The pension system reform in Romania initiated in 2000 is based on three pillars: 1) the public redistributive mandatory pillar; 2) the private mandatory pillar; 3) the private optional pillar. The paper tries to answer a few questions concerning the juridical and technical problems raised by the implementation of the last two pillars. The method used is that ‘of scenarios’, and the simulations are made separately for men and women, given that the duration of contribution payment and also the life expectancy at retirement are, at least in the present, different for the two categories of beneficiaries.

private pension, universal pension funds, accumulation, deccumulation