New rules for Pillar 3 pensions. How to withdraw money and what's new for installment payment
The Financial Supervision Authority has issued a new rule that regulates the way in which the method of payment of optional pensions can be changed. The new rules came into effect on April 15.
New rules for voluntary pensions Pillar 3. Archive photo
The changes brought by the Financial Supervision Authority (ASF) through Norm no. 10/2026 mainly aims to make flexible and simplify the way participants in optional pensions (Pillar 3) can withdraw their money, as well as adapting the procedures to digital realities and the new regulations in the public pension system.
First, the conditions for withdrawal of net personal assets are clarified and updated. Participants can request the payment of accrued amounts if they have reached the age of 60, even if they do not meet all the conditions for the full optional pension, or if they benefit from an invalidity pension, according to the new legislation on public pensions. Thus, the norm explicitly correlates the rules in Pillar III with those in the public system.
An important novelty relates to the expansion and modernization of the ways of submitting documents. Payment requests and related documents can be sent not only physically or by post, but also by electronic means, with the use of qualified electronic signature. This digitalization is also applied in situations where the participant is represented by an attorney, being regulated in detail the conditions under which documents can be transmitted in electronic format (including powers of attorney and certificates).
The rule also brings more clarity regarding representation by proxy, establishing exactly what documents must be submitted depending on the method of transmission (physical, mail or online) and the type of situation (for example, severe or accentuated disability).
A relevant change for participants is the increased flexibility in how money is collected. Those who opted for the staggered payment can, during its development, to:
- change the payment type (from staggered to single payment),
- change the rate value,
- change the payment method (from postal order to bank transfer or vice versa),
- update bank data (including IBAN).
Administrators of private pension funds are obliged to operate these changes within a short period of 5 working days from the submission of complete documentation, which strengthens the rights of participants over their own savings.
In addition, specific rules are introduced for certain practical situations: participants must communicate a new bank account if they close the original one, present supporting documents if they are exempt from paying the health contribution or provide proof of residence in the case of using the electronic identity card without a residence, when opting for payment by postal order.
Overall, the changes do not fundamentally change the right to withdraw money, but they bring significant improvements in accessibility, flexibility and digitalisation, making it easier for participants to interact with fund managers and giving them greater control over how they receive their voluntary pension savings.
