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Minister of Labour and Social Protection Violeta Alexandru and providers of private pension plans have been discussing for some time the return on investment rates offered by privately managed pension plans.

"This contribution to pillar two pensions remains with the account of the contributor until retirement, but we really need to discuss more about return rates, we need to and we are in the process of discussing this aspect with the private pension fund providers, given that at the moment the Romanian legislation determines them to be cautious, that is not to make any investments that may generate a higher rate of profitability, but which are risky and you do not know what is happening," Alexandru told Adevarul Live webcast on Tuesday.

She added that there is no danger of Romania getting into the situation where state pensions cannot be paid.

"We will certainly not reach the situation where you will not receive any pillar one state pension. We will not get where no money is repaid for the work done [before retirement]. It may not seem enough to you, or, most likely, you may have needs or the desire to spend your money as you deserve after a working life, on some activities that involve costs that you cannot cover," added Alexandru.

The government recently passed an ordinance that cancels additional capital requirements for pension plan providers while also repealing the possibility of contributors choosing between pillar one and pillar two. These two measures were introduced in December 2018 under Ordinance 114.

Public Finance Minister Florin Citu has recently stated that the contribution to pillar two pension plans will increase to 5pct from 2021.

According to latest data with the Financial Oversight Authority (ASF), the mandatory private pension plans had assets worth over 60.09 billion lei as of November 30, 2019, up 26.48pct y-o-y. AGERPRES (RO - author: George Coman, editor: Andreea Marinescu; EN - author: Corneliu-Aurelian Colceriu, editor: Adina Panaitescu)

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