The lower house had the final say on this bill, which will take effect after it is published in the Official Journal.
The guarantee fund is meant to protect the rights of contributors and/or beneficiaries of private pension funds.
The guarantee fund will be administered by a three-member managing board, which will include a president appointed by private pension system regulator CSSPP, a member appointed by the Finance Ministry and a member designated by APAPR. The managing board will appoint a general manager.
Private pension fund administrators and providers will cover the costs needed to operate the guarantee fund, with contributions from their own resources.
The fund’s financial resources will be placed in bank deposits, state treasuries, and other low-risk instruments, reads the press release.
The number of contributors to the mandatory private pension funds (Pillar II) and voluntary pension funds (Pillar III) has reached 5.6 million, and the funds’s net assets stand at over 6 billion lei (about EUR1.4 billion).
(EUR1=RON4.3112)