CSSPP: First reporting on the continuous enrolling, on May 20th
The norm on the continuous enrolling to the mandatory private pension funds (pillar II) was published in the Official Gazette on April 25th, when the process has officially started, as announced yesterday by the Private Pension Supervisory Commission (CSSPP). However, the companies had received CSSPP’s permission to start the continuous enrolling process for the private pension funds on January 18th already.
The continuous enrolling process is intended for young people joining the mandatory private system, if they start on the labor market after January 18th and are eligible, meaning they are less than 35 years old. Also, employees aged between 35 and 45 are the target of the pension funds (they can join on a voluntary basis), if they did not choose a Pillar II pension fund during the four months of initial enrolling.
The first reporting of the number of clients attracted in the continuous enrolling process shall take place on May 20th. The monthly reporting shall take place on the 20th of each month, for the previous month. In case a new person goes on the labor market and does not choose a pension fund four months after they become eligible, they shall be randomly distributed to one of the funds on the market through a lottery to be organized on a monthly basis. The random distribution shall be made according to the principle of proportionality with the already existing market share.
