Assets of private pension funds, 0.18% of GDP in 2008
According to the aforementioned source, Romania has to follow the same path and boost saving in the system of private pensions.
‘At present, the most important measure which the state has to take is the return as of 2010 to the initial calendar of contributions for Pillar II – private compulsory pensions – namely the transfer of a 3-percent contribution, not of 2.5 percent, to the personal accounts of the 4.4 million participants active in the system, show the conclusions of the survey.
The figures were obtained by Romanian private pension funds under conditions of minimal risk, with a low exposure on the stock exchange and other short-term volatile financial instruments.
Compulsory private pension funds had investments in shares of only 1.7 percent of assets at the end of 2008.
At mid-August, the Commission for the Supervision of the Private Pension System (CSSPP) informed that net assets of the 12 funds of privately administered pensions grew in June by 8.4 percent as against June and stood at 1.705 billion lei (405 million euros).
Also in July in Pillar II there were registered 4,392,212 participants for whom contributions were collected since May 2008.
Compared to the figures of June, the number of participants grew by 0.8 percent and by 25.4 percent compared to July 2008, accounting for a growth of 9 percent in seven months to July 2009.
According to CSSPP, in May 2009, the biggest share in the structure of investments of facultative pension funds was held by state bonds (61.66 percent), slightly up as against the previous month.