The introduction of social security payment for sole traders andfor those who derive income in the form of royalties is a breath offresh air for private pension funds, in the context where it willbring them 200,000-300,000 new clients, as estimated by fundmanagers.
At present privately-managed pension funds (2nd pillar) havearound 5 million clients. Normally, in order to attract a fewhundred thousand new clients, pension funds need to wait a year ormore. Around 15,000-25,000 new participants join second-pillarpension funds monthly.
"We will have a few hundred thousand new participants to the 2ndpillar (in the whole market i.e.), probably two-three hundredthousand, this is good news for the private pensions system. Wecannot quantify the impact of the Fiscal Code modification, thereare no precise statistics, but this is definitely a breath of freshair, after being threatened with cutting the contributions," saysSimona Diţescu, general manager of BCR Pensii (BCR Pensions).
The modification of the Fiscal Code to expand the tax base byincluding CAS (pension contribution), CASS (healthcarecontribution) and the unemployment contribution for sole tradersand for those receiving royalties, entered into force on July 1st,but there were no enforcement guidelines until the beginning ofthis week. Some of those receiving royalties or acting as soletraders also have an employment record, which means they will notjoin the private pensions system as newcomers, but will pay highercontributions as a result of the higher income to which the pensioncontribution is applied.
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