Bulgarians switch supplementary pension funds up 12% q/q in H4’21

SOFIA (Bulgaria), March 17 (SeeNews) – The number of Bulgarians switching between supplementary pension insurance funds increased by 12.2% quarter-on-quarter in the last quarter of 2021, with contribution transfers totaling 349.1 million levs ($196.3 million/€178.5 million), the country’s financial watchdog said.

In the last three months of 2021, a total of 83,241 people requested the transfer of their contributions to another supplementary pension insurance fund, compared to 74,187 in the third quarter, the Financial Supervisory Commission (CSF) said in a statement on Tuesday. communicated.

The amount of transferred funds increased by 15.87%, or 47.8 million levs, compared to the previous quarter of the July-September period. The average individual amount of transferred contributions amounted to 4,194.10 levs during the period under review, compared to 4,061.32 levs in the third quarter.

Bulgaria applies a three-pillar system consisting of public pay-as-you-go pension insurance, compulsory supplementary pension insurance and voluntary supplementary pension insurance. The pension insurance market in Bulgaria includes universal, occupational and voluntary supplementary pension funds managed by nine private companies. These companies, which are supervised by the FSC, are Doverie, Saglasie, DSK-Rodina, Allianz Bulgaria Pension Company, UBB, CCB-Sila, Budeshte, Toplina and the Pension Insurance Institute.

(1 euro = 1.95583 levs)