Legislative objectives for CSSPP in 2008: the payout phase law and the law on the guarantee fund
The legislative objectives of the Private Pension Supervisory Commission (CSSPP) this year consist of the two laws that are missing from the system for the moment: the special law on the calculation and payout of the private pensions and the law on setting up the system’s guarantee fund, based on the banking model. In order to draft these laws, CSSPP shall collaborate with the Ministry of Labor, according to the institution’s annual report for 2007, published this week.
According to law 204/2006 on voluntary private pensions (pillar III) officially adopted by the Parliament before the law on mandatory private pensions (L411/2004, for pillar II), the law makers were given a three-year horizon from adopting law 204 to adopt a special law on the calculation and payout of private pensions. As the law on voluntary private pensions entered into force in July 2006, the actual deadline for the law on private pension payout is July 2009 - one year and two months from now.
The legislation does not provide a deadline for the law on the private pension system’s guarantee fund. According to previous statements made by the CSSPP officials, the guarantee fund of the private pension system shall be organized following the banking model.
At legislative level, besides the two laws that CSSPP will work on in collaboration with the Ministry of Labor, the Commission also announced in its 2007 annual report that they will continue the process of drafting the secondary legislation this year as well, both in the field of voluntary and mandatory private pensions.
