site.btaOECD 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 that 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.