Assets of private pension funds in Romania add 17.5% in July to 47.15m lei

The eight funds operating on the private pension market are AZT Moderato and AZT Vivace (administered by Allianz-Tiriac), BCR Prudent (BCR Asigurari), ING Clasic and ING Optim (ING Asigurari), Pensia Mea (Aviva), OTP Strateg (OTP) and Raiffeisen Acumulare (SAI Raiffeisen Asset Management).

The players on the market counted 117,169 clients at the end of July with the largest Dutch insurer ING, which manages the ING Optim fund, in the lead, counting 28,360 participants and 7.78 million lei net assets. Assets grew 50 percent month-on-month, the most among the eight funds.

However, the largest assets belong to BCR Prudent – 14.65 million lei from 26,925 clients.

The pension system was reformed last year in May. Apart from the traditionally state-collected pensions (Pillar I) and the private ones (Pillar III), a new type appeared, the mandatory pensions privately managed (Pillar II).

Funds operating on Pillar III invested most assets in state securities, municipal bonds, corporate bonds and others, including stocks and bank deposits. The law says employees and employers can both have a private pension, with a monthly contribution of 200 euros, but not more than 15 percent of the salary.

Source: NewsIn