Moldova’s first private pension fund offers citizens extra retirement savings
For the first time, Moldovan citizens can save for retirement through a private pension fund, as the first voluntary pension fund has been authorized and is entering its launch phase. This new option allows employees and entrepreneurs to make voluntary contributions alongside the public pension system, providing an additional income source for retirement, says Elena Pui, the director of the fund management company.
The introduction of the first voluntary pension fund in the Republic of Moldova marks a significant change in the long-term savings mentality of citizens, particularly those in the workforce, according to Elena Pui, who spoke on the “I and the European Union” show on Moldova 1.
Pui emphasized that participation in this fund is optional and that contributions will not impact the public pension system. “Joining the voluntary pension fund is entirely a voluntary and free choice for each participant,” she explained.
To participate, individuals must be either employees or entrepreneurs, and the minimum contribution is set at 300 lei per month, with no penalties for interruptions in contributions. "Participants must make at least 60 monthly contributions and reach the age of 60 to benefit from the accumulated funds," Pui further said.
Authorities assure that the fund is regulated and overseen by the National Commission of the Financial Market (CNPF), and that investments are conducted under strict guidelines. However, PAS MP Dorian Istrati pointed out that there are inherent risks involved. “The CNPF has approved this fund, and very strict rules are in place... but if the fund invests in the stock market and share prices drop, there is a risk of diminished returns,” the parliamentarian stated.
Expert Stanislav Ghilețchi highlighted that voluntary pensions do not replace the public system but rather serve to complement it. He noted that this form of saving is only effective in the long term. “To achieve satisfactory results, you need to invest for 10 to 20 years. If we are only considering short timeframes, this is not a viable solution,” explained Ghilețchi.
It’s worth mentioning that in mid-February 2026, the National Commission of the Financial Market (CNPF) approved the establishment of Moldova's first private pension fund, named “Aragonn.” Additionally, the CNPF designated the investment company BROKER M-D as the fund's depositary and approved the membership agreement for the individual pension fund.
