“The important thing is that this man received more than he contributed, which proves that the private pension fund system is working,” Vreme said.
There are 14 Pillar II fund administrators, who were managing the contributions of 4.1 million participants at the end of January. The system’s total assets exceeded RON 950 million (some €222 mln). The Generali administered fund is the third-largest player on the market, with 378,601 participants and total assets worth RON 76.2 mln.
“In the coming ten years, Romanian mandatory private pension funds will have 80,000-100,000 payment cases. The solvency of pension funds will be certified by each of these future Pillar II beneficiaries. In other words, the payment of private pensions begins today, and not 20-30 years from now. Romanian private pension funds work transparently and will honor every payment case,” according to a statement yesterday by the Romanian Association of Pension Funds (APAPR).
