Around 1 million Romanians have some 2,145 Euro each in their
\ncompulsory private pension accounts, but they do not know they have this money,
\na recent poll conducted by the Association for Privately Managed Pensions in
\nRomania has shown. According to the survey, 11 years since the launch of the
\ncurrent pensions system, Romanians still trust Pillar 2, they know their rights
\nand are aware that their contribution is important for the country’s economic
\ndevelopment. 86% of the people interviewed, aged 20 to 55 and living in the
\nurban area, have heard of the Pension Pillar 2 but only 60% of them say they
\nare contributing. <\/p>\n
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The study also shows that, in spite of the fact that two thirds of
\nrespondents believe that unless measures are taken the state may have
\ndifficulties in paying pensions to the next generations, more than half of them
\nstill count on the pension provided by the state when they retire. President of
\nthe Association for Privately Managed Pensions in Romania, Radu Craciun,
\nexplains the results of the study on the Pension Pillar 2:<\/p>\n
<\/p>\n
\n
\n
\n
<\/p>\n
71% of Romanians know that the money from Pillar 2 is their
\nproperty. 67% of them know that the money from this fund is guaranteed under
\nthe law and, finally, 71% believe that Pillar 2 must be kept in place. Almost 1
\nmillion Romanians have at least 10,000 lei in their account without being aware
\nof that. They either believe they have less money in the account or do not know
\nthey have been contributing any money at all to Pillar 2. <\/p>\n
<\/p>\n
\n
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<\/p>\n
Most respondents said they trust the fact that their money is well
\ninvested and almost two thirds of the active population believes maintaining
\nthe compulsory private pension system is necessary. However, the amounts that
\nRomanians have in their personal accounts of Pillar 2 are by 17.8% smaller than
\nthey should have if the law was observed, the Association for Privately Managed
\nPensions in Romania argues. The decrease in value has been triggered by the
\nfact that individual contributions should have been raised by 6% starting
\nJanuary 1st 2016, which did not happen. At the end of 2017 the
\nGovernment decided to decrease the percentage to be paid for the privately
\nadministrated Pension Pillar 2, from 5.1% to 3.75%. Launched in 2008, Pillar 2 had
\nnet assets of 9.9 billion Euro at the end of September and numbered 7.18
\nmillion contributors. The optional private Pension Pillar 3 had net assets
\nworth 425 million Euro and 465,000 contributors. 90% of the total assets of
\nthe two funds are invested in the Romanian economy.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
According to a recent poll, many Romanians are unaware of the money they have in their mandatory private pension accounts.<\/p>\n","protected":false},"author":106,"featured_media":65851,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37738],"tags":[31885],"coauthors":[],"class_list":["post-79160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-today-in-the-news","tag-private-pension"],"acf":[],"yoast_head":"\n