Pages: 46-60Introduction. Pension reform in Romania has unfolded within a context marked by legislative discontinuities and inconsistent policy commitment, reflecting broader instabilities at the level of the political decision-making process. The initial phase of reform was characterized by the adoption of two legislative acts that were never effectively implemented, followed by a more comprehensive and ambitious reform package that established the foundations of a multi-pillar pension system and introduced supervisory mechanisms for this segment of the financial market. Despite this promising institutional framework, the continuity of reform efforts weakened considerably. The early momentum was replaced by delays and partial implementation,…
Author: Marius-Robert Georgescu
Pages: 7-21Introduction. The evolution of Romania’s pension system has followed a complex and often inconsistent legislative path, beginning with two unimplemented laws, and later progressing to the introduction of a multi-pillar system. Initially accompanied by optimism, the momentum behind pension reform soon faded, resulting in significant delays in implementing crucial regulations, such as the law on the guarantee fund. It was not until 2020 that substantial progress was made with the introduction of laws on occupational pension funds and the pan-European personal pension product (PEPP).Aim of the study. This paper aims to assess the impact of Romania’s evolving legislative framework,…