Private pensions (Pillar II) have reached 227.5 billion RON. Where the money is invested

Mandatory private pension funds, known as Pillar II, held assets worth 227.5 billion RON at the end of May 2026, according to data published by the Financial Supervisory Authority (ASF). This represents a 37% increase compared to the same period in 2025.

During the same period, voluntary pension funds (Pillar III) reached assets of 8.4 billion RON, 38% more than in May 2025.

Where Pillar II money is invested

According to the ASF report, 95% of investments made by privately administered pension funds were placed in Romanian assets, the majority denominated in RON. A large proportion of these consist of government securities or shares traded on the Bucharest Stock Exchange.

In May, contributions collected by Pillar II funds totalled 2.09 billion RON, with an average contribution per participant of 453 RON. At the end of May, Pillar II had 8,532,898 participants.

The asset breakdown is as follows:

• Government securities: 145.39 billion RON (63.9% of the total)
• Equities: 63.13 billion RON (27.7%)
• Investment funds: 3.4%
• Corporate bonds: 3.4%

The funds operating within Pillar II are Aripi, AZT Viitorul Tău, BCR, BRD, Metropolitan Life, NN, and Vital.

How voluntary pension funds (Pillar III) are performing

Pillar III also recorded growth, reaching 8.4 billion RON in assets at the end of May 2026. The ASF notes that 95% of investments were made in the local market, with the majority denominated in RON (87%).

Contributions transferred in May amounted to 93 million RON, with an average of 167 RON per participant. Voluntary pension funds had 1,080,199 participants at the end of May.

The Pillar III asset breakdown:

• Government securities: 5.297 billion RON (63.1%)
• Equities: 2.41 billion RON (28.7%)
• Investment funds: 278.64 million RON (3.3%)

The funds active within Pillar III are Azt Moderato, Azt Vivace, BCR Plus, Pensia Mea Plus, Esențial, NN Activ, NN Optim, Pensia Mea, Raiffeisen Acumulare, and Stabil.