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Romania's voluntary private pensions market (3rd pillar) has not matched expectations so far, despite the optimistic estimates at its start in June 2007.
Romania's voluntary private pensions market (3rd pillar) has not matched expectations so far, despite the optimistic estimates at its start in June 2007. Until one month ago, only 121,000 participants started to save in the optional private pension system, and the accumulated assets barely exceeded 15 million Euros. For comparison, the estimates made when the market was launched indicated 250,000 participants and assets worth 30-40 million Euros for the end of 2007, but these forecasts seem remote so far, even for the end of 2008. But there is still room for hope on the market: the fiscal incentives for contributions in the voluntary pensions system could be increased from January 1st, and the voluntary pension plans could thus become more attractive.
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