pillar ii

Mandatory private pension funds in Romania (Pillar II) had an average yield of 11.8% in 2019, the highest in the past nine years, the Romanian association for private pensions APAPR said in a statement Thursday.

Romanians who contributed for at least five years to the mandatory private pension system known as Pillar II may choose to stop contributing, according to a norm issued by the country's financial watchdog ASF and published in the Official Journal.

Net assets of mandatory private pension funds in Romania (Pillar II) stood at RON48.1 billion at the end of November 29018, up 23% on the year, according to financial watchdog data.

Romania's proposed finance minister Ionut Misa said Thursday the government will eliminate the mandatory private pension system known as Pillar II.