Starting March 2015, the contribution rates to Pillar II will be increased from 4.5 percentage points to 5 percentage points (of the social security contributions). Thus, Pillar II funds will receive RON4.4 billion between March and December 2015, compared to RON3.9 billion in 2014.
According to data from Romania’s Financial Supervisory Authority (ASF), private pension funds reported assets of RON18.8 billion at the end of September 2014, up 27.12% compared to the end of 2013, accounting for 2.8% of Romania’s gross domestic product.
On Pillar II, the value of pension funds’ net assets reached RON17.78 billion (EUR4.03 billion), up 27.5% from December 31, 2013.
On Pillar III, the value of pension funds’ net assets reached RON976.27 million (EUR221 million), up 20.3% from December 31, 2013.
According to MEDIAFAX calculations, Pillar II will end 2014 with assets of around RON19.1 billion, while the assets of Pillar III will slightly exceed RON1 billion.
On September 30, 6.2 million participants were registered on Pillar II and 336,456 on Pillar III.
The first contributions to voluntary pension funds were made in May 2007, while the first contributions to the mandatory pension funds were made a year later.