The first reaction from the USR to the changes to the Pillar 2 of pensions: “A violation of private property”

Withdrawal of maximum 25% of the money from Pillar 2 of pensions after obtaining the retirement decision, an measure announced by the Bolojan Government, is a “violation of private property”, accuses USR deputy Claudiu Năsui. He believes that the winners are the administrators of the pension funds, who are paid from commissions calculated on the total assets.

The more than 9 million Romanians who have private pensions (Pillar II, mandatory and Pillar III, optional) will not be able to withdraw all their money at once, after obtaining the retirement decision, as at present, but a maximum of 25% of the amount, and the rest, monthly, for the entire life, according to a draft law discussed on Friday.

Claudiu Năsui, former Minister of Economy, believes that this decision violates the private property and the convention that was the basis of Pillar 2 of pensions.

“Those who only have to lose are the Romanians. They lose a right they had, they lose access to the money they saved, they lose the opportunities and options that would have been open if they received their money. Many might need that money, they were relying on them and they were expected to receive them, for 65 years. Money and repay their credit more than to pay big interest to hold their money in small investments, ”says Năsui.

He believes that those who win are the administrators of the pension funds: “So if the Romanians can only withdraw 25% of the money, the total assets remain higher, so the administrators take higher commissions. And they earn in a way. The pressure will provide better conditions for the staggered payment or the life is lower. Romanians will not have a choice anyway and are they obliged to take only 25% of money? ”.

The second winner is the state, because pillar 2 funds invest ~ 65% of money in government securities, says Năsui.

“This law seems to be copied from other countries where the funds have lobby for such a privilege. The project would have” appeared “from ASF offices, without being announced or discussed. It would be a mistake for implementing in Romania.

The most hit would be all the poorest. Because the rich already have other savings, other investments, and other additional sources. But the poorest, who did not have these options in life, will be forced to accept small payments and a lower standard. That is, precisely those that this pillar 2 should have helped.

This law is only a form of slow expropriation and masked under the claim that it “protects the system” and the beneficiaries. In fact, when the time has come to pay the money set aside by Romanians, they do not want to give them, ”adds the USR deputy.