Coordonate ale reformei sistemului de pensii. Cazul României

Abstract

The reform of the pension systems has become a necessity in most of countries, as the public pension plans are not capable of ensuring a decent pension for the elderly. A significant factor in the crisis of the public pension systems is related to demographic data and forecasts, which indicate a decrease in population and an increase in average life expectancy. Thus, securing elderly persons financially can only be achieved with the help of the private pension systems. In the first part of the paper we present the types of pension systems, highlighting the features of unfunded and funded pension schemes. In the case of funded pension systems, we insist on the comparative advantages and disadvantages of defined benefits schemes and defined contributions schemes. In the second part of the study we analyse the current pension system in Romania. Our analysis includes the three pillars of the pension system: state pensions, compulsory private pensions and optional private pensions. We also discuss the importance of pension funds in the case of Romania. We conclude with some remarks about these pension plans and comments on the prospects of the Romanian pension system.