The public pension system has to be transformed into a structure based on the principle of accumulation in personal accounts, the money collected set to be used as a state development fund, on efficiency principles, not for covering “black holes,” Labor Minister Mariana Campeanu stated, Mediafax informs. Attending an insurance conference in Sinaia yesterday, she stated that the money accumulated in the participants’ accounts will be used “as a state development fund.” Campeanu pointed out that the private management of the process of contributions started well and has good results. Moreover, Cornelia Coman, President of the Association for Privately Managed Pensions in Romania (APAPR), stated yesterday that the development potential of the optional pensions market (Pillar III) is very high, approximately 3.5 million persons having the necessary funds to pay contributions to this system. At the end of April, the net assets of the 11 funds present on the optional pensions market totalled RON 495 M, while the number of participants reached 271,441, the Private Pension System Supervisory Commission (CSSPP) shows. Nine funds are present on the compulsory private pensions market (Pillar II), having 5.63 million participants and net assets of RON 7.5 bln.