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Romania Drops Payment Cap For 60-Yr-Old Contributors To Pvt Pension Sys

Romanian contributors to the voluntary private pension system (Pillar III) will be able to cash the entire assets from their personal accounts at age 60, even if their monthly contributions do not meet the required 90 payments, according to a draft act of the country’s regulator CSSPP.
Romania Drops Payment Cap For 60-Yr-Old Contributors To Pvt Pension Sys
03 iul. 2009, 10:35, English

Under the act, contributors who turn 60 will be able to cash in their pensions even if their personal assets do not match the required amount to obtain the minimum voluntary pension.
 
Contributors to the voluntary private pension system can also choose to continue payments to the pension fund, the draft act noted.
 
Should the contributor die before they had a chance to request the pension, their named beneficiaries are entitled to the equivalent of the net personal asset or to part of the personal asset of the contributor, depending on the terms of the agreement.
 
The stipulations included in CSSPP’s draft apply until a special law with respect to the payment of regulated pensions will be adopted.
 
Romania’s voluntary private pension system (Pillar III) enrolled by end May over 160,000 contributors, whose combined assets reached some 130 million lei (EUR1-RON4.2032).