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Guarantee Fund Act was passed by the Senate

The Senate adopted yesterday, 21st February, the Law on the Guarantee Fund in private pensions system. The new Law brings under regulation the establishment, organization and functioning of the Guarantee Fund for private pension\'s rights and is considering guaranteeing the rights acquired by the participants in the private pension system, in order to protect both the interests of participants and beneficiaries. The positive result of yesterday\'s vote (48 pro - 41 against, 1 holdback) pushes the project to the next legal phase, Deputies Chamber, with a real chance to browse around parliamentary procedure until June.

Senate\'s budget, finance, banking and capital markets and work, family and social protection committees positively endorsed the project, with a series of amendments, among which the most important were in reference to the Guarantee Fund\'s Board of Directors membership. Thus, five members for the Management Board, not three as the initial text stated and the board President shall be named by the Parliament, following hearings in the finances and work committees of the two Chambers. The amendments also refer to rhe fund management\'s remuneration, limiting the monthly salary of the General Manager at the indemnity established by law for the Minister position, while the monthly allowances of the President and Board members will be placed inside the ceiling of 30% and 20%, respectively of gross monthly income of the General Manager.


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