Private pension funds reach EUR 5.84 bln in Romania

The mandatory private pension funds (Pillar II) and the optional ones (Pillar III) will reach total assets of EUR 5.84 billion at the end of this year, EUR 5.55 billion of which correspond to the Pillar II, said Raluca Tintoiu, President of the Association of Privately Managed Pension Funds in Romania (APAPR), cited by local Mediafax. "The number of contributors to the Pillar II will increase by 3.5% compared to 2014, to 6.5 million, while the revenue collection will increase by 14% compared to last year, with EUR 997.3 million. The assets of the Pillar II will go up by 30% to EUR 5.55 billion," said Tintoiu. The contribution rate to the Pillar II will increase from 4.5% to 5% from social security contributions. The Pillar III assets will increase by 25%, to EUR 288.7 million, according to APAPR estimates. editor@romania-insider.com