Sat, May 26 2012

Bulgarian pension funds in the red, regulator data says

Thu, Jan 28 2010 14:56 CET

byDnevnik.bg

1699 Views
Bulgarian pension funds in the red, regulator data says

Photo: Nadezhda Chipeva

Bulgarian private pension insurance funds have posted negative yields for 2009, prompting bottom yields at -10.5 per cent for universal and -12 per cent for occupational schemes.

Figures from the Financial Supervision Commission (FSC) put at -7.5 per cent the average yield of universal funds, where everyone born after 1959 is obliged to have an account.
ING was the best performer there with -6 per cent, while Badeshte scored worst with over -10 per cent based on 2008 and 2009.

Occupational funds, which include manual labour workers, matched the performance of universal schemes, recording an average yield of -9 per cent. ING and Toplina recorded around -6.5 per cent, with Badeshte seeing an almost -12 per cent yield.

Voluntary funds again turned out to be the biggest losers, with their average yield adding up to -10.24 per cent. Toplina was only 7.5 per cent in the red, but CCB Sila reported more than -15 per cent, the weakest result of all.

FSC noted that pension insurers have overcome the downward trend since the start of 2009, with all schemes pulling off positive figures for the year, averaging almost eight per cent for all three types of insurance funds.

Source: Dnevnik

  • Print
  • Send via email
  • Translate to
  • Share:

To post comments, please, Login or Register.


Please read the The Sofia Echo forum comments policy.

Bulgaria faces pension dilemma - until 63 or 65 years

Both options presented by Mladenov call for longer years of service to plug the yawning gap in state funds that opened in the last couple of years.

Bulgaria’s Cabinet approves 25 leva bonus for poorest pensioners

The 25 leva bonus, to be paid on January 4 2010, will cost the treasury about 25 million leva.

By the numbers

The new Cabinet’s first Budget bill is much-scaled back compared to the bloated 2009 Budget

More in this category

Bulgaria secures one-year extension on Belene loan - minister

The option to postpone the due date was contingent on securing 55 million euro for immediate repayment of the amounts loaned by Belgium's Dexia and Japanese bank Mizuho.

Euro zone unemployment at record high

The Eurostat data agency said that unemployment reached 10.9 per cent in March, up from 10.8 per cent in February. The March figure translates to 17.4 million people unemployed in the euro zone.

Sale of Bulgarian telecom BTC faces cancellation – report

Citing three separate sources familiar with the deal, Capital Daily reports that the creditors found offers submitted by three bidders unsatisfactory.

Raiffeisen takes over Polbank

Eurobank EFG is left with a 30 per cent stake in the merged entity but has said it will exercise its put option on the remaining holding.

Global jobs crisis to continue for some time, ILO report says

The narrow focus of many euro zone countries on fiscal austerity is deepening the jobs crisis and could even lead to another recession in Europe, said the Director of the ILO Institute for International Labour Studies and lead author of the report, Raymond Torres.

Appointments

Employment Agency

Employment Agency

Kamelia Lozanova has been appointed the executive director of the Employment Agency, a position she has held ad interim since September 2011, following the resignation of her predecessor Rossitsa Stelianova. Prior to that, Lozanova was the agency's deputy executive director in charge of international projects and European programmes. She has been with the agency for more than 20 years. Lozanova has a degree in Slavonic philology from the St Kliment Ohridski University of Sofia.

Uniqa

Uniqa

Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010. Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.

Beiersdorf

Beiersdorf

Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.

Kamenitza

Kamenitza

Yassen Lyubenov is the new head of marketing at Bulgarian beer brewer Kamenitza. Lyubenov has 12 years of experience in marketing in the fast-moving consumer goods sector and has started his career as assistant brand manager at Kraft Foods Bulgaria. He later became brand manager at Wrigley Bulgaria, with responsibilities for Bulgaria and Macedonia. Prior to joining Kamenitza, he was senior marketing manager at Wrigley Russia, where he was in charge of brand expansion into Ukraine, Belarus, Central Asia and the Caucasus. Lyubenov has a bachelor's degree in international business administration from the University of Lincoln, UK.

Hewlett-Packard

Hewlett-Packard

Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998. Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.

© 2000-2012, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.