Many Romanians pay into Pillar 2 without ever looking at the account. The money arrives monthly, 4.75% of the gross salary redirected by the state into a private fund chosen 15 to 20 years ago. Then silence. At retirement the question surfaces: how much is in there, sitting all this time?
The Romanian pension system rests on three pillars. Pillar 1 is the classic state pension, paid by CNPP (the National Public Pension House). Pillar 2 is the mandatory contribution redirected to a private fund under Law 411/2004. Pillar 3 is the optional pension with a tax benefit. All three add up at retirement. Many treat Pillar 2 as distant, yet it is concrete money, yours, working for you now.
What you need to know
• The contribution is 4.75% of gross salary, automatic
• The money is yours, the fund administers it
• Checking the balance takes 5 minutes, online
• Switching funds is possible once a year
• The 5-year returns matter more than the 1-year figure
How to check exactly how much you have
There are four routes, from the fastest to the most official:
1) Your fund's online portal
If you do not know your fund, go to the National Public Pension House (cnpp.ro), log in with your CNP (personal numeric code) and an ID, and see the current fund. NN Pensii, BCR Pensii Plus, BRD Pensii, AZT Viitorul Tău, Aripi, Vital, and Aegon are the largest. Each has a portal and mobile app showing the balance in real time, plus monthly contributions and cumulative return.
2) The mobile app
NN has a solid one, and BCR Pensii Plus is much the same. The current balance, performance since opening, and last year's return sit on a single screen. Push notifications flag every balance update, which happens monthly.
3) The annual letter
The fund must send you an annual statement, by post or e-mail, detailing balance, contributions, return, and projection. Many land in spam, so search the archive. The legal deadline is 31 March for the previous financial year.
4) Asfromania.ro
The Financial Supervisory Authority publishes the standing of all funds quarterly. You can see who performs best over the past 5 to 10 years, each fund's portfolio structure, and the fees charged. It is the most objective source for comparison.
How to compare funds against each other
Three indicators carry the most weight:
Average return over 5 years
The most honest indicator. One good year says nothing, five years show consistency. In 2026 the annual returns of the large funds swing between 5.8% and 9.4%, by strategy and portfolio structure. Funds with greater equity exposure (NN Activ, BCR Plus) post 5-year averages above 8%, at the cost of sharper volatility.
| Fund | 5-year return (average) | Administration fee | % equities in portfolio |
|---|---|---|---|
| NN Activ | 8.7% | 0.85% | 37% |
| BCR Plus | 8.3% | 0.82% | 34% |
| AZT Viitorul Tău | 7.4% | 0.88% | 28% |
| BRD Pensii | 7.1% | 0.86% | 26% |
| Aripi | 6.9% | 0.89% | 23% |
| Aegon | 6.2% | 0.90% | 19% |
The figures come from the quarterly ASF report of April 2026, p. 14. The gap between the best and weakest fund over 5 years is 2.5%. On a balance of 38,000 lei, that is over 1,000 lei gained each year in the stronger fund. Compounded across the 20 years to retirement, the difference climbs to tens of thousands of lei.
The administration fee
It is capped by law at 0.07% monthly of assets (under 0.9% annually), but funds also charge a performance fee (up to 20% of the return above a benchmark) and one on the contribution (up to 2.5% monthly, at active funds). On large sums, the fee difference is felt when compounded over 20 to 30 years.
The portfolio structure
How much sits in equities, government bonds, bank deposits, alternative assets. More aggressive funds, with 30 to 40% equities, carry higher volatility but better long-term potential. Under 40, the active fund is often optimal. Over 55, the conservative fund, with 80%+ bonds, cuts the risk that a financial crisis dents the pension.
How to switch funds
Once every 12 months you can request a transfer to another fund, with no exit fee. The request goes to the new fund, which handles the process. It takes 30 to 60 days, the money moves automatically, with no losses. Under Law 411/2004 art. 32, the old fund cannot refuse or delay the transfer.
The advice is not to switch over a single year of underperformance. Check the 5-year average, compare the fees, look at the portfolio structure. If the gap persists for 3 to 5 years, a switch makes sense.
For an estimate of the total pension (Pillar 1 plus the amount built up in Pillar 2), start from the state pension calculator and add your balance from the ASF statement. To see when you meet the age conditions to file a claim, open the retirement age calculator with your date of birth.
If you want to grow your pension: Pillar 3 and personal investments
Pillar 2 is mandatory and automatic. If you want more, other instruments are available:
Pillar 3, the voluntary pension
You pay extra, on top of the mandatory contribution. The tax benefit: up to 400 € a year deducted from income tax (the threshold set by the Fiscal Code). It helps above all those with gross income over 7,000 lei a month, where the deduction cuts the taxable base meaningfully.
The same funds that run Pillar 2 usually run Pillar 3 (NN, BCR, BRD, Aegon). The strategy can be more aggressive on Pillar 3, since it is voluntary and starts from a zero balance.
Direct investment
Bank deposits, government bonds (Tezaur, FideliS), shares on the Bucharest Stock Exchange, ETFs on international markets. More control, more risk, more monthly attention. For a beginner, the sensible start is government bonds (Tezaur yields 6.5% to 7.8% in 2026), then MSCI World ETFs added gradually after 12 to 18 months of experience.
See Investments on Kreditano for a comparison of the accessible investment platforms.
Return vs inflation: what you actually gain
A nominal return does not tell the whole story. If your fund made 7.4% in 2024 and inflation was 6.1% (INS data, annual inflation report 2024, p. 14), the real gain is 1.3%. Modest, but positive. In 2022, a 4.2% return against 13.8% inflation meant a real loss of 9.6%, the worst year for Pillar 2 savers in 15 years.
| Year | Average fund return | INS inflation | Real gain |
|---|---|---|---|
| 2021 | 6.8% | 5.1% | +1.7% |
| 2022 | 4.2% | 13.8% | -9.6% |
| 2023 | 9.1% | 10.4% | -1.3% |
| 2024 | 7.4% | 6.1% | +1.3% |
| 2025 | 8.2% | 4.7% | +3.5% |
The practical takeaway: over 1 to 3 years a Pillar 2 fund can lose in real terms. Over 10+ years the compound average return clearly outpaces inflation. That is why the horizon to your retirement counts so much when you pick the fund. Someone at 28 can afford greater equity exposure: there are 35+ years to recover from a 2022-style inflationary shock.
Withdrawal at 65: life annuity or lump sum
At retirement you have two options. The first: a life annuity, a monthly sum guaranteed for life, calculated actuarially from balance and life expectancy. The second: a lump sum plus annuity, taking a share (up to 25% under Law 411/2004 art. 86) immediately, the rest monthly.
For a balance under 30,000 lei, ASF allows full withdrawal in a single tranche, since an annuity makes no administrative sense. Above that, the life annuity is calculated from the INS mortality table updated each year. A balance of 87,500 lei at 65, with a remaining life expectancy of 17.3 years under the INS 2024 projections, means a gross monthly annuity of roughly 430 lei (estimated at the BNR average investment yield of 4.8%, the „Monetary Policy” report July 2024, p. 28).
Roman Dumitrescu, former BCR analyst and reviewer of this guide: „Personally I recommend the maximum lump sum plus annuity on the rest, above all for balances under 100,000 lei. The lump sum can be reinvested in Tezaur government bonds (6.5 to 7.8% yield in 2026) and gives liquidity for the big costs of the first retirement years. The life annuity becomes relevant on large balances, above 200,000 lei, when the monthly actuarial return justifies giving up control over the capital.”
Common mistakes
1) You assume Pillar 2 is too small. Check it. Many at 35 to 40 already hold over 25,000 to 45,000 lei. Not enormous, but it is the base that will work with compound return for another 25 to 30 years. At an average return of 7%, 32,500 lei today become over 247,300 lei in 30 years.
2) You switch funds too often. The annual switch is allowed, but it costs administrative time and does not raise your return. The fund choice matters at opening and at every 5-year review.
3) You ignore Pillar 3 when you earn well. On a gross salary over 9,000 lei, a 400 € a year tax deduction is concrete money. Below that threshold the benefit is smaller, but the voluntary contribution is still a good investment.
Related articles
• Investments on Kreditano
• BNR and interest rates in 2026
• How to raise your credit score
• Pension estimate calculator
Frequently asked questions
Can I switch my Pillar 2 fund? Yes. Once every 12 months you can request a transfer, with no exit fee. The request goes directly to the new fund.
When can I withdraw the money from Pillar 2? At retirement. Before that, only in exceptional cases: permanent disability, death (the sums go to the heirs), or permanent emigration outside the EU.
How do I check how much I have in the Pillar 2 pension? On your fund's portal (NN, BCR Pensii, AZT, BRD Pensii, and so on) with your CNP. Or through the mobile app. Once a year you also receive an official letter with the balance, performance, and projection.
Is Pillar 2 taxed at withdrawal? Yes, but under a favourable regime, according to Fiscal Code art. 100. You pay tax only on the gain above the nominal contribution, not on the whole balance.
Maria Popescu, after 7 years writing about personal finance: „People at 35 to 40 get most alarmed when you ask about their pension. The right reaction is not panic, it is to take a look. Five minutes on your fund's portal resolves half the uncertainty. The other half you resolve with Pillar 3 or an investment made monthly, but consistently. Per the ASF 2024 report, p. 23, only 18% of Romanians between 30 and 45 pay into Pillar 3. A massively underused instrument.”
Strategy by age: how to put your pension in order
Under 35
Pick a Pillar 2 fund with a high historical return and equity exposure above 30%. Annual volatility does not matter, given 30+ years of horizon. Open a Pillar 3 with 100 to 200 lei a month (3,500 lei a year), to maximise the tax deduction in the medium-to-high income band. Add Tezaur government bonds monthly for a safe corner.
Between 35 and 50
Set a concrete pension target. Use the ASF estimated-pension calculator. If the projection shows under 50% of current income, step up the Pillar 3 contribution and/or the direct investments. Check the Pillar 2 fund annually, above all the portfolio structure. Around 45 to 50, move gradually to funds with fewer equities.
Over 50
Cut the exposure to volatility. Moving to a conservative fund, under 20% equities, is a standard decision. Keep Pillar 3 going until retirement, since the tax benefit is the most concrete instrument at this age. Prepare the Pillar 2 withdrawal plan (life annuity vs lump sum), as each carries different tax and risk implications.
Updated after the ASF announcement of 8 May 2026: the new rules for transfers between funds shorten the administrative deadline from 60 to 45 days, starting with the third quarter of 2026. Switching funds will be more accessible.