PM designate Mihai Tudose, PSD leader Liviu Dragnea say Pension Pillar II will not be dissolved

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Prime Minister designate Mihai Tudose has contradicted the designated Finance Minister Ionuţ Mişa on Thursday, saying the Pension Pilar II will not be dissolved.

“No, it will not be dissolved. My God, where do you come from with such news?! How could he say something like this, I will talk to him. It is not going to be dissolved, full stop,” Tudose said.

After the vote in the plenum, Mihai Tudose has also denies the news.

PSD leader Liviu Dragnea has also denied the information: “It is not going to happen as long as the government is led by us.”

Earlier in the day Liviu Dragnea, asked about this decision, replied to journalists: “It’s a stupidity.”

Designated Finance Minister Ionuţ Mişa said earlier, after being heard by the parliamentary committee on Thursday, that Pension Pillar II will be dissolved and the money will be returned to the contributors, who have the possibility to opt for the social security budget or for the third pension pillar.

“The second pension pillar will be dissolved and the money will go back to the contributors, who have the option to opt for the social insurance budget or for the third pension pillar. They will opt between state and private,” Ionut Misa said.

He added that the measure would come into force by the end of the year.

Misa stated, after the parliament’s vote of investiture: “I am sorry for the statement about dissolving Pension Pillar II, it was an error, it will not be dissolved.” He reused to make further statements.

PSD Deputy Lia Olguta Vasilescu said on Thursday, during the hearing for the Labour Minister, that the persons who have revenues from self-employment operations will be able to opt for the Pension Pillar I or III, stating that the state pillar will not be disbanded to help private ones.

The markets immediately reacted on Thursday after the news about Pension Pillar II. The main indices of the Bucharest Stock Exchange (BVB) have decreased by 4%, whereas the national currency has depreciated on Thursday to RON 4.57 per EUR.

The fall in values occurred after the information was released regarding the new governing programme, which changes dramatically the taxation rules and after the claims to dissolve the Pension Pillar II, one of the important capital providers in Romania.

At 15.25h the BET index, of the most important 10 shares, had lost 2.4%, following a previous loss of 4%, whereas the BET-NG index, of energy bonds, had fallen by 3.8%, following a previous decrease by over 5%.

The brokers say the reason for the fall was the news regarding Pension Pillar II.

The private fund is said to have RON 40 billion under administration.


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