BASPSC

Bulgarian Association of supplementary pension security companies

Category: News

International news and events / News / Papers and presentations

Pensions Europe submitted on 25th May 2023 its response to EIOPA’s consultation on technical advice for the review of the IORP II Directive today, on 25 May 2023.

Int the answer, PE welcomes EIOPA’s perspective, acknowledging that the review of IORP II takes place shortly after the Directive’s implementation, making it premature to suggest any significant revisions at this stage.
Key takeaways include:
• The IORP II Directive should remain a minimum harmonization legislation.
• The IORP II Directive must be highly compliant with the principles of proportionality and subsidiarity.
• Changes in cross-border rules should not have any negative impact on non-cross-border IORPs.
• Communication to members and beneficiaries can be improved and National Pension Tracking Services are a viable option.
• Any new requirement on sustainability, diversity and inclusion, should be tailored to the specificities of IORPs.
The press release and Pensions Europe reply to EIOPA are attached below:

‘s consultation for the EC CfA_0

PensionsEurope answer on the EIOPA consultation for the CfA on the IORP II

Awards - archive / BASPSC in the media / News

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!

BASPSC in the media / International news and events / News

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.

News

The Chair of the Board of BASPSC, Mrs. Evelina Miltenova attended the conference “Bulgaria in the Eurozone – what’s next for business”, organized by the American Chamber of Commerce in Bulgaria, held on 05.04.2023

The members of the Association strongly support the adoption of the euro,with companies actively participating in the working group of the Ministry of Finance that is preparing the Euro Law. BASPSC applauds and expresses gratitude to  the organizers at  the American Chamber of Commerce in Bulgaria for the timely hosting of this high-level Euro event and to the inspiring speakers from the BNB,  the Ministry of Finance, and the shared experiences of the Presidents of the American Chambers of Commerce of Croatia and Greece.The timely adoption of the Euro over the next 12-18 months is critical to the Association, as it is a logical process of deepening and necessary integration of Bulgaria into the EU – in all political and economic aspects. Achieving this goal requires constructive institutional dialogue, a well thought out and urgent clarification campaign, as well as concrete responses as well as quick action by Bulgaria’s politicians, legislators and the next government of Bulgaria.

https://amcham.bg/2023/04/05/business-expects-more-clarity-predictability-and-more-decisive-political-will-for-the-effective-euro-adoption-in-bulgaria/

Announcement / BADDPO publications / BASPSC in the media / International news and events / News / Papers and presentations / Research and statistics

PensionsEurope Report 2022 – Trends and developments in funded pensions

PensionsEurope report 2022 – Trends and developments in funded pensions

Key findings:

*Assets of euro area pension funds continued growing more than their liabilities until the end of 2021, increasing their aggregate funding ratio.

*Through recent increase in interestrates, liabilities of pension funds have decreased more than their assets.

*Passive investment funds is a growing trend among pension funds.

*Direct impact of inflation on pension funds depends on countries and on pensionss chemes.

 

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