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Mandatory private pension funds hike assets by 6.4% in November, to lei 2.25bn

Romania's mandatory private pension market (Pillar II) reached net assets of 2.25 billion lei at the end of November, 6.4 percent up from the previous month, according to data from the market watchdog CSSPP.

The 12 players on Pillar II counted 4,525,769 participants at the end of last month.

The fund managed by ING continues to control more than a third of the Pillar II, with total assets of 882.93 million lei at the end of November.

Contributions on Pillar II remained at 2 percent of the gross salary this year owing to the economic crisis, but they should add 0.5 percentage points each year and reach 6 percent of the gross salary in eight years.

Participating on Pillar II is mandatory for those aged below 35 and optional for those aged between 35 and 45.

The Romanian pension system was reformed in May 2007. Apart from the state-collected pensions or Pillar I and the optional private pensions or Pillar III, a new type was introduced, the private mandatory pensions or Pillar II.

Sursa: http://www.newsin.ro

Tags: pillar november mandatory assets pension private ing