Through the Norm for amending and supplementing the Financial Supervisory Authority Norm no. 28/2017 regarding the use of the participant’s net personal asset in an optional pension fund, published in the Official Gazette no. 296 of April 15, 2026, the procedures by which participants and beneficiaries can request and receive payment of the accumulated net personal asset are updated and digitized.
What does it stipulate?
The Norm introduces increased flexibility for participants and beneficiaries of optional pension funds (Pillar III) who have already started receiving staggered payments. They can request at any time, during the payment process, a change in the payment type, switching from staggered to a single payment. They can also request a change in the monthly installment value or a change in the payment method (from bank transfer to postal order and vice versa), as well as updating bank details. These changes must be processed by the administrator within 5 working days from the receipt of complete documentation.
An important change is the complete digitization of the payment request process. Participants can now submit the entire documentation by electronic means, provided a qualified electronic signature is used. The payment request can be electronically signed by the participant, and documents issued by third parties (special powers of attorney from notaries, retirement decisions from pension houses, disability certificates) can also be submitted electronically if they are signed with a qualified electronic signature by the issuing entity. This eliminates the need for physical submission of documents or transmission by courier.
Procedural clarifications are introduced for specific situations. For example, participants who request payment by postal order and hold an electronic identity card without a registered domicile must present an additional document proving their domicile address. At the same time, it is established that participants who are exempt from paying the social health insurance contribution (CASS) must submit supporting documents to the administrator to benefit from the corresponding tax regime.
Who does it apply to?
The regulation primarily addresses administrators of optional pension funds (Pillar III), who must adapt their internal procedures and IT systems. Additionally, the norms have a direct impact on the participants and beneficiaries of these funds, whose rights are extended and whose interaction with the administrator is simplified. Indirectly, public notaries and public institutions (pension houses, disability assessment commissions), whose documents can be integrated into digital flows, are also targeted.
What should you do?
- Review internal procedures for receiving and processing payment requests to integrate electronic flows based on qualified electronic signatures and to manage new requests for changing the payment type or method.
- Update IT systems to allow for the reception, validation, and secure archiving of electronically signed documents and to process changes requested by beneficiaries within the legal term of 5 working days.
- Amend forms and informational materials intended for participants to reflect the new payment options, the flexibility granted, and the possibility of submitting documents by electronic means.
- Train staff responsible for participant relations regarding the new provisions, including managing special cases, such as those related to CASS exemption or identification based on the electronic identity card.
Source: Official Gazette, Part I, no. 296 of April 15, 2026.
Note: This material is strictly for informational purposes and does not constitute legal, tax, or business advice. As the interpretation and application of legal provisions may vary significantly depending on the specific circumstances of each entity, we recommend seeking specialized legal assistance before adopting any operational decisions based on these changes.