Press Review - April 14, 2017

04.14.2017 By Oana Gavrila

NN Pensii: Fines Don't Affect Pension Fund's Situation

The fine levied on private pension fund administrator NN Pensii does not affect the fund's situation or the pension savings of its 1.9 million contributors, the company said in a statement.

Romania's financial authority on Thursday fined NN Pensii RON175,000 for e-mailing its clients to warn about potential political decisions that would affect their savings, such as freezing contributions and even nationalizing private pensions.

“We reiterate our intention was strictly to inform our clients regarding the private pension system and to say it is in their interest to stay informed on the situation of the funds managing their pension savings,” the company said.

Road Authority Terminates Contract for Bacau Beltway

Romania's road and infrastructure authority CNAIR has terminated a contract for the construction of the Bacau beltway by Turkish builder Eko Insaat VE Ticaret A.S.

“After the Turkish contractor announced officially it was unable to sustain the work financially, CNAIR notified it of contract termination on April 12, 2017,” the road authority said.

The authority will seek another contractor.

Eko Insaat VE Ticaret signed a RON394 million (net of VAT) contract for the construction of the 30 km beltway in April 2015. Works started late May 2016 and were supposed to be completed within 24 months. Just 2% of the works have been completed so far.

People Who Retired Early in 2011-2016 Could Ask for Pension Recalculation

People who retired early between January 2011 and July 2016 could benefit from recalculated pensions, eliminating a 0.75% penalty for each month of early retirement and applying a more favorable law, under a bill submitted in Senate.

The bill eliminates the penalty imposed for each month until the retiree reaches standard retirement.

The Senate is the first chamber notified.