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3rd Pillar: Lump sum payment for particular cases

CSSPP - The Private Pension System Supervisory Commission - approved the norm regarding the voluntary private pension participant's personal assets in case of disability and death. The new law regulates the way in which the participant's personal assets will be used in case he:

- benefits from invalidity pension under the Law 19/2000 on the public pension system and other social insurance rights;
- dies before filing the application to obtain a voluntary pension.

Thus, in either of the two mentioned situations, the participant will receive the amount in his account as a single payment. These stipulations will be valid until the adoption of the special law on the organization and functioning of the payment system for pensions regulated and supervised by CSSPP.  The rule will come into force 30 days after its publication in the Official Gazette.


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