Romanians have EUR 1.5 bln in mandatory private pensions

The assets of mandatory private pensions increased by 48 percent last year, reaching around EUR 1.5 billion at the end of 2011, according to data from the Private Pensions System Supervising Commission. The system has 5.2 million participants, up 7.6 percent during 2011.

Romanians sent 3 percent of their gross revenues to mandatory private pensions in 2011, amounting to a total of EUR 40 million – 31 percent more than in December 2010. On the optional private pensions side, the value of assets grew by 32 percent throughout 2011, to some EUR 100 million at the end of the year. For over half of the contributors, the employers also paid the optional pensions, while 37 percent of the people paid themselves and the rest paid together with their employers. There were 11 active pensions funds in Romania at the end of 2011. The mandatory private pensions system was enforced in 2008. Corina Saceanu, corina@romania-insider.com (photo source: Photoxpress.com)