Finance Minister Viorel Stefan says the rumors about the alleged intention of the Government to nationalise pension pillar II is groundless, adding that there is a no political, economic, financial or budgetary reason for such a decision. "The rumor has no ground whatsoever. There is no political, economic, financial or budgetary reason for such a decision, which is completely absurd, regarding the pension pillar II. Pillar II is a successful financial plan. The fund administrators are getting excellent returns on investment, and the number of contributors to the plan is quickly nearing seven million," Stefan said at the beginning of a governmental meeting on Wednesday after Prime Minister Sorin Grindeanu asked him to provide explanations about public rumors regarding the nationalisation of Pillar II pension plans.
Stefan added that Pillar II pension plans are getting stronger and stronger by the year despite the transfers from the public pension fund to the privately managed pillar has stayed at 5.1 percent since 2016. "Because of an increase in the number of contributors as a result of job creation, the fund will get a surplus of 1.3 - 1.4 billion lei, which is indication that it is consolidating, it runs well and makes sure that when the first generations draw pensions form this pillar those pensions will be sizeable in addition to the public pensions," said Stefan.
He added that in the morning he had consultations with the Financial Oversight Authority (ASF) because spreading such misinformation could negatively impact the developments in the fund's investments in financial markets. "That is why ASF promised me that it will have consultations today with fund's administrators to clarify and shut down the rumours once and for all. So, there is no indication that anyone wants to nationalise pension pillar II," said Stefan.
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