The average contribution to voluntary pensions, 10% of the average salary
The average contribution to the voluntary private pension funds (pillar III) was RON 144 (about EUR 42) last year, representing 10% of the monthly average gross salary, according to the calculations of the Private Pension Supervisory Commission (CSSPP), published in the 2007 annual report.
The calculation is based on the system’s 7 months of operation last year (between June and December), when the market counted almost 51,000 participants to these funds. According to the law, the monthly contribution to the voluntary pension funds cannot exceed 15% of the monthly gross income.
Last year, the voluntary pension funds collected EUR 4 million in net assets, amount that doubled in the first four months of this year, reaching EUR 8 million.
At the beginning of this year CSSPP tried to introduce an amendment in the legislation whereby to eliminate the limit of 15% of the gross income for the monthly contribution, but the senators from the specialized commissions rejected the proposal, at least for the time being.
