Romanian President Urges Lawmakers To Reexamine Amendments To Pension Laws

Romanian President Traian Basescu urged lawmakers to reexamine the amendments to the laws on private and voluntary pensions, stressing the enforcement of the respective provisions might hinder the main attributions of the National Pensions House (CNPAS).

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Romanian President Urges Lawmakers To Re-Examine Amendments To Pension Laws

Basescu Monday urged lawmakers to reexamine the Law approving Government Emergency Ordinance 112/2007 amending Law 411/2004 regarding privately administrated pension funds and Law 204/2006 regarding voluntary pensions, according to the Presidency.

Government Emergency Ordinance 112/2007 significantly amends and completes the role, purpose and attributions of the pensions house, according to a press statement issued by the presidential administration.

Basescu mentioned in his request that, according to Law 19/2000 on public pensions and other social insurance rights, the pensions house administrates the public pension system and other social insurance rights and has, based on the provisions of this law, nearly 50 attributions, plus other attributions resulted from the statute of the institution, as stipulated in the annex to Government Decision 13/2004, amended by Government Decision 73/2008.

The President’s request also refers to the fact that the Law approving Government Emergency Ordinance 112/2007 imposes obligations on the pensions house as regards registering and transferring sums of money towards the private pension system, which are conducted free of charge, although "private pension funds set their own administration fees, which could have also been used for the entire activity of organizing and managing related information," Basescu pointed out.

Basescu considers that the pensions house "oversteps its role, as it must also conduct these money transfers, which entails a series of registrations and exchange of information” with the country’s fiscal agency.

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