In Romania, Pillar I of the pension system is the compulsory public pension system, Pillar II is the mandatory privately managed pension system and Pillar III is the optional privately managed system.
Vasilescu told Romania TV that anyone should have the right to choose between Pillar I and Pillar II and added that citizens will receive a clear presentation on the matter in summer. She stressed that Pillar II will not be “nationalised”.
“There are many things we will have to explain to people so that they understand them,” she said.
The announcement sparked criticism from opposition party PNL. Party spokesperson Ionel Danca said the measure is the first step that the ruling PSD – ALDE coalition takes towards dismantling Pillar II.