Optional private pension funds, Pillar 3, recorded in 2025 the best year in the history of the system, with an average return of 19.6% and net assets of 7.4 billion lei, up 33% compared to the end of 2024, according to the calculations of the Association for Privately Administered Pensions in Romania (APAPR). The investment gain obtained by the participants amounted to 2.6 billion lei, the equivalent of about 515 million euros, net of all commissions and over the contributions transferred into the system. At the end of the year, the total number of participants reached the threshold of one million people for the first time. In 2025, a record number of approximately 183,000 Romanians started saving through Pillar 3, 37% more than in 2024. The total contributions transferred during the year amounted to approximately 940 million lei, an increase of 25% compared to the previous year. During the entire period of operation of the system, from 2007 to 2025, the voluntary pension funds recorded an average annual return of 6.7%, above the average annual inflation rate of 4.9%, according to APAPR data. In cumulative terms, the net gain for the participants exceeded 2.6 billion lei. Regarding payments to beneficiaries, in 2025 the Pillar 3 funds made payments of approximately 272 million lei to 16,100 people, 83% more than in 2024. Since the launch of the system, total payments have reached 1.05 billion lei, to almost 107,000 beneficiaries. Participants can withdraw their accumulated sums after reaching the age of 60, and in case of death, the money goes to the heirs. The new law on the payment of private pensions, Law 2/2026, will enter into force in January 2027, until then the transitional rules will apply that allow both single payment and staggered payment for a maximum of five years. Currently, contributions to Pillar 3 are tax deductible within the limit of 400 euros per year, a ceiling unchanged for 17 years, which means that the level of contributions remains significantly below that of Pillar 2. However, data from 2025 show that interest in voluntary saving has increased, despite the current tax limits.
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