By comparison, at end-2022, Pillar II assets stood at RON96.5 billion, which means this indicator has increased by almost RON18 billion (+19%) since the beginning of 2023. Of the RON18 billion increase, roughly RON8 billion represents Romanian employees’ contributions since the beginning of the year, and the amount of RON10 billion represents the investment performance of private pension fund managers.
Nearly RON75 billion of the amount of almost RON115 billion represented investments in state treasuries, namely, 65% of the portfolio of Pillar II funds, followed by stocks, with RON28.5 billion (24.9%). The rest of investments targeted instruments such as bank deposits, municipal bonds and others. As many as eight million Romanian employees contribute 3.75% of their monthly gross income to Pillar II.
Pillar II funds are the largest investors at the Bucharest Stock Exchange and have reached significant ownership stakes in companies listed on the stock market, as follows: 37% in MedLife, 34% in Digi, 31% in Fondul Proprietatea, 25.8% in Banca Transilvania, 23% in TeraPlast, and 13.45% in Petrom.
At individual level, the assets of the seven Pilon II funds are as follows: NN Pensii (RON39 billion), AZT Viitorul Tau (RON24 billion), Metropolitan Life Pensii Private (RON16 billion), Vital (RON11.7 billion), Aripi (RON10.4 billion), BCR Pensii (RON8.1 billion), BRD (RON4.9 billion).