EnglishPrivately-managed mandatory pension funds (Pillar II) concluded last year with a net profit of 30.5 million RON distributed across the 4.03 million participants who made contributions to any such fund last year, according to the Private Pensions System Supervisory Commission (CSSPP) annual report quoted by the Romanian Pension Funds Association (APAPR).
The management firms of the privately managed mandatory pension funds (Pillar II) incurred overall losses of 859 million RON last year as a result of the expenses made to attract participants through various forms of marketing and advertising, as well as of administrative and operating expenses. By law, the management firms and the pension funds are distinct entities, having separate assets, liabilities and balances, meaning that the accounting losses of the management firms do not affect the net profit of the pension funds.
"The private pension funds in Romania have so far delivered excellent investment performance to our customers, despite financial and economic adversity, while maintaining minimum costs for the participants. We are pride to be one of the most efficient and best performing private pension industries in the world," said APAPR President Crinu Andanut.
The optional private pension funds (Pillar III) concluded last year with a profit of 0.53 million RON, while their management firms reported losses of 33.47 million RON.
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