News in branch
18 December 2012: National Round Table entitled “Funded Pension Schemes: Payout Period – Practical Approaches and Steps for Implementation” and Official Celebration marking the 15th Anniversary of BASPSC
The topic selected for the Round Table is extremely relevant in light of the pressing need to discuss and find legislative solutions and practical approaches to the regulation and implementation of the payout period in the funded mandatory and voluntary pension schemes. Benefit payments are directly relevant not only to the continuous discussion about the country’s social security system, but also to the attempts for finding alternative solutions to offset the impact of certain wrong and inefficient political, economic, financial and social decisions for the transformation of the three-pillar pension model introduced in the country, which model has otherwise been assessed as quite successful by the International Financial Institutions and retirement provision organizations. The round table discussed also the efficiency of the pension funds investments and their contribution to solving the most pressing economic and social issues in the Bulgarian society.
On the occasion of the 15th anniversary of BASPSC, it worth noting that ever since its establishment, the Association has represented all pension companies providing supplementary mandatory and voluntary pensions and throughout these years it has been an active player in the drafting of the new retirement provision legislation, in the development and implementation of the established pension model. As a result of these endeavours, we are proud to report that through September 30, 2012, the supplementary pension funds in the country covered a total of 4.065 million members, and the net assets under management in these funds, i.e. the total accumulations in the members’ accounts exceeded BGN 5.426 billion. It is important to note that the big bulk of these financial resources have been invested in the Bulgarian economy, and this is vital for our country not only in the current conditions of an economic crisis, but also for its future development. In addition, in the period between 01.01.2002 and 30.09.2012 the pension funds have paid out to members and their survivors more than BGN 580 million.