Thus, at the end of Q3 2024, privately managed pension funds (Pillar II) had accumulated assets amounting to RON 149.95 billion, up 18% compared to December of the previous year. Voluntary pension funds (Pillar III) accumulated assets worth RON 5.54 billion, 17% more than at the end of last year.

The financial instruments in the portfolios of private pension funds traded on financial markets are marked-to-market, regardless of the period of time for which they are intended to be held in the portfolios. In this situation, the evolution of the unit net asset value of private pension funds may include and be influenced by potential episodes of volatility in the short term.

However, the investment horizon of private pension funds is long-term, with funds demonstrating good resilience to past financial market shocks.

As of September 30, 2024, there were 9.03 million participants enrolled in the 17 private pension funds, compared with 8.86 million at the end of the previous year. The number of registered participants in the privately managed pension scheme as of September 30, 2024, was 8.24 million, compared with 8.15 million as of December 2023, and the number of registered participants in the voluntary pension scheme was 793,000, compared with 710,800 as of December 31, 2023.

The investment policy within the asset portfolios of private pension funds continues to be focused on the local financial market, with the share of investments in fixed-income instruments accounting for 72% of the total investment portfolio of private pension funds. At end-September 2024, 24% was invested in equities.