site.btaUPDATED OECD Assesses Highly Supplementary Pension Insurance in Bulgaria

A mission of the Insurance and Private Pensions Committee (IPPC) at the Organisation for Economic Co-operation and Development (OECD) reviewed supplementary pension insurance in Bulgaria, the Financial Supervision Commission reported on Monday. The mission assessed the compliance of Bulgarian legislation and supervisory activity with the OECD recommendations on key principles for the regulation of private pensions.

The Chair of the Working party on Private Pensions at the IPPC acknowledged the strengths of the supplementary pension insurance, which include the multi-pillar pension model, the stable legal framework and the competent risk-based supervision.

The OECD noted the possibility for considering aspects that could contribute to improving the pension system which are in line with the philosophy of the possibilities for legislative amendments such as the introduction of consumer choice between various investment strategies and reviewing the rules determining the investment opportunities to achieve growing profitability.

Later on Tuesday, the Ministry of Finance said it received a letter from the Chair of the Working party on Private Pensions at the IPPC on August 2. The letter confirmed the successful completion of the review of private pension insurance. It praised Bulgaria's ability to implement the OECD's legal tools in the field of private pension insurance and highlighted the excellent cooperation between Bulgarian institutions and the OECD during the technical review, the Ministry said.