RSS
Private pension funds made payments of 95 million euros for more than 60,000 participants and heirs
APAPR, the Association for Privately Administered Pensions in Romania announced on Tuesday that private pension funds (pillar II, compulsory and pillar III optional) made payments of 454.7 million lei (95.7 million euros) to 63,153 participants and heirs since its setting up to the end of September.
The amounts are equally divided between mandatory and optional pension funds (226 million lei for pillar II and 228 million lei for pillar III).
However, payment cases are over 38,000 in pillar III compared to 25,000 for pillar II.
“According to the law, as a transition stage until the adoption of a payment law for private pensions participants and/or heirs can receive payments from pension funds either as a single amount, or as equal installments for 5 years,” a press release shows.
According to the fiscal code in force, an income tax of 10% is applied to amounts exceeding 2,000 lei/month.