Legislation Publications Pension models About project Statistics
Legislation Publications Pension models About project Statistics

1. Introduction

2. Actuary expertise
2.1. Contents of the actuary expertise
2.2. Actuary control cycle
2.3. Actuary expertise tools

3. Basics of the pension legislation of the Republic of Moldova
3.1. General principles
3.2. Social insurance contributions and taxable basis
3.3. Pension types and conditions of their assignment
3.3.1. Old age pensions
3.3.2. Disability pensions
3.3.3. Survivors pensions
3.3.4. Pensions to some categories of citizens
3.3.5. Social pensions/benefits
3.3.6. Pensions paid from the state budget
3.4. Minimal pension and guaranteed minimum
3.5. Pension formulas
3.6. Pension indexation

4. Demographic situation in the Republic of Moldova
4.1. Dynamics of population number and sex/age structure
4.2. Birth rate
4.3. Mortality and life expectancy
4.4. Marriage and divorce rates
4.5. Population natality and reproduction
4.6. Demographic forecast

5. Current macroeconomic situation
5.1. Tendencies of population economic activity
5.2. Development of basic forecast

6. Background information on pension insurance
6.1. Number of pensioners
6.1.1. Analysis of the number of pensioners
6.1.2. Distribution of the number of pensioners by pension types
6.1.3. Sex/age number of pensioners
6.2. Pensioner’ standard of living
6.2.1. Average size of pensions
6.2.2. Compensation of lost wage
6.2.3. Gender differences in pension sizes

7. Modeling outputs

8. Outputs and perspectives of the development of pension system of the Republic of Moldova

9. Annex: Analysis of the risks of the Non-Financial Defined Contribution (NDC) and Financial Defined Contribution (FDC) pension systems
9.1. Principles of the design of NDC pension system
9.2. Principles of the design of FDC pension system
9.3. Experience of applying FDC schemes
9.4. Comparison of NDC and Funded schemes

Pension system of the Republic of Moldova: actuary expertise

3. Basics of the pension legislation of the Republic of Moldova

The pension system reform in the Republic of Moldova has been launched in 1999 after the adoption of the Pension System Reform Strategy and Law on state social insurance pensions no.156-XIV from October 14, 1998. These documents were supplemented by the Law on public social insurance system no.489-XIV from July 8, 1999. The set of legislative documents regulating the pension insurance is supplemented annually by the Law of the Republic of Moldova on the state social insurance budget, stipulating the order of calculation and payment of mandatory social insurance contributions and also specific aspects related to incomes and expenditures.

3.1. General principles

The main direction of the reform is the transition from social assistance to social insurance. On the basis of the creation and functioning of the social insurance system and of the pension system as its component, the following basic principles, envisaged by the Law on state social insurance system were used:

  1. Principle of uniformity, according to which the state organizes and guarantees the activity of the state social insurance system according to legal standards;
  2. Principle of equality, which ensures to all participants of the state insurance system – payers of contributions, pension beneficiaries and recipients of other social insurance benefits – equal rights and responsibilities, stipulated by the law;
  3. Principle of social solidarity of generations and persons, representing a generation;
  4. Principle of obligation;
  5. Participative principle, according to which the social insurance funds are created from the contributions of legal and natural persons – participants of the state social insurance system; the realization of the right to social insurance depends on the implementation of this principle.

According to the new pension law the right to pension have all insured persons, residents of the Republic of Moldova, as well as persons, who are not insured at the moment of pension assigning, but correspond to the requirements, stipulated by the Law on state social insurance pensions. The Law stipulates that the agricultural workers have also the right to pension and also sets the conditions of its assignment.

According to the Law on public social insurance system the insured persons are the persons working under an individual labor contract, in the elected positions or the appointees with executive, legislative and judiciary bodies; receiving benefits for unemployment, incapacity for work and disability; as well as persons having an annual income of not less than three or four average monthly wages in economy. The payers of social insurance contributions are both the insured persons paying individual contributions (including those persons that have signed individual insurance contracts) and employers.

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