Administrators of voluntary pension funds will need to hold a minimum share capital of 1 million euros, compared to the current 125 thousand euros, according to a bill drafted by the National Financial Market Commission. The measure is part of a package of amendments aimed at aligning national legislation with European Union standards in the field of voluntary pensions, reports IPN.<\/p>\n\n
The authors of the project argue that increasing the capital requirement will strengthen financial stability and the prudential capacity of fund managers. At the same time, it is proposed to eliminate the obligation to establish a contribution guarantee fund, on the grounds that a larger capital would already demonstrate the solvency of the administrator.<\/p>\n\n
The project also introduces new rules regarding access to the optional pension. The right to a pension can be requested after reaching the age of 60 and accumulating a minimum personal activity, the current condition of paying at least 60 monthly contributions being eliminated.<\/p>\n\n
The document regulates the methods of optional pension payment as well. Beneficiaries will be able to opt for a lifetime monthly pension, periodic payments, or the complete withdrawal of the accumulated amount. In case of disability, death, or non-fulfillment of conditions, the accumulated asset can be paid in full, in installments, or transferred to designated beneficiaries.<\/p>\n\n
At the same time, the project expands the legal framework for optional pensions, introducing the concept of personal pension funds, to which one can join individually, without depending on an employment relationship. Rules regarding cross-border pension transfers and the preservation of rights accrued by individuals working in other countries are also provided.<\/p>\n","protected":false},"excerpt":{"rendered":"
Administrators of voluntary pension funds will need to hold a minimum share capital of 1 million euros, compared to the current 125 thousand euros, according to a bill drafted by…<\/p>\n","protected":false},"author":100,"featured_media":199996,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[133,148,138],"tags":[4507,2296,40090,6853,8261],"class_list":["post-450567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-slider-en","category-society","tag-cnpf-en","tag-money","tag-optional-pension","tag-pension","tag-social-capital"],"yoast_head":"\n