CNPAS: The second round of contributions transfer will include the retroactive payment of the first month's contributions, related to delayed declarations
The second round of contribution transfers to the mandatory private pension funds (pillar II), to take place on the 20th of June, at the latest, shall also include the retroactive payment of the first month’s contributions, related to the nominal declarations that certain employers were late in submitting, said Mariana CAMPEANU, president of the National House for Pensions and Social Security, on the Private Pension Day organized at FIAR 2008.
The first transfer of the contributions to the private pension funds, on the 20th of May, amounted to a total of EUR 24.1 million in the personal accounts of almost 3.2 million participants to the 14 pension funds on the market. The number of empty accounts in the system was over 961,000, of which approximately 100,000 are explained by unemployment or maternity leave of certain participants, and the rest, by failure to submit or by delay in submitting the nominal declarations by the employers and other similar situations.
The first round meant the transfer of contributions related to the income for March, for which the employers had to submit the nominal declarations by April 25th, at the latest. Many employers failed to observe this deadline, however, and their employees did not have the first contribution transferred in the account. But CNPAS, during the second contribution transfer round, shall make the payment for the first contribution as well, in all cases where employers submitted, eventually, the nominal declarations for the contributions of March.
In other words, the number of empty accounts might go down gradually in the near future, at a rate to be determined, as employers get used to submitting the nominal declarations correctly and in time, as well as making the payments to CAS accordingly. In fact, reducing the number of empty accounts is a significant issue both for CNPAS, and for the companies managing the pension funds. According to the players on the market and to the supervisory bodies, the transfer and declaration procedures will become routine in the next 3 to 6 months, both for employers and for CNPAS, which will facilitate the strengthening of the pension system.
