Category: Papers and presentations
Mrs. Evelina Miltenova participated in the Jubilee ceremony “Ring the Bell for Gender Equality”
The chairman of BADDPO, Mrs. Evelina Miltenova, opened the stock market session together with other ladies from the management team of the Bulgarian Stock Exchange (BSE) and the vice-chairmen of the Financial Supervision Commission, Mrs. Maria Filipova and Mrs. Diana YordanovaThe Bulgarian Stock Exchange conducted a survey among over 300 Bulgarian companies listed on the Exchange on the occasion of International Women’s Day, March 8th. Every year, the Exchange actively participates in the global initiative of the World Federation of Exchanges, Ring The Bell for Gender Equality.
The Jubilee ceremony “Ring the Bell for Gender Equality” is organized under the auspices of the World Federation of Exchanges, the United Nations Global Compact, and UN Women. Traditionally, we celebrate Women’s Day and support the global initiative of stock exchanges worldwide for gender equality in professional advancement in the financial sector. This year, we acknowledge the official UN message “Invest in women. Accelerate progress.”
In this context, the BSE team conducted an in-depth survey among companies to assess the representation of women in leadership positions in business. It was found that nearly 40% of companies are not led by women through their governing bodies, with only 2.6% being entirely led by women on their boards. In another 14% of companies, executive directors are only women.
The data show that in recent years, there has been no significant change in the representation of women in leadership positions. Unlike the structure in smaller and medium-sized firms traded on the growth market beam – where nearly half (46%) have women in their management bodies.
Today’s ceremony was opened by Manu Moravenov, Executive Director of the BSE, Vasil Golemanski, Deputy Chairman of the BSE Board of Directors, Maria Filipova, Deputy Chairman of the Financial Supervision Commission, Radoslava Maslarska, Chairman of the Bulgarian Association of Licensed Investment Intermediaries, and Hristina Pendicheva, Member of the BSE Board of Directors, who contributed with brief messages on the topic and symbolically rang the bell to start trading on the Exchange.
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:
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.
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
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.