Private pension funds "gain more ground" - Almost 14% more members than last year. Assets reach new record
In conditions where the state pension does not provide sufficient income to cover living costs, the market of private pension funds is gaining more and more ground. Over the years, more citizens are looking at private pension as an alternative to get more income in old age.
Data from the Financial Supervision Authority show that the total net assets of these funds have increased by almost 15% or 1 billion ALL compared to last year. Specifically, the value of assets reached ALL 7.7 billion at the end of the nine months. Almost all of this amount has been invested in treasury bonds and bonds from private pension fund management companies.
As for the members, it can be said that the number of the latter has increased by 13.61% estimated with the year 2023. At the end of September, there were a total of 43,375 people who had a private pension. Currently, 6 pension funds operate in Albania, where only two funds dominate the market in terms of assets and the number of members they have. Two funds own 70% of the total assets, while the other 4 funds only 30%. As far as the number of members is concerned, these two private funds maintain the pension of 77% of the total number of members.
But how has the private pension fund market changed over the last few years?
In a span of 5 years, the number of members has grown significantly. Currently, there are 39% more members than in 2020. The figures show that private pension funds had only 31 thousand members in 2020, 33 thousand in 2021, 36 thousand in 2022 and during the last year, companies administrators of private pension funds numbered 38 thousand members.
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