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In Bulgaria, the Association of Supplementary Pension Security Companies (BASPSC) celebrated on December 12, 2007 its tenth anniversary

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The BASPSC annual journalist awards were granted on December 12, 2007

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On October 8th, 2007 the Financial Supervision Commission approved the minimum rate of return for the Supplementary Pension Security Funds for the period from 30 September 2005 till 28 September 2007 on an annual basis.

The Financial Supervision Commission has approved a minimum rate of return of 7.73% on an annual basis, resulting from the management of the Universal Pension Funds’ assets for the preceding 24-month period considered from 30 September 2005 till 28 September 2007, while for the same period of time the minimum rate of return for the Occupational Pension Funds has been determined at 8.25% on an annual basis.


Bulgaria’s new pensions landscape: looking over the horizon

IPE.com, 5 September 2007

Bulgaria has had a colourful journey from communism to the EU. It has included the assassination of a former prime minister after he reputedly fell out with a rival faction in his socialist party, the former Soviet-era communists, over a division of the privatisation spoils.

Read the whole article here.


On July 10th , 2007 the Financial Supervision Commission approved the minimum rate of return for the Supplementary Pension Security Funds for the period from 30 June 2005 till 29 June 2007 on an annual basis.

The Financial Supervision Commission has approved a minimum rate of return of 5.50% on an annual basis , resulting from the management of the Universal Pension Funds’ assets for the preceding 24-month period considered from 30 June 2005 till 29 June 2007, while for the same period of time the minimum rate of return for the Occupational Pension Funds has been determined at 5.80% on an annual basis.


The Financial Supervision Commission adopted Instructions for the implementation of art.7, para.1 and para.2 of Ordinance No.9 of November 19, 2003 of the FSC.

Instructions for the implementation of art.7,  para.1 and para.2  of Ordinance No.9 of November 19, 2007 of the FSC regarding the method and procedure for valuation of the assets and liabilities of the Supplementary Pension Security Funds and of the Pension Security Companies ; the value of the Fund’s net assets; for calculation and declaration of the unit value as well as the requirements to the keeping of individual accounts.

When applying art.7, para.1 of the Ordinance , the Pension Security Companies have to make a subsequent valuation of bonds, admitted to trading on a regulated securities market  at the weighted average price of the concluded transactions on the preceding working day, announced in the stock exchange bulletin , and they shall add to the aforesaid price the due interest coupon as of the date of the valuation.
When applying art.7, para.2 of the Ordinance, the Pension Security Companies have to make a subsequent valuation of the bonds at the highest “buying” price of the securities orders from the respective issue, valid till the end of the trading session on the stock exchange on the preceding working day, and they shall add the due interest coupon as of the date of valuation.


The Financial Supervision Commission approved a technical interest rate of 3 (three) per cent.

The Deputy Chairman of the Financial Supervision Commission (FSC) as Head of the Social Insurance Supervision Division, on the grounds of art. 6 para.3 of Ordinance No. 19 of December 8, 2004 and on the grounds of art. 17, para.1, item 5 of the FSC Act, approved a technical interest rate of 3 (three) per cent, which shall be applied by the Pension Security Companies which manage a Universal Pension Fund and/or a Supplementary Voluntary Pension Fund , when calculating the pension reserves as of December 31, 2006.


IT'S VICIOUS FOR NSSI'S DEFICIT TO INCREASE

Banker, 30.09-06.10.2006

Yordan Hristoskov, Head of the National Social Security Institute, to the BANKER Weekly
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Bulgaria sets up liberal pension regime

Global Pensions, September, 2006

Nikola Abadjiev
analyses the lengthy reform of Bulgaria’s pension system and argues changes to the Social Insurance Code are creating a new liberal investment regime for pension funds
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The regular Annual Assembly and International Seminar of FIAP will take place in 2007, Varna, Bulgaria

Recently in his session in Buenos Aires, Argentine, the Board of Directors of FIAP decided, the annual Assembly and International Seminar, to take place in Varna, Bulgaria. Bulgarian Association of Supplementary Pension Security Companies is approved to be the host of the events which will be in spring 2007.


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