Romanians save EUR 1,300 in private pension accounts

Some 6.64 million Romanians were registered in the mandatory private pension system at the end of March 2016, 4.2% more than in March 2015, according to a Financial Supervisory Authority (ASF) report. However, only 3.89 million people had contributions paid in their private pension accounts in March, which is less than 60% of the total number. Moreover, only 3.19 million people have been contributing to the mandatory private pension system between May 2008, when the private pension system in Romania was launched, and March 2016. These 3.19 million people had an average EUR 1,323 in their accounts at the end of March 2016. Some 1.94 million participants had less than RON 5,000 (EUR 1,110) in their accounts, 740,000 participants had between RON 5,000 and RON 10,000 (EUR 1,110-2,220), and 510,000 people had over RON 10,000 (EUR 2,220). The total assets managed by the seven mandatory private pension funds in Romania was EUR 5.83 billion at the end of March 2015, up 26.6% compared to March 2015. editor@romania-insider.com