Romania’s Pillar II pension funds achieved mixed results over past five years

Calculated at the end of 2025 for the past five years, the placements made by a contributor to Pillar II pension funds in Romania, earning the average wage each month, generated a real internal rate of return (IRR) adjusted for the consumer price index of between 2.8% (BRD fund, currently under the management of Banca Transilvania financial group) and 4.1% (Aripi fund, defined as higher-risk fund and managed by Generali), according to calculations based on data published by the financial supervisory authority.

The largest fund by assets (NN, managed by ING’s insurance division NN Asigurari) generated 3.8% real IRR over the past five years.