Inflation-protected pension liabilities issue, back on the agenda

Applied Economy Group (GEA) and trade unions have started to collect signatures for the pillar II pension administrators to readjust the participants’ contributions to current inflation rates, since payment date until retirement, said the executive director of GEA.

Applied Economy Group together with Cartel Alfa Trade Union Confederation and National Trade Union Block (BNS) has announced on Tuesday the campaign for signature collection.

“We have to gather 100,000 signatures within three months for the legislative initiative to be enlisted in Parliament’s agenda”, said the executive director of GEA, Liviu Voinea.

The legislative initiative was published on Monday in the Official Gazette, to amend the initial version which provided that “the total amount for the private pension shall not be lower than the value of paid contributions, diminished by transfer penalties and legal fees”.

Thus, the new bill would add that “the total amount for private pension shall not be lower than the aggregated value of paid contributions, updated with the current inflation rate, during the contribution payment and participant’s retirement date”, said Voinea.

Proposal sparks debate among analysts

Guaranteeing returns at least equal to inflation rates for pillar 2 private pension scheme is technically impossible and it would negatively impact the participants, said the representatives of APAPR and CFA.

Furthermore, the proposal does not meet the current legislation of Romania and has no match in any of the 11 states with a private pension system similar to Romanian one, says APAPR.

“Romanian private pension scheme is already providing two solid guarantees, and one of them is missing from the regional practice. Practically, no Romanian in the private pension system would receive a pension lower than the total savings he had made within the system. Romanian Parliament has already grasped these arguments and overruled the legislative proposal that contained this motion last year”, reads the press release.

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