Emerging private pension market grows by 54%

TIRANA, April. 15 – Although in its initial stages, the private pension fund, with currently only three market operators, continues registering significant growth. Data published by the Albanian Financial Supervisory Authority show the net asset value in the private pension market rose by around 54 percent to 435 million lek (Euro 3 million) at the end of 2013 compared to the end of 2012. The number of contributors in the three currently operating companies, Sigal Life Pension, Raiffeisen Pensions, and Sicred Pensions rose to 7,887, up 8.3 percent compared to the end of 2012. The Supervisory Authority says the three market operators posted a total net profit of 20 million lek (Euro 142,000) in 2013, up from 2.7 million lek (Euro 20,000) in 2012.
The voluntary private pension market holds less than 0.1 percent of financial system assets and aims at supplementing pensions offered under the government’s obligatory scheme.