ASF has launched a guide for participants in Pillar III

The FSA has published "Guidance participant in the voluntary pension system Pillar III", which includes information about this system, about how to join and pension payment.

The guide contains a summary of the Fund for guaranteeing the rights of the private pension system and the procedure for submitting a petition to the ASF. The guide is divided into three chapters: "What is the optional pension?", "Participation in a pension fund" and "protection of participants". Pillar III voluntary pension is intended to increase available financial resources in retirement. Private pensions (pillar III) does not condition participation in voluntary pension funds based on age, anyone having the opportunity to contribute to a pension fund up to 15% of monthly gross income. Joining a pension fund is an individual choice of each person's own initiative.

According to the ASF, voluntary private pension schemes available in the market today require fees from contributions paid between 3-5% and monthly fees, the total net assets of the Fund. Fund for guaranteeing the rights of the private pension system guarantees the rights of participants and beneficiaries in the private pension system and is intended to offset potential losses thereof, both in the accumulation of contributions and after the opening of pensions, from failure administrators or pension providers to honor its obligations. ASF provides the supervision and control activity to ensure compliance with the laws in force in the private pension system. To access the online version of the guide, go http://www.asfromania.ro/consumatori/pensii-private/ghid-pilonul-iii.