The occupational pension system is regulated by Law No 1/2020 on occupational pensions, as amended and supplemented.
Pillar IV occupational pension funds are set up at the initiative of the employer. According to the ASF, for this type of pension, the employer pays the contributions for all its employees and represents the interests of the employees in relation to the administrator of the occupational pension fund. Employees can contribute to the same occupational pension fund with additional amounts to those invested by the employer, in order to increase the value of their personal assets and the amount of their future pension.
The right of ownership of the contributions with which the employer and/or the employee participate in an occupational pension fund, as well as the investment results of these contributions, shall revert to the employee after a period of at least three years from joining the pension fund, according to the provisions of the collective labour contract / protocol and the management contract.
A participant’s own contribution may not exceed one-third of his gross monthly salary or equivalent income, not exceeding, together with any other deductions he may have, half of his net monthly salary.
If an employer decides to set up an occupational pension scheme, he is obliged to offer the scheme to all his employees and to pay contributions. Employees may participate, if they wish, under the scheme.
The employer can set differentiated amounts of own contribution for his employees based on seniority, function or salary rights.