The administrators of the pensions funds recorded last year losses of almost 200 millions lei, the equivalent of 55.5 millions euro, according to a report released by the Surveillance Commission of the Private Pensions System.
The fund administrators from Pillar II recorded last year losses of almost 65 millions lei. "The debut year for Pillar II was marked by high operational expenses (marketing, advertising, informatics systems and wages) and low incomes, that led to losses for all the 18 administrators", it is said in the report. Four of the 18 administrators which enter this sector of the market decided to retire because they couldn't attract clients. Administrators from Pillar II will receive their first contributions on May 20.
At the same time, the losses recorded by administrators of the optional pensions funds (Pillar III) were of about 32 millions lei. On this sector entered six companies, but only one - OTP Garancia Asigurari - closed the year recorded profits. The start of the optional pensions took place in the spring of 2007.