Compulsory pension funds (Pillar II) last year registered an average yield of 11.75 pc, the best of the last three years, reaching total net assets of RON 13.94 bln (EUR 3.1 bln) in December 2013, the Privately Managed Pensions Association of Romania (APAPR) announced. In 2012, the average yield was 10.5 pc and net assets cumulated RON 9.64 bln (EUR 2.18 bln). Last year, the net assets managed by Pillar II pension funds advanced by nearly 45 pc, an evolution above the industry’s expectations, driven by the very good results of investment, reads the APAPR communiqué. Since they were launched in May 2008, compulsory pension funds received in administration total gross contributions amounting to RON 11.3 bln and added, through their investment operations, net gains worth about RON 2.6 bln. According to APAPR, private pension funds significantly increased their role in the real economy, by raising the investment allotments in shares and contributing to the development of the capital market. At present, Pillar II funds manage funds worth over RON 2 bln, in shares of the companies listed with the Bucharest Stock Exchange. As a whole, Pillar II private pension funds invest in Romania approximately 95 pc of their assets.