In the first seven months of this year, the private pension system gained 158,783 new contributors, of whom 145,559 (91.67%) were distributed randomly to various funds. The high rate of random distribution indicates that most of the new participants are people who have just turned 18 and either entered the labor market, or are on unemployment, as well as university graduates.
Pension fund representatives say the new entries pay low contributions and many are not even aware they are members of the private pension system, since they are recorded randomly and not notified.
In July, contributions worth 213.57 million lei (EUR46.74 million) were transferred to the private pension funds, slightly lower than the previous months (0.18%), but higher than in July 2011 (25.7%). Contributions worth RON1.41 billion were transferred in the first seven months of 2012.
Some 3.53 million of participants transferred pension contributions in July 2012, making up 62.19% of the total registered participants.
The average contribution was RON60.51 in July 2012, down slightly on the month (0.6%), but higher on the year (21.71%). ING and ALICO reported the highest average contribution, RON69.18 and RON64.17 per participant, respectively.
The private pension system’s total managed assets were worth RON8.74 billion (EUR1.91 billion, according to the BNR reference rate on July 31) at the end of July 2012, up 3.63% on the month and up 47% on the year (36.41% higher in euros).
The system’s net assets were worth RON8.21 billion (EUR1.79 billion) at the end of July, up 3.66% on June 2012 and up 47.93% on July 2011 (37.28% higher in euros).