Private pension funds to reach almost EUR 6 bln by the end of 2015

The mandatory private pension funds (Pillar II) and the optional ones (Pillar III) will reach assets of about EUR 5.9 billion at the end of 2015, EUR 5.15 billion of which corresponds to the Pillar II, according to estimates from the Romanian media agency Mediafax. The contribution rate to the Pillar II will increase from 4.5% to 5% of the gross wages (included in the social security contributions paid by Romanian employees) in March, 2015. The mandatory private pension funds will thus receive EUR 983 million between March and December 2015, compared to EUR 871 million this year. The private pension funds reached EUR 4.2 billion at the end of September this year, recording a 27% increase over the end of 2013. Private pension funds' assets currently represent 2.8% of the GDP in Romania, according to the Financial Supervisory Authority (ASF). Diana Mesesan, diana@romania-insider.com