September 2017

Major change. Romania’s second pension pillar could have optional contributions

Under current rules, the contributions are evenly split between the first pension pillar, managed by the state, and the second one, which is managed by private administrators. There is a third pension pillar which is private. “Nobody will dismantle pillar II, nobody will nationalize it, nobody will harm it. (…) It will become optional,” said Tudose in an interview for Digi24. The PM went on to say that the first pension pillar had better results based on the minimum wage, but...

April 2017

Romanian SocDem leader lashes at Dutch pension fund manager and financial regulator head for spreading “fake” information

Liviu Dragnea, the head of the Social Democratic Party (PSD), accused the local subsidiary of Dutch insurance group NN of spreading false rumors about the possible nationalization of the local private pension funds and inciting its clients to protests and called for a harsh reaction from the authorities against the company. He also accused the president of the Financial Supervisory Authority (ASF) Misu Negritoiu, a former ING Romania CEO, of having started the whole scandal on the nationalization of private...