“We are, among other things, lobbying for our investment restrictions to be changed. For the time being, they do not create too many constraints for us as, so far, we have only gathered limited amounts of assets, but it probably will in the future when our assets have grown,” said Radu Vasilescu, director-general of the firm. At present, the firm only invests domestically.

He added that the Romanian pension legislation needed to be brought closer to other European countries.

“First, we need to make the system more in accordance with our neighbours and then more like the rest of the EU,” said Mr Vasilescu.

Mandatory pension companies have just received their first assets and are in the process of beginning to invest them. The long-awaited Romanian pension reform, which created the second pillar, has been delayed for over a decade, but was finally implemented last year.

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