Romania’s second pillar pension returns at nine-year high

Romania’s second pillar pension funds generated impressive returns in 2019 despite hostile policies from the previous government. According to the Romanian Pension Funds’ Association (APAPR), the seven second pillar pension funds averaged a 12-month nominal, asset-weighted yield as of the end of 2019 of 11.8%, a nine-year high and well above the year’s 4% inflation rate. The previous year the funds returned their lowest ever – and only sub-inflationary yield – of 1% compared to an inflation rate of...