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Romanian Contributors To Get Pvt Pension Contribution Back If Disabled

Romanian contributors to the mandatory private pension system (Pillar II) will have the right to receive contributions back if disabled, and heirs may receive contributions in case of death, according to a norm of the private pension system regulator CSSPP.
Romanian Contributors To Get Pvt Pension Contribution Back If Disabled
04 sept. 2008, 15:13, English

The CSSPP approved Thursday the norm regulating the use of personal net assets of contributors to mandatory private pension funds in case of disability or death, the regulator said in a press release.

According to the normative act, the personal net assets of a contributor who has been disabled will continue to be managed by the private pension fund during the period between the person’s last contribution and the time of the single refund of the total contribution.

If the contributor dies, their personal net assets will continue to be managed by the fund during the period between the person’s last contribution and the time rights are transferred onto heirs.

The norm, enforcing Law no. 411/2004 on private pension funds, will be published in the Official Gazette and on the CSSPP website, and becomes effective 30 days after publication.

Until end July, 3.501 million Romanians contributed to the mandatory private pension system, according to CSSPP data.

Net assets of contributors, managed by 14 pension funds, totaled 285.233 million lei (EUR1=RON3.5555).