ROMANIA - Romania's mandatory pension system returned 17.7% in 2009 while the voluntary system boasted returns of 15.9%, figures by the Romanian Pension Fund Association (APAPR) showed.
Actively management fixed income investments and high interest rates helped drive returns, APAPR said.
APAPR chairman Crinu Andanut said: "Our pension funds' results remained strong during this troubling year, as managers achieved a fine risk-return balance in investing the still very low level of assets. Romanian pension funds weathered the storm in solid positive territory and look forward to the no-less-challenging markets of 2010, for which expectations are still mixed between extremes."
The second pillar mandatory scheme has €565m (US$811m) in assets under management, while the third pillar has €48m.
The ability of the pension system to grow has been hampered by the government's decision to decrease the pre-arranged contribution level for 2010. The contribution level was supposed to be 3% in 2010, up from 2% in 2009. Instead, a draft of the budget to be adopted this month, calls for a contribution increase of only half a percent, APAPR said.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.