Банкеръ Weekly



The process of transferring the instalments of future pensioners from one fund to another as per their wish started in the beginning of 2004. The campaign concerns the three types of funds: professional, universal, and voluntary. The activity exceeded the expectations of specialists in the pension insurance branch and a total of 48,046 people (2.06% of all insured people so far) sought another fund according to the Insurance Supervision department with the Financial Supervision Commission (FSC). The amount of the transferred money among the funds within the above-mentioned period totalled BGN21,861,000.Experts are of the opinion that the process went on smoothly, as they presume that normally about 4-5% of the people undertake such a change each year. They believe that no significant shifts in the market scope of the various pension funds could be expected. The dynamics in voluntary funds will be the weakest according to them as the choice there is personal. A more intensive movement will be witnessed in universal and professional funds where the insured people will be motivated by factors such as the yield per the individual accounts, the size of fees and stoppages, the opportunity for getting information, etc.The clients of professional funds were the most mobile during the first six months of 2004. A decision to correct their former choice was made by 9,107 people, or 5.52% of all insured in professional funds. The amount of transferred money was BGN14,283,000 respectively. Transferred money in universal funds totalled BGN4,570,000 due to changed participation of 34,501 people, or 2.09% of the insured. The lowest activity was registered in voluntary funds where 4,438 people or 0.85% of the insured in them, undertook the change. The transferred money amounted to BGN3,008,000The relative share of transferred funds as compared to the average size of net assets of universal funds is 3.25%, of professional funds - 9.17%, and of voluntary funds - 1.13 per cent. The average amount of transferred money per one insured person in professional funds for the first half of the year was BGN1,568. The respective amount was BGN132 in universal funds and BGN678 in voluntary funds. FSC's data show that as a result of the transfer (attracted people and such that quit the fund) during the first six months of 2004 the number of insured people in the Doverie universal pension fund decreased by 14,092 and the fund lost BGN1,365,000 as a result. The Saglasie universal pension fund reported a BGN727,240 decline in its finances resulting from the withdrawal of 5,801 insured people. The Allianz Bulgaria universal pension fund profited most from the transfer. The number of people insured in it rose by 8,847 and the collected money went up by BGN758,385. During the campaign the DSK-Rodina universal pension fund attracted 7,934 insured people which brought BGN867,992.According to the FSC, the net assets of the three types of funds amount to BGN615.390MN for the first half of the year. During the period in question there were 2,371,376 people insured by them: 1,681,064 insured by universal funds, 164,742 - by professional funds, and 525,570 - by voluntary ones. The structure of the funds' investment portfolio shows that their assets were mainly in the form of government securities. Because of the fast growth of the funds' assets, pension companies sticking to the conservative model of investing their customers' money brought up the question of the regime liberalization again. The issue was examined during the last week roundtable where chances for diversification of the investment instruments were discussed, as well as the opportunity for establishment of investment portfolios with different levels of risk and profitability within one fund.

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