ASF Vice President on private pension payments: Two changes were made

“This is a draft law that, essentially, fulfills a strategic objective that Romania currently has, namely the accession to the OECD. Following the evaluation we received from the OECD, it was found that Romania’s private pension system is sustainable, very well supervised and regulated, and makes an important contribution to Romania’s economic development. At the same time, we had a priority recommendation to fulfill, namely the payment law. This is a draft law that meets all European standards. It is a law established according to OECD principles and international best practices,” said the ASF Vice President.

During Thursday’s government meeting, two changes were made regarding the draft law on private pension payments.

“The amount that a person may withdraw at the beginning of the payment period has been increased from 25% to 30%, and the payment period itself has also been modified. It was reduced from 10 years to 8 years,” Armeanu stated.