Private pension market up by 11%

TIRANA, May 19 – The emerging private pension market, which is an alternative to pensions offered under the government’s obligatory scheme, continues registering significant growth even in the first quarter of 2014.
Data published by the Financial Supervisory Authority show the net asset value of the three market operators rose by 11.3 percent to 485 million lek (Euro 3.46 million) compared to the final quarter of 2013. Total membership in the three currently operating companies, Sigal Life Pension, Raiffeisen Pensions, and Sicred Pensions also grew by 3.85 percent to 8,191 compared to the end of 2013.
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.