The mandatory private pension funds active in Romania received gross contributions worth RON 28.2 billion (EUR 6.2 billion) in the nine years since their establishment.

They currently hold net assets worth RON 35.1 billion (EUR 7.7 billion), and the RON 6.91 billion (over EUR 1.51 billion) difference represents the earnings made from managing the contributors’ money, according to the Association for the Privately Administered Pensions in Romania (APAPR), quoted by Agerpres.

The statements came after the Finance Minister Ionuţ Mişa said that the administrators of the mandatory private pension funds receive commissions worth several hundred million RON yearly, when the money could instead add up to the pensions of Romanians.

The association also said that over 92% of the investments associated with the mandatory private pension system (Pillar II) are made in Romania.

editor@romania-insider.com