Misa 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.
Back in April, Romania’s financial authority on fined perivate pension fund NN Pensii RON175,000 for e-mailing its clients to warn about potential political decisions that would affect their savings, such as freezing contributions and even nationalizing private pensions.