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BRIEF-Romanian private pension funds' assets up 28 pct y/y in 2016
April 3, 2017 / 12:01 PM / 8 months ago

BRIEF-Romanian private pension funds' assets up 28 pct y/y in 2016

April 3 (Reuters) - Romania’s financial supervision authority ASF

* Says assets held by Romania’s mandatory private pension funds rose to 31.5 billion lei ($7.38 billion) in 2016, up 27.5 percent on the year.

* The European Union member overhauled its communist-era pension system in 2008, making it compulsory for working Romanians under 35 to contribute to a “second pillar” of private pension schemes as well as their state pension.

* Says 6.8 million people contributed to mandatory private pension funds in 2016.

* Says overall private pension assets, including optional third-pillar funds, amounted to 4.4 percent of gross domestic product at the end of 2016. ($1 = 4.2663 lei) (Reporting by Luiza Ilie; Editing by Radu Marinas)

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