Private Pension Funds' Net Assets Up 12.6% To RON5.24B In 1Q

04.19.2011 By Bostan Radu

The net assets of Romania’s mandatory private pension funds (Pillar II) and voluntary pension funds (Pillar III) hit 5.24 billion lei (EUR1=RON4.0910) in the first three months of the year, up 12.6% compared to the level reported in December 2010, said private pension regulator CSSPP.

The net assets of Romania's mandatory private pension funds (Pillar II) and voluntary pension funds (Pillar III) hit 5.24 billion lei (EUR1=RON4.0910) in the first three months of the year, up 12.6% compared to the level reported in December 2010, said private pension regulator CSSPP.

The CSSPP said the number of contributors to the two funds increased by 1.8%, to 5.5 million, in the aforementioned interval.

Mandatory private pension funds reported net assets of RON4.88 billion in the January-March interval, up 12.8% compared to the end of last year.

The nine mandatory pension funds attracted 5.27 million contributors in the first quarter, compared to 5.19 million in December 2010.

Voluntary pension funds' net assets in the first three months of 2011 totaled RON363.4 million, up 10.8% compared to December 2010. Compared to February, voluntary pension funds' net assets increased by 3.8%.

The number of contributors to the Pillar III hit 230,586 in March, compared to 221,600 three months ago. In March, 4,239 new people contributed to the fund.

According to CSSPP, 53.2% of contributors had their voluntary pension contributions paid by their employers, 34.8% paid their contributions themselves and 12% paid their contributions together with their employers.