The assets of the private pension funds (mandatory pension funds or Pillar 2 and optional pension funds or Pillar 3) went up by 36 percent in 2014 as compared to end-2013 and passed 20.1 billion lei (4.5 billion euros), the Association for the Privately Managed Pensions in Romania said in a release.
The as many as seven Pillar 2 pension funds hit nearly 6.3 million participants at end-2014 and were managing net assets totalling more than 19.1 billion lei (4.26 billion euros), according to the data centralised by the Association.
The assets managed by Pillar 2 pension funds grew by 37 percent in 2014. Since being launched in May 2008 till now, the mandatory pension funds have received overall gross contributions worth 15.2 billion lei to manage on behalf of the participants and have added more than 3.9 billion lei in net gains by the investments they have made.
The ten Pillar 3 pension funds boasted around 345,000 participants at the end of 2014 and were managing net assets worth a total 1.04 billion lei (232 million euros), according to the Association figures.
The assets managed by the Pillar 3 pension funds increased by over 28 percent last year, as the participants in the optional pension funds put more than 176 million lei in contributions into the system, a 17 percent rise on 2013, with this being the highest annual level since the system kicked off in mid-2007.