Legal and practical elements of the private pension system

Bucharest 18 February 2017

Trainer: Daniela Theodor


The transition to a private pension system based on the principal of undefined benefits within the pension system in Romania raises two major problems.
The first is the transition from the old system of organization of the public pension system in Romania, characterized by the principle of solidarity, to a system characteristic of modern society, developed to relieve the state budget and give people an extra income in retirement – the private pensions system.
The second problem lies in facing difficulties arising from the transition process itself, complementing the public pension first pillar with two categories of private pensions - Pillar II and Pillar III.
The course aims to provide to students the knowledge and the key and specialized elements of the organization and functioning of private pension system, the applicable law institutions, as well as the specificities resulting from the doctrine and cases treated so far, in order to contribute in acquiring specific skills for addressing the issues raised by individuals or juridical persons, in different cases covering situations of collision occurring in the private pension system.
During the course, addressing the elements and specific reports for the domain is done in a friendly and dynamic manner starting from the legislation and up to the dedicated solutions, all the participants being trained in an assertive, proactive and participatory behavior, according to their personal or professional needs.

Target group

This program addresses to a variety of persons such as:

  • direct beneficiaries: individuals and/or firms: lawyers, people who take over a portfolio of specialized functions in the system, administrators, custodians, auditors, people that are responsible for marketing activity (brokers, agents, marketing agents), as well as
  • all those persons whose activity is adjacent to the private pensions system or to those that are interested by the legislation and cases resulting so far, related to this area namely: employers, human resources specialists, specialists in occupational safety and legislation, consultants, trainers, consumers of non-banking financial products associations, public authorities, other organizations.

Course objectives

  • familiarization and assimilation of notions about the essential law institutions regarding the private pension system: private pension system architecture; pension fund participant, manager, marketing agent, depositary, auditor - regulatory, legal regime, establishment, functioning; the partnership agreement, the individual act of joining a private pension fund; contract administration; private pension scheme prospectus; storage contract; contract of mandate; legal relations specific to private pensions system in Romania, part of the social security law; rights and obligations of the parties; legal regime; ways of closing, execution and termination of contracts; rights and obligations of the parties; legal regime; arrangements for closing, execution and termination of contracts; applicable exceptional circumstances; legal responsibility; the rules on penalties; consumer's protection; methods of alternative dispute resolution;
  • practicing and learning correct language used in legal activity, specialized in private pension system activity and defining easily the concepts sepcific to the domain;
  • identification and correct assessment of the various situations occurring based on the knowledge acquired and improved;
  • demonstration of capability to operate with specific legal institutions of the private pension system, based on cases / problems arising in the system;
  • awareness of the collision and failure in the field;
  • proposing solutions to problems related to legal relations in the field, using the knowledge gained in the course;
  • development of projects of analysis in the field;
  • knowledge and understanding of the elements for taking over a portfolio of specialized functions in the system;
  • the possibility of accessing information necessary for their work in the field;
  • fair evaluation in terms of cognitive and applied learned concepts in cases and use/application of incidental legal norms in identifying/solving legal case-studies/technical;
  • using the most advanced and latest elaborations and interpretations of the rules of law related to the field;
  • achieving social and economic importance of implementing the system and understanding by students of the essential elements of the private pension system in a society constantly evolving and adapting to the European and international system, in the context of democratic change and needs to approach new strategies: context implementation, necessity, evolution, benefits, trends;
  • assessing the role and place of the private pension system in terms of its own specialty;
  • contribution to the literacy of the population to the benefits of private pension system.


I. The legal framework for private pension system / voluntary pension system
Primary legislation
Secondary legislation

II. Highlights of the implementation of the private pension system. The authority in the field.
Implementation circumstances
The need to implement
The private pension system versus the public pension system – Essential elements

III. The main actors of the private pension market and their role: private pension fund; participant; beneficiary; administrator; depository; broker; marketing agent; auditor
Notion. Legal regime. Role
Key features
Authorization / Approval / Withdrawal
Licensing / Bankruptcy / Execution
Eligibility / Entrance into the system / Withdrawal from the system
Requirements for setting up, operation, termination / cancellation, merger
Rights and obligations granted by the legal framework

IV. The relevant documents functioning private pension system: the articles of association; individual act of accession; private pension scheme prospectus; contract administration; investment policy statement; storage contract.
Notion. Legal regime
Authorization / Approval
Signing, execution, amendment, termination of contract

V. The organization and functioning of the private pension system: managed privately / optional
Applicable principles
Corporate governance principles
Legal bonds
Exceptional situations on the supervision and special organization of a pension fund administrator

VI. The rights and obligations of participants to the private pension funds / optional funds
Correlative rights and obligations

VII. The rights and obligations of managers of the private pension funds / optional funds
Correlative rights and obligations
Failed consequences

VIII. Fund for guaranteeing the rights of the private pension system
Operating Principles

IX. Legal liability. Offenses and crimes in the private pension system. Penalties
Forms. Elements and conditions
Features / Particularities
Differences and similarities to other forms of legal liability

X. Comparative issues for those two categories: privately run / optional

XI. Case studies


Daniela THEODOR – has built her career as a trainer from a solid experience in the field: 11 years in the financial system. A graduate of Law School, Master in European Studies, Finance and Banking Studies and postgraduate studies in psycho- pedagogy, authorized mediator, practicing since 2001 in legal and human resources, she conducted a specialized activity in consumer protection including financial services, since 2005 at ANPC.
Starting with 2007, she has focused on non-bank financial system - private pension market, joining the management team at CSSPP as Director of Legal and Human Resources. Since 2014, within ASF, she was dedicated to the protection of consumers related to private pensions market, contributing to the construction and achievement of the necessary projects.
Since 2006 she is engaged in Lectureship, in close connection with her competence, gaining experience so far as a lecturer in the areas of: consumer, labor and social security and financial education - financial services non-banking within several seminars and workshops.

Duration / Period

The program lasts for 6 hours and will take place in the 18th of February 2017, between 09:30 - 16:00.


The investment for this program is of 390 lei + VAT/participant and includes: course materials, coffee break, snack, participation certificate.


At the above fee the following discounts will be granted:

  • 5% for registration and payment until the 1st of February 2017;
  • 5% for the registration of more than 2 persons from the same organization.

The discounts can be cumulated.

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