Q2 2022 overview of investment and pension fund sector

The value of the assets of public funds shrank by 445.6 million euros or 8.7% in the second quarter of 2022. Assets shrank most at equity funds, losing 16.2%, but they also shrank by 9.6% at mandatory pension funds and by 5.9% at voluntary pension funds. Growth was only seen at real estate funds, where the volume of assets increased by 10.6 million euros or 3.5%. 


Key indicators

Q1 2022 Change Q2 2022
The value of the assets of public funds 5.114 bln € 4.7 bln €
Share of second pillar funds 84.9%


Number of unit holders in public funds (not including pension funds) 19 002 24 456
Number of unit holders in pension funds (first and second pillars total) 778 730 757 199
Number of public funds operating 52 52


The equity funds include euro funds that invest in Russia, and it is not been possible to mark the value of their assets as the Russian equity markets have been closed since end of February. The last available data show that these funds account for 2.9% of the total assets of equity funds. Part of the decline in the assets at pension funds came from the fall in securities markets, but there was an additional impact from the withdrawals from the mandatory second pillar pension funds that caused the number of shareholders and pension funds to fall. The total number of shareholders at other funds rose by 34%, or 6454.

The third round of payouts to investors wanting to leave the second pension pillar were made in May 2022. In total 22,839 people submitted applications in the third round. After income tax, 143.8 million euros was paid out to investors, and an additional 9 million euros was paid in compensation for the period while the state contributions to the second pillar were temporarily suspended.