Category: BASPSC in the media

Mrs. Evelina Miltenova participated in the preparation of professional material for the IPE media on the supplementary pension insurance market and the prospects for pension funds in Bulgaria in 2024.

The country is trying to fulfill all the criteria set by the EU to finally join the Eurozone. “We, the branch association of the Bulgarian supplementary pension insurance companies, were invited and from 2022 we actively participated in the working group, consulting, actively discussing and giving proposals and opinions related to the national plan for the introduction of the euro, as well as the law for the introduction of the euro”, says Evelina Miltenova, president of the Bulgarian Association of Supplementary Pension Insurance Companies (BASPC).

Pension fund managers have considered the eurozone their home market since the country joined the EU in 2007. “We do not expect a significant change or expansion of investment alternatives, but operating in a stable euro market will be extremely important for insured persons. in the country,” she adds.

BASPC supports the increase of contributions in the second pillar from 5% to at least 10% to ensure sufficient additional pensions. “Increasing the level of contributions is another important point that needs to be addressed in order to increase pension savings and pension payments. Twenty years of saving is not enough for a decent pension; the minimum is 30-35 years of saving during the entire working life on the face,” says Miltenova.

“Now pension funds are not allowed to change the portfolio, for example by being more aggressive in the initial phase of saving and becoming more conservative at the end of the life cycle of accumulating pension investments. The proposal to introduce multi-funds was discussed in Bulgaria in recent years and now it is likely and imperative that the topic be raised again at the political level in 2024,” she added.

You can see more details here:

IPE CEE report_Jan 24_Bulgaria

Press release – PensionsEurope CEEC Forum 2023

Brussels, 13 October 2023 – The PensionsEurope CEEC Forum 2023, held on 10 October 2023 at the Grand Millennium Hotel in Sofia, Bulgaria, marked an annual milestone in addressing common challenges within funded pensions across the Central and Eastern European (CEE) region.

Hosted by the Bulgarian Association of Supplementary Pension Security Companies (BASPSC), the Forum gathered prominent policymakers and industry experts who shared insights on advancing funded pensions in the CEE region.

Find out more about the highlights of the event in our full press release:

final press release – CEEC Forum 2023 – post event

Results of the activity on supplementary pension insurance for the first half of 2023

The Social Security Supervision Department of the Financial Supervision Commission announced the results of the activity on supplementary pension insurance for the first half of 2023. The information is summarized on the basis of the reports for supervisory purposes submitted by the pension insurance companies to the Financial Supervision Commission. Data on the distribution of insured persons by gender and age in pension funds as of 30.06.2023 are also published.
The total number of insured persons in the four types of pension funds as of 30.06.2023 is 4 965 310 people, increasing by 42 056 people or 0.85 per cent compared to 31.06.2022 and by 77 649 or 1.59 per cent compared to 30.06.2022.
The largest share of insured persons is concentrated in universal pension funds – 80.29%. Persons insured in voluntary and occupational pension funds occupy a share of 12.97 per cent and 6.54 per cent, respectively. The smallest share of insured in voluntary pension funds under occupational schemes is 0.20%.
As of 30.06.2023, the net assets of pension funds are worth 21 079 926 thousand. Lv. Compared to 31.12.2022, the net assets of pension funds increased by 9.70%, and compared to 30.06.2022 by 14.08%.
The rate of growth of net assets differs by type of funds. The net assets of universal pension funds grew the fastest, which reported an increase of 15.10% compared to 30.06.2022, followed by occupational and voluntary pension funds with growth for the same period of 9.79% and 6.07%, respectively. The reported growth of voluntary pension funds under occupational schemes for the period is 4.26%.
The gross receipts from social security contributions to pension funds in the first half of 2023 are a total of 1 251 054 thousand. Lv. and increased by 16.15% compared to the first half of 2022. The proceeds from social security contributions in the UPF registered an increase of 19.73%, and in the PPF 15.59%. A decrease in the receipts from social security contributions is observed in voluntary pension funds and voluntary pension funds under occupational schemes.
The persons receiving payments from the funds for making payments as of 30.06.2023 are 16 096, of which 1 695 pensioners and 14 401 persons with deferred payments. These are persons who have been insured in universal pension funds and have reached retirement age. In the first half of 2023, 1 833 thousand were paid from the payment funds. Lv. for pensions, 29 354 thousand. Lv. for deferred payment of insured persons and 114 thousand. Lv. of pensioners’ heirs and persons who have received deferred payments. The average amount of pensions paid in the first half of 2023 is BGN 225.12 and the average amount of the deferred payment is BGN 399.08. Compared to the first half of 2022, the average amount of pensions paid increased by BGN 24.91, or by 12.44%, and the average amount of deferred payment increased by BGN 84.21, or by 26.74%.
Detailed information about the results of the activity on supplementary pension insurance for the first half of 2023, as well as about the insured persons and the accumulated funds in the pension funds as of 30.06.2023 by gender and age can be found in section: Social security activity / Statistics / Statistics and analyses.

Results of operations on supplementary pension insurance for the first quarter of 2023

The Social Security Supervision Department of the FSC announced  the results of the activity on supplementary pension insurance for the first quarter of 2023. The information is summarized on the basis of the reports for supervisory purposes submitted by the pension insurance companies to the Financial Supervision Commission. Data on the distribution of insured persons by gender and age in pension funds as of 31.03.2023 are also published.

The total number of insured persons in the four types of pension funds as of 31.03.2023 is 4 952 281 people, increasing by 1.55% compared to 31.03.2022.

As of 31.03.2023 the net assets of the pension funds are worth 20 205 288 thousand. Lv. Compared to 31.03.2022, the net assets of pension funds increased by 5.07%.

Persons receiving payments from the funds for making payments as of 31.03.2023 14 194, of which 1 392 pensioners and 12 802 persons with deferred payments. These are persons who have been insured in universal pension funds and have reached retirement age. In the first quarter of 2023, 829 thousand were paid from the payment funds. Lv. for pensions, 13 676 thousand. Lv. for deferred payment of insured persons and 58 thousand. Lv. of heirs of persons who have received deferred payments.

The total revenues of pension insurance companies for the first quarter of 2023 amounted to 74,180 thousand. Lv. The net financial result of the companies for the period amounts to 27 871 thousand. Lv.

Detailed information about the results of the activity on supplementary pension insurance for the first quarter of 2023, as well as about the insured persons and the accumulated funds in the pension funds as of 31.03.2023 by gender and age can be found in section: Social security activity  / Statistics / Statistics and analyses.

15th Annual Insurance Awards Presented in Sofia

Bulgaria’s most prestigious annual awards in the insurance sector were presented at a ceremony in Sofia on Wednesday 17 May 2023.
The ceremony was attended by National Assembly Chair Rossen Zhelyazkov, Deputy Prime Minister and Minister of Labour and Social Policy Lazar Lazarov, Financial Supervision Commission Chair Boiko Atanassov, National Audit Office President Goritsa Grancharova, National Social Security Institute Director Ivailo Ivanov and Economic and Social Council Chair Zornitsa Russinova.
The event was organized by VUZF University, the Association of Bulgarian Insurers, the Bulgarian Association of Supplementary Pension Security Companies, the Bulgarian Association of Insurance Brokers and the Veleslav Gavriyski Foundation.
* Pension Аssurance company “Doverie” won the award in the category of the best “Pension Insurance Company of the Year 2022 for the activity of Supplementary Mandatory Pension Insurance (DZPO)”
* “Allianz Bulgaria” pension company took the prize in the category of the best “Pension Insurance Company for the year 2022 for the activity of Supplementary Voluntary Pension Insurance”
* PIC Budeshte was awarded in the category “Pension Insurance Company of the Year 2022 for the most dynamic development of its activity”
Mr. Georgi Todorov – Executive Director and member of the Board of the Pension Insurance Company POAD “CKB – SILA” AD – was awarded the prize of the Foundation “Prof. Dr. Veleslav Gavriyski” – Insurer of the year -2023, “The overall contribution is the development of Bulgarian insurance”.

Congratulations to the winners!

The Chair of BASPSC attended the Annual Conference 2023 & General Assembly Meeting of PensionsEurope 20-22 April 2023, which took place in Berlin, Germany

Annual conference PensionsEurope 2023 on “How to protect pensions in times of turbulence”

PensionsEurope is an international organization (confederation), based in Brussels, representing national associations of pension funds, of which the Bulgarian Association of Supplementary Pension Security Companies (BASPSC) is a member. The aim is for the people of Europe to have good pensions and for this the PensionsEurope advocates at European and international level for well-funded pensions covering more people. Changes since Covid – high inflation, high interest rates and economic uncertainty, coupled with rising demographic challenges, are putting increasing pressure on pensions. Pension funds are key to finding solutions to these fundamental changes, turning them into opportunities and ensuring fair and sustainable pension legislative changes for the benefit of all to achieve decent retirement incomes.


The 2023 conference “How to protect pensions in times of turbulence” presented the current macroeconomic situation in Europe, the challenges facing pension funds and the solutions that can be envisaged by politicians and institutional investors to protect people. The all-day conference was held hybrid included keynote speeches, presentations and panel discussions from key stakeholders in the pension industry and beyond.

At the semi-annual GAM General Assembly of PensionsEurope, members of the Confederation discussed significant issues such as the organization’s priorities, problems, the difficult market environment for funds managing occupational pensions, as well as personal pension products in Europe. Particular attention and emphasis were paid to the growing transformation of the pension sector in Europe from Defined benefit to Defined Contribution base, which is emerging as the most correct and imperative solution in view of the deteriorating demographic environment and prospects.

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