The letter encloses a “white paper” report that looks at the level of contributions, and notes evidence that the initiative to require the private pension administrators to guarantee a minimum annual return equal to the annual inflation rate harms pension companies and the private sector at large. The report also outlines other aspects brought to discussions repeatedly over past year and a half, since the private pension system was brought in the country in 2007.

This initiative of the foreign investors headed by the Netherlands – Romanian Chamber of Commerce, Industry and Agriculture and endorsed by American Chamber of Commerce, Foreign Investors Council, the Italian-Romanian Chamber of Commerce, the Chamber of Commerce Switzerland Romania and the British Romanian Chamber of Commerce is the second initiative undertaken this year, after in February, ambassadors of the Netherlands, Germany, Italy, UK and United States of America have signed a joint letter that draws attention on the multiple negative effects of the proposal to freeze contributions to Pillar II pension system in Romania.

“Romanian bilateral chambers have decided to send an open letter to the prime minister of Romania, to express our concerns regarding the public pension budget and the (public and private) pension system. By this open letter, we want to draw the attention of the government on the existent and future threats over the pension system in Romania”, said Nuria Simon Artigas, Executive Director of the Netherlands-Romanian Chamber of Commerce.