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Half Of Romanian Mandatory Private Pension Fund Contributors Amassed RON500 Since ‘08

About half of Romanian contributors to mandatory private pension funds (Pillar II) have amassed less than 500 lei (EUR1=RON4.2016) in their pension accounts since May 2008 when the system was launched, Mircea Oancea, head of the country’s private pension regulator CSSPP, said Thursday.
Half Of Romanian Mandatory Private Pension Fund Contributors Amassed RON500 Since ‘08
Ioana Tudor
03 mart. 2011, 13:48, English

The average sum amassed by Pillar II contributors reaches RON835, said Oancea at the fourth annual edition of MEDIAFAX Talks about Private Pensions.

„Considering this situation, Pillar II will not be able to meet the purpose for which it was created, namely to make sure contributors will benefit from decent income after retirement,” said Oancea.

The first Pillar II contributions were paid in May 2008.

At the end of January 2011, mandatory private pension funds’ net assets stood at RON4.5 billion, up 3.9% compared to December 2010. The number of Pillar II contributors increased by 0.4% in January, to 5.21 million.

The net assets of the 13 voluntary private pension funds (Pillar III) amounted to RON339.6 million, up 3.5% compared to December 2010, and the number of Pillar III contributors increased by 1.2%, to 224,191.

The first contributions on the voluntary private pension segment were paid in May 2007.

The average sum amassed on Pillar III hit RON1,515, according to data collected end-January.