The Government endorsed a legislative initiative that is aimed at stimulating the development of the private pension funds and at increasing people’s trust in them, Info-Prim Neo reports. Iurie Filip, a member of the Administration Board of the National Financial Market Commission, said that a law on nonstate pension funds was adopted in 1999. On the basis of this law, there were registered three private pension funds, but they do not have clients and practically do not work. The new bill includes new instruments for creating and running funds. The people pay money into these funds voluntarily. The money invested in long-term projects will be returned to the person on retirement in the form of bonus to the monthly state guaranteed pension. According to Iurie Filip, the new bill eliminates the legal-organizational form for optional pension funds and stipulates the responsibilities of the administrator of the fund’s assets for investment decisions and their results. There will be also created a fund for guaranteeing contributions paid into the optional pension system. As regards the size of the minimum social capital for administering the optional pension fund, Iurie Filip said the European recommendation is €730,000, but this sum does not meet the Moldovan realities. That’s why the Law on the Capital Market will stipulate a lower figure. During the first years of work, this figure will be €100,000, after three years - €150,000, while after 10 years - €300,000.