CCIFER's position regarding the Pillar II for Pensions

For most of the Romanian employees, Pillar II represents the unique, real way to save money.

Revue de presse  | 

Demographic trends on long-term show that in the next 15 years, each Romanian employee will support pensions for about 2.5 retire people. More than that, Expert Forum estimates that in 2040, Pillar I will cover only 25% of the average gross salary and Pillar II can supplement this amount with 10 -15 percent. 

In this demographic context, 10 years ago, a coherent pension system, founded on 3 (three) complementary pension pillars was developed, aiming to ensure financial stability for retirement.  

Under the circumstances of an existing trend of underestimating the real needs for saving, for most of the Romanian employees, Pillar II represents the unique, real way to save money which offers the absolute guarantee over own contributions. 

Private Pension Funds’ evolution in Romania registered “the best real return of investment (adjusted with inflation and commissions)” in a panel of 15 EU member states, for the period 2008 – 2017 . In Romania, Pillar II ranks for the last 3 years the first position in the Better Finance Report, which places private pensions in a top position for the long-term financial savings tools. 

According to a study realized by BERD on FSA request , “Pillar II registered positive return on investments since its launch in 2008”. Besides, based on a study regarding the private pension funds’ financial performance in real terms (adjusted to inflation), run in 38 states worldwide and realized by OECD, between 2008 – 2016 pension funds in Romania ranked on the 2nd place. 

Through the assumed mandate by the pension funds towards their participants, these pursue a long-term investment approach, which make them the strategic investors in the economy. 

As proof, 92% of the about 9 billion EUR assets of Pillar II are invested in Romanian economy, which make private pension funds one of the main pillars of the economic development in Romania.  Also, as main strategic investors in local companies and of government debt, they act both as a stabilizer of financial markets and as important actor of corporative governance development in Romania. 

The French Chamber of Commerce, Industry and Agriculture in Romania joins the Romanian business environment and other organizations and international bodies, which sustains the development or at least the maintenance at the current level for the private pension system, launched during 2007 – 2008 as minimum necessary measure for improving the overall capacity of the entire pension system to meet the expectations of the active population.

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