ZF English

More than half of Romanians have chosen their private pension

02.11.2007, 22:39 6

More than 1.8 million Romanians have chosen their mandatory private pension (pillar II) reveals data gathered by ZIARUL FINANCIAR from the 18 management companies on the market yesterday. From a market estimated at 3.5 million clients, this means that 52% of Romanians have already signed to a fund, after the campaign started just six weeks ago. The significant rise in the number of signed individuals shows how interested Romanians are in private pensions. After the first month, 37% of the signatories were from the age group who can contribute to a mandatory private pension fund optionally (35-45 years), whilst 63% accounted for individuals who are required to join a fund (below 35 years). Over the last two weeks, almost 667,000 Romanians had signed with a private pension fund, Mariana Campeanu, chairperson of the National Pension and Social Insurance Office (CNPAS) told ZF. The 18 companies managing mandatory private pensions yesterday filed their third bimonthly report (from a total of 8 until January 25, 2008) on the number of clients with CNPAS. The total number was 667,000, slightly lower than the level registered at the second official report (690,000). The data collected by ZF from companies reveals that five funds have signed about 84% of clients from the entire market in the first six weeks, whilst the top ten funds signed 98% of overall clients. The remaining 2% is split between the other eight funds.

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