The National House of Pensions and Other Social Insurance Rights has signed a partnership with Citibank Romania, where pensions and other social security rights are to be transferred abroad to local bank accounts held by Romanian citizens.
Romania’s entry into the European Union dispense with the terms of residence for the beneficiaries established in the member states of the European Union (EU), as well as the European Economic Area (EEA).
According to the legislation in force, people entitled to retirement and death benefits, acquired under Romanian law, will receive these benefits even if their place of habitual residence is established in another member of the EU/EEA other than Romania.
Citibank noted that this program was implemented to ensure equal treatment for all beneficiaries of the public pension system including those living in an EU/EEA member state who are unable to appoint a recipient living in Romania.
The process will take place as follows: in the second half of each month, local pension houses will make pension transfers in foreign currency through Citi Romania. In the two days following the initiation of payments, beneficiaries will be able to receive their pension benefits, minus the transfer of all costs that may arise from their local recipient banks in the country of domicile or residence, as appropriate.
Stefana Aghergheloaei, general secretary of The National House of Pensions and Other Social Insurance Rights (NHPSI), said: We were fully aware of the need to ensure the necessary conditions to comply with the commitments we made as a result of Romania’s EU accession, in particular regarding the insurance of equal treatment for all beneficiaries of the public pension system, regardless of the state in which they wanted to establish themselves.