Romania to Eliminate Mandatory Private Pensions

Romania's proposed finance minister Ionut Misa said Thursday the government will eliminate the mandatory private pension system known as Pillar II.

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He said contributors will be able to choose whether to add their contributions to the state pension system or to a voluntary private pension fund (Pillar III).

Misa said the mandatory private pension system will be eliminated towards the end of this year.

Mandatory private pension funds in Romania (Pillar II) had assets of RON31.47 billion at the end of 2016.

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