Vela Group Study: average pension reached 2,942 RON in Q2 2026, but purchasing power is declining

Vela Group has conducted a study based on the most recent data published by the National Institute of Statistics (INS) for the second quarter of 2026, analysing the evolution of Romania's public pension system and its structural challenges.

According to INS data, the average number of pensioners in Q2 2026 was 4,913,000, a decrease of 7,000 compared to Q1 2026 and 5,000 compared to Q2 2025. The average monthly pension, calculated across all pensioner categories, reached 2,942 RON, representing a 0.3% increase on the previous quarter and a 0.3% increase on Q2 2025 — an annual growth rate considerably slower than in previous quarters.

Pension as a proportion of salary

The ratio of the average net nominal state social insurance pension (for retirement age, full contribution period) to the average net salary stood at 52.5% in Q2 2026, down from 57.9% in the previous quarter.

The real purchasing power of pensions continued to decline: the real average pension index, calculated as the ratio of the net nominal pension index to the consumer price index, stood at 98.1%.

Regional disparities remain significant: the average state social insurance pension ranged from 2,229 RON in Botoșani county to 3,595 RON in Bucharest — a difference of over 1,300 RON.

How the pension system works

The 2007 reform introduced, alongside the state pension (Pillar I), a mandatory private pension (Pillar II) and a voluntary private pension (Pillar III). Pillar I operates on a redistribution principle: today's employees' contributions go directly to current pensioners, meaning its sustainability depends on the ratio of employed workers to pensioners.

Of the mandatory 25% contribution deducted from each employee's income, 20.25% goes to Pillar I and 4.75% to Pillar II, where the funds are collected, invested, and managed by specialist companies.

According to the Financial Supervisory Authority (ASF), in June 2026 more than 8.5 million Romanians held an active mandatory private pension, and the total assets managed by private pension funds exceeded 247 billion RON.

The ratio of pensioners to employees

At national level, the ratio stands at 8 pensioners for every 10 employees. The situation varies considerably by region: in Bucharest and Ilfov the ratio is 4 pensioners per 10 employees, whilst in Teleorman it reaches 15 per 10, and in Vaslui 14 per 10.

These demographic imbalances will become more pronounced between 2030 and 2032, when the large generation born during the decree era reaches retirement age. The year 2025 was one of the weakest in the past century in terms of birth numbers.

A CFA study cited in the analysis shows that the pension replacement rate relative to salary will continue to fall: from approximately 43% at present, to 30% in 2042, and to just 24% by 2070.

Vela Group's recommendations

The company recommends that working-age individuals build their own complementary strategy alongside the state pension:

• Regularly reviewing the performance of their Pillar II fund and making additional voluntary contributions to Pillar III, which are tax-deductible up to €400 per year.
• Considering independent investments, given that voluntary pension fund returns currently stand at around 7.7%.
• Obtaining a realistic understanding of the pension level each person can expect, using tools such as the pension calculator developed by Vela Group, which provides a personalised estimate based on current income and years of service.

The study concludes that Romania's pension system requires structural reforms, but also a shift in individual mindset, as relying solely on the state pension is becoming an increasingly risky proposition.