The Private Pension System in Romania

Abstract

The aging of the European population has become a growing concern for the governments of the EU member states, especially when it comes to pensions, as the number of citizens receiving pensions is growing faster than the active population. This situation involves major pressure on public finances and pension funds. This paper aims to highlight the situation of pension funds in our country, in a European context, the measures that have been taken and what can be done to make private pension systems even more attractive. The paper is based on recent studies conducted by specialized institutions on internationally pension systems and in our country. This research aims to highlight the common elements, but also the differences between the ways of approaching this problem in different countries, compared to what is happening domestically. It is also insisted that several directions of action are required to ensure the sustainability of the pension system in Romania, by increasing the birth rate, encouraging savings, granting facilities to contributors etc.