The bill that defines the legal framework regulating the creation and management of optional pension funds in Moldova was given two readings by Parliament, being thus adopted, IPN reports.

The National Commission for Financial Markets, which drafted the bill, said the system of optional pension funds does not limit the participation by persons depending on age or the size of contribution, while the joining of an optional pension fund is an individual option. The system will be formed based on voluntary contributions of salary earners or employees. Each participant will choose the pension fun to which to contribute and will individually decide the size of the contribution, signing an individual fund joining document.

The bill stipulates a new element aimed at strengthening the relationship between employer-employee through an occupational pension plan. This way, optional pension funds are focused mainly on the individual retail component, while the occupational pension funds are based on the corporate component, being created on the initiative of the employer who pays contributions for employees.