THE PRIVATE PENSION SECOND PILLAR IN ROMANIA – EVOLUTION AND STATISTICS

Abstract

The Second Pillar has turned 10 years of functioning, time in which it has been operating efficiently, transparently, without any syncope, registering excellent investment results, highly appreciated on international level. By contributing on a compulsory basis to the Second Pillar, the Romanians are the owners of their private pensions, of their future, the same as other Europeans from countries, where the participation in private pensions is compulsory (by law) or quasi compulsory (through different institutional arrangements patronage – trade unions or trade guilds): Norway, the Netherlands, Great Britain, Switzerland, Denmark, Finland, Sweden, Iceland and others. The system of compulsory private pensions has turned in the ten years of activity into a support pillar for a whole generation. The pension industry of the second pillar of Romania has become extremely competitive in Europe, offering the best real efficiencies, according to specialized institutions. Thirdly, the contributors’ funds return into the Romanian economy, generating economic activities, income for the state and new employment.