions lined with current practices from other Member States of the European Union, as well as the specificity of the private pension market, thus taking into account aspects such as:
-Deleting the activities specific to the accumulation phase and the payment of pensions, the high degree of coverage of the privately administered pension system (Pillar 2 had, in February 2025, over 8.3 million participants);
-the relatively low ration of awareness regarding the holding of the quality of participant in Pillar 2, the average value of the individual pensions accounts, the importance of an option that guarantees the member of the payment fund to benefit from the full reimbursement of the funds accumulated in his pension account, etc.
Thus, in order to counterbalance the low rank of awareness existing among the population regarding the holding of participant in the Pillar 2 of pensions, in the preceding stage of fulfilling the retirement conditions for the age limit are instituted information obligations to the administrators of pension funds, according to AGERPRES.
This draft law establishes the minimum amount necessary for the acquisition of a private pension, respectively for the transfer of the personal asset of the participant to a payment fund, its value being 12 times the value of the social allowance established for the pensioners in the public pension system.
“The value of the personal asset which is below the mentioned threshold is paid directly by the administrator to the participant, in the form of unique payment or payments staggered for a maximum of 5 years, based on the request made by the latter”, it is shown in the exposition of reasons of the normative act.
