The first contributions to voluntary pension funds (Pillar III) were made in May 2007, while the first contributions to the mandatory pension funds (Pillar II) were paid a year later.
The average annualized yield on Pillar II has reached 12.1% since 2008, compared with an average annual inflation of 5.3%. On Pillar III, is stands at 7.4%, compared to an average annual inflation of 6.1%, said Coman.
According to data available on September 30, mandatory private pension funds registered profit of 635 million lei (EUR147 million) and net assets of RON5.8 million, said Coman. Contributions paid stood at RON5.16 billion.
The number of Pillar II contributors hit 5.4 million.
APAPR is a non-governmental organization set up to promote and develop collaboration and cooperation in the private pension sector. It has 16 members: 11 private pension fund administrators and five banks.
(EUR1=RON4.3246)