The government has postponed the adoption of the draft law on the payment of private pensions – Pillar II and Pillar III – for a new round of public consultations, in the context in which the document sets for the first time the rules regarding the collection of the money accumulated in the individual accounts. «The law on the payment of private pensions is a necessary law, something that should have been regulated since 2009,» says financial consultant Cristian Tudorescu. He recalls that Law 204/2006 provided, in article 95, the obligation that within three years the special legislation for the organization and functioning of the payment system of private pensions will be adopted. In the form put in public debate by the Ministry of Labor, the project provides for two modalities of collection: monthly withdrawals scheduled for a minimum of 10 years, with the guarantee of the full repayment of the accumulated asset, or a living pension, with payments throughout life. The pensioner could initially receive at most 25% of the amount in the form of advance, and the option of full withdrawal of the asset in a single install is not included. «The Romanian state has taught us poorly in recent years, during the provisional period: it has left us the impression that at retirement you can withdraw all the amount or you can stagger it for 5 years. Now it is proposed to withdraw only a quarter, and the rest to be transformed monthly, for a period of at least 10 years. In most countries, the part is for 15%, Integral, higher taxes are applied, precisely to discourage this practice ”, explains Tudorescu. He warns that an accumulation pension system, such as Pillar II, «could not be effective if almost all participants would withdraw all their money at the time of retirement. It would be as if we affected those in the following decades. Therefore it makes sense to accept only a partial withdrawal and then a monthly payment.» ASF president, Alexandru Petrescu, claims that the consultation period must be extended, given the large number of participants – over 9.3 million. «I will propose to continue the discussions at the Ministry of Labor and to organize a round table with the parliamentarians,» he said. The project is the result of the collaboration between the Ministry of Labor, the Ministry of Finance, the NBR, the Ministry of Justice, the ASF, the professional associations and the trade union organizations. Romania is approaching the moment when the first generations with consistent contributions to Pillar will retire around 2030.
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