The government approved, on Friday, the draft law that establishes in Romania a pan-European personal pension product, which targets Romanians who have employment contracts in several EU states and who will be able to opt for a personal pension product, under the same conditions and with the same regulatory costs as in all member states, informs an official press release.
The draft law aims to implement Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European personal pension product (PEPP), some provisions of Regulation (EU) 2020/852 of the European Parliament and of the Council of June 18, 2020 regarding the establishment of a framework to facilitate sustainable investments and the amendment of Regulation (EU) 2019/2088, as well as for the amendment and completion of some normative acts in the field of private pensions, Agerpres informs.
The law approved by the Executive stipulates that the payment of the pension related to a national account or sub-account in Romania should start at the participant's request, either from the date of reaching the standard retirement age or from the date of disability retirement, and PEPP contributions are tax deductible.