Fri, Feb 10 2012

PENSION FUNDS IN BULGARIA REACH ONE BILLION EURO

Wed, Aug 22 2007 16:08 CET

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The net asset value of Bulgarian pension funds exceeds one billion euro, according to Financial Supervision Commission (FSC).

The funds equal 135 euro per person, at 7.39 million people for 2006, investor.bg reported.

Funds' net assets for additional pension insurance exceed one billion euro. This is one of the most dynamically developing financial markets in Bulgaria. Data showed that pension funds' net assets have increased by 29.96 per cent since the beginning of 2007.

Five years after the reforms in Bulgaria have begun, Bulgarians have on average 369.81 leva in their pension accounts. The funds in those accounts are little because most Bulgarians have been socially secured on low income.

Pension security companies have the right to deduct a five per cent service tax from each social security installment which additionally decreases the value of the installment.

Banks and security companies benefit most from the social security system.

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