CNPAS: June 20th - the second transfer of the contributions to the mandatory pension funds
The mandatory private pension funds (pillar II) shall collect the second monthly set of contributions on the 20th of June, precisely one month after the first collection round, stated Mariana CAMPEANU, president of the National House of Pensions and Other Social Security Rights (CNPAS) today, at a seminar on private pensions, organized by ZIARUL FINANCIAR. According to the forecasts of the portal www.privatepensions.ro, the second collection round might bring in amounts totaling EUR 26.6 million in these funds’ accounts.
“CNPAS has already started to work as a bank: we started to keep track of the participants to both pension systems: the public and the mandatory private system”, said the head of CNPAS.
Before the second collection round, the mandatory pension companies claim that CNPAS should not transfer the so-called “negative amounts” that might block the system and cause trouble both to the pension companies and to the participants.
The “negative amounts” are caused by errors in the declarations or in the payment made by the employers, in the first contribution transfer round. If, by mistake, some employers declared or paid more in the account for the pension contributions, and CNPAS also made the transfer in the private pension individual accounts of the respective participants, then in the following month, CNPAS shall send to the respective funds the orders to reduce the amounts from the respective participants’ accounts.
Nevertheless, fund administrators say that the solution cannot be actually implemented, and the transfer of “negative amounts” might block the activity of the private pension funds. The representatives of the private pension industry have only two weeks until the second collection round, and they need to find, together with CNPAS, a solution to eliminate the “negative amounts” from the system.
