The Romanian mandatory private pensions market (pillar II) is the only one recording a profit in the region in 2008, while the others saw losses due to the collapse of the financial markets, according to the Romanian Pension Funds' Association, which includes over 90% of players on the Romanian private pensions market. Whilst in Romania, pension funds derived an average annualised yield of over 11% in 2008, employees in Hungary lost 22.5% of their pension money on average, Bulgarians lost 20.8%, the Polish - 14.2%, Croatians - 12.5% and Slovakians - 6.8%. Pension funds in Romania started to collect money from clients and make investments in May 2008, and recorded a weighted average profit of 7% by the end of the year, which means 11% on an annualised basis. The difference between the performance of Romanian funds and that of regional ones is explained by the conservative investment strategy of Romanian funds, which place the clients' money preponderantly in fixed-income financial instruments.
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