At year-end 2025, net assets under management reached RON 201.6 billion, equivalent to approximately EUR 40.5 billion, marking a y-o-y increase of over 33% and a new historical high for the system.
The exceptional performance was supported by the robust evolution of the Bucharest Stock Exchange, where Pillar II funds allocate around one quarter of their portfolios, as well as by improved valuations of Romanian government bonds, which represent close to two thirds of total investments. These trends reflect continued market confidence in Romania’s medium- and long-term economic fundamentals.
Around 94% of Pillar II assets are invested domestically, confirming private pension funds as Romania’s largest local institutional investors. Through this positioning, the system plays a key role in financing public debt, supporting listed companies’ access to capital, and contributing indirectly to economic growth and employment.
Of total assets, RON 75.4 billion (around EUR 15.1 billion) represents net investment gains, generated on top of participants’ contributions since the system’s inception.
Over the entire 2008–2025 period, Pillar II funds achieved an average annual return of 8.3%, significantly exceeding Romania’s average annual inflation rate of 4.7%, according to APAPR data. At end-2025, total Pillar II assets accounted for around 10.5% of Romania’s GDP, underlining the system’s growing macroeconomic relevance.
Impact at individual level
Pillar II currently has 8.4 million participants, covering the majority of Romania’s active population. More than 4.6 million contributors pay monthly contributions equal to 4.75% of gross income, as part of the mandatory social security contribution.
A participant earning the average wage and contributing continuously since launch accumulated approximately RON 55,662, equivalent to about EUR 11,180 by the end of 2025. Of this amount, 64% represents contributions, while 36% comes from investment returns. According to APAPR estimates, around 1.1 million participants now hold Pillar II balances exceeding RON 50,000 (around EUR 10,050).
Pillar II savings have become the second most important financial asset held by Romanian households, after bank deposits, and remain the only long-term savings mechanism for many low-income earners.
Accelerating payouts to beneficiaries
Between 2008 and 2025, Pillar II funds made around 300,000 payments to participants and heirs, totaling RON 5.9 billion, or approximately EUR 1.19 billion.
In 2025 alone, payments amounted to RON 2.65 billion (around EUR 532 million), more than double the level recorded in 2024, distributed to 88,000 beneficiaries.
Under current legislation, beneficiaries may opt for either a lump-sum payment or equal monthly installments over a maximum of five years. A new payout framework (Law 2/2026) will apply starting 5 January 2027.
Digital engagement on the rise
Digital interaction with Pillar II accounts continues to increase. By end-2025, over 1.5 million participants had activated online access with their fund administrators. During the year, more than 1 million Romanians accessed pilonul2.ro to identify their pension fund, open online accounts, or obtain information about the private pensions system.
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