Romanian private pension funds report EUR 106 million profits for 2010

Romanian private pension funds made profits of over EUR 106 million in 2010, on behalf of the participants in the system, up 61 percent compared to 2009, shows the Annual Activity Report of the Supervisory Commission of Private Pension System (CSSPP). The pension funds' profit is represented by the net gains from financial investments and belongs to more than 5.12 million participants in the private pension system, according to CSSPP. “2010 was a bad year for pension funds, the macroeconomic factors also affecting the developments in the private pension system in Romania”, according to CSSPP. The share of contributions to the Pillar II increased to 2.5 percent in 2010, after a year ago the contribution was frozen at 2 percent. However, the share of participants randomly assigned to Pillar II had a downward trend during 2010, for the whole year, the number of participants randomly assigned representing 80.94 percent of the new entrants' total. Irina Popescu, irina.popescu@romania--insider.com (photo source: Sxc.hu)