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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Romanian lawmakers draft mandatory private pension disbursement law

The private pension disbursement Law is finally close to being drafted, and it will regulate the options for the disbursement of the rights to the pension recipients, Economica.net reported.

This detail was not decided 13 years ago when the pension system's Pillar II and Pillar III were enacted. The ownership rights over the pension account has been initially seen as a sufficient guarantee to contributors.

The pension fund managers now advocate for severe limitations linked to the bullet payment option, such as financial penalties. The bullet payment (or single instalment) option is predominantly used at this time when a very limited number of contributors are entitled to rights.

In 2016, when the Government of Dacian Ciolos aimed at completing the private pension legislation, the pension funds managers came up with the idea of replacing the ownership rights with an annuity paid for an indefinite period of time.

andrei@romania-insider.com

(Photo source: Designer491/Dreamstime.com)

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

Romanian lawmakers draft mandatory private pension disbursement law

The private pension disbursement Law is finally close to being drafted, and it will regulate the options for the disbursement of the rights to the pension recipients, Economica.net reported.

This detail was not decided 13 years ago when the pension system's Pillar II and Pillar III were enacted. The ownership rights over the pension account has been initially seen as a sufficient guarantee to contributors.

The pension fund managers now advocate for severe limitations linked to the bullet payment option, such as financial penalties. The bullet payment (or single instalment) option is predominantly used at this time when a very limited number of contributors are entitled to rights.

In 2016, when the Government of Dacian Ciolos aimed at completing the private pension legislation, the pension funds managers came up with the idea of replacing the ownership rights with an annuity paid for an indefinite period of time.

andrei@romania-insider.com

(Photo source: Designer491/Dreamstime.com)

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