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OANCEA: In a few years' time, the voluntary pensions system should be overhauled

The voluntary pensions system (3rd pillar) should be overhauled in a few years' time, with the direction of liberalization and to distinguish voluntary from mandatory pensions (2nd pillar), Mircea OANCEA, President of CSSPP (the Romanian pensions regulator) told

"The legislation for voluntary pensions could and should be liberalized and improved during the news few years, in order to stimulate savings' accumulation in the system and to distinguish it even more from the mandatory pension system", CSSPP president said during an exclusive interview. He mainly pointed out the need to up fiscal deductibility for voluntary pensions contributions and to relax investment rules.

Today, contributions to voluntary pension funds enjoy fiscal deductibility of EUR 200 per year, for employer and employee alike - but CSSPP is planning to ask the Finance Ministry a EUR 1,000 deductibility.


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