The total value of the assets managed by mandatory private pension funds in Romania recorded an advance of 30.7% in the first six months of this year, reaching EUR 7.9 billion, according to the Financial Supervisory Authority (ASF).

The Ministry of Finance wants to reduce the state contribution to mandatory private pension funds (Pillar II), from 5.1% of the gross wage to 2.5%, sources told Profit.ro. The state also wants to eliminate some of the fees pension fund managers get for their activity.

The measures should be applied starting next year, the same sources said.

The rate of return for private pension funds reached 4.91% in June. “The second pension pillar is a solid one, generating positive returns for participants,” according to ASF.

editor@romania-insider.com