ARHIVELE OLTENIEI - Universitatea din Craiova

306Roxana Radu, Florin Nacuadhesion to European Union, the quality of fund administrator can be obtainedalso by institutions legally functioning as administrators on the market of privatepension’s funds in an E.U. member state or a state belonging to EuropeanEconomic Space.Participant to a facultative scheme of occupational pensions can be onlya person who has the quality of wage earner and adhered to such a scheme, inthe name of which the contributions were paid and which has a present andfuture right to occupational pension. The right to private pension is opened at themoment of accomplishing retirement conditions of average retirement age inpublic pensions system, the benefice consisting in a private pension or a uniquepay, as the case may be.The third pillar of pensions system is a facultative component, based oncapitalization, also privately managed, its juridical frame being outlined by Lawno. 204/2006 concerning facultative pensions. Law no. 204/2006 gives thedefinition of facultative pension as being “the sum periodically paid, to theparticipant or beneficiary, supplementary and distinctly from the one obtained inpublic system” 6 . The participant represent the person which pays thecontributions or/and in the name of which the contributions have been paid to afund of facultative pensions and who has, in the future, a right to a facultativepension. The beneficiary is the participant’s survivor.Contributions to a fund of facultative pensions are established accordingto the rules of that scheme of facultative pensions and are transferred, by theemployer or the participant, as the case may be, in the account of pensions fundspecified in the individual act of adhesion, together with compulsory socialinsurances contributions. Contribution can be of maximum 15% of the grossmonthly wage income or the income assimilated with this one, of the personwho adheres to a facultative pension’s fund. Contribution can be shared betweenemployee and employer, in accordance with the stipulations of collective laborcontract or on the basis of a protocol concluded with employees’ representatives.Personal share is used only for obtaining a private pension. The right tofacultative pension is opened, at participant’s request, under the condition ofaccomplishing the following cumulative demands: participant has reached theage of 60 years old; there were paid minimum 90 monthly contributions;personal share is at least equal with the sum necessary for obtaining minimumfacultative pension stipulated by the norms adopted by the Committee ofSupervising Private Pensions System.This is a system based on defined contributions, pension quantumdepending only on the size of accumulations made by the participant during hisperiod of activity. In consequence, the risk of some variable rates of6 Article 2, paragraph 1, point 22 of Law no. 204/2006 concerning facultative pensions.