First funds for Pillar II as of April 2008

"The procedure has not yet been determined. We must establish who will supply our accounts which, I feel, should be approved by the Commission for the Surveillance of the Private Pension System - CSSPP," Campeanu explained. She added that the institution faces problems in terms of major workloads and lack of employee discipline, rather than technical issues.

Since April 2001, when the current public pension system went into effect, employers file nominal statements with the County Pension Houses, which include primary data on their employees. These institutions forward the statements to CNPAS. As of 2008, all subscribers to mandatory private pension funds will be identified by their personal identification number. On the basis of employer statements, CNPAS will apply 2 percent of revenue obtained by each subscriber to the Pillar II funds, with these amounts then going into accounts opened at depositories.

Administrators have reported 2,233,900 subscribers by 15 November. "We believe there are 3.5-3.6 million eligible persons for Pillar II, namely those under the age of 45. This means more than 60 percent of these people have already chosen a fund," said Campeanu.