Romania's seven optional pension funds see 4.75% higher net assets in late JanuaryPublish date: 08-02-2008
The net assets belonging to the seven optional pension funds operating in Romania grew by 4.75 percent in late January, according to the data released by the Private Pension System Supervision Commission (CSSPP), Romania's pension system watchdog.
The seven optional pension funds (Pillar III) saw net assets rising to 16.44 million lei (4.36 million euros) between January 18 and 25 this year.
The seven optional pension funds are AZT Moderato and AZT Vivace, BCR Prudent, ING Clasic and ING Optim, Pensia Mea and OTP Strateg. Some 57,840 people were part of an optional pension fund on January 25.
The doubling in net assets is expected this year as some 300,000 people will choose an optional pension fund, the head of CSSPP, Mircea Oancea said.
Romania has introduced starting May 1 a new pensions system, comprising three categories.Pillar I consists of traditional state-collected social security contributions, which will now be supplemented by obligatory privately-managed pension payments, Pillar II, and the optional private pension funds, known as Pillar III.
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