България по пътя на въвеждането на мултифондовете - от идеята до реализацията на инвестициите, съобразени с жизнения цикъл
Bulgaria on the Path to Introducing Multi-Funds: from Concept to the Implementation of Life-Cycle Investing

Author(s): Ralitza Pandurska
Subject(s): Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Governance, Welfare systems
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: multi-funds; life-cycle investing; pension insurance; pension funds
Summary/Abstract: The idea of introducing multi-funds into the system of supplementary pension insurance in Bulgaria is not new; rather, it has evolved over the past two decades. After a prolonged period of delay, the country has undertaken the necessary legislative changes regulating the manner in which pension insurance companies may establish multiple funds that combine, to varying degrees, the potential for returns and the level of investment risk within their portfolios. The present study aims to outline the main characteristics of the multi-fund pension system, as well as to review the legislative changes that Bulgaria has adopted to regulate it. On this basis, an assessment is made of the key advantages and the main red flags facing multi-funds in their pursuit of achieving both security and profitability of pension savings in Bulgaria.

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