The draft law of payment of private pensions, 45 pages, drafted in an extremely technical language, is intended to regulate payments for millions of future pensioners, of which many do not even know that they have such savings. Where are the debates, conferences, simulations, estimates, figures?
♦ The ambiguities in the 45 -page document create an incomplete and difficult to interpret legislative framework ♦ In the absence of explicit thresholds, clear scenarios and transparent communication, the draft law risks becoming a document for specialists, not a guide to those who are actually the real beneficiaries of the system.
The draft law of the payment of private pensions, 45 pages, intensely debated in the last days, is written in a technical, heavy language, intended to regulate payments for millions of future pensioners, of which many do not know that they have such savings, and they do not offer concrete examples, simulations or scenarios that could clearly applied how to apply the two life (until the end of life). The text, as well as the exposure of reasons for 16 pages, raises more question marks than clarifies. As the project is written, it appears that if X has 100,000 lei, it will be obliged by a programmed pension to take 1,281 lei for 78 months, and Y which has 50,000 lei will need 39 months to take 1,281 lei because «the value of the monthly payment related to the programmed with withdrawal type (…) That is, with the same monthly pension, the difference being the time horizon. For life pension, things are even more ambiguous because the simulations are missing, examples, and as the project shows some participants cannot be in such a pension until the end of their lives as they have not raised enough money. Details, below. Thus, millions of participants are in the fog in the way in which the authorities want to regulate the payment of the pension money, which they mandatory contribute with some of the monthly gross income, as they knew that until now – in 17 years of provisional law – they can choose either full payment for a maximum of five years. Now things change radically.
70,000 lei – then X will receive 1,281 lei per month for 54 months. The state decides the amount by the fact that it is «equal to the value of the social allowance for pensioners in the public system».
153,720 lei – then X will receive 1,281 lei per month for 120 months. Why not 2,500 lei for 60 months?
At the life pension, a pensioner would need at least 307,000 lei in the account as the supplier can say that X at 65 years old lives 20 years, so the pension per month would be 640 lei, half compared to the minimum. In other words, they must have an asset from 307,000 lei up to receive a pension over the minimum of 1,281 lei.
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