Банкеръ Weekly

Briefs

THE PROFESSIONAL FUNDS ACCOUNTS SWELL UP

Money started to flow to the accounts of our professional funds, said the happy pension insurance companies managers.
The National Social Insurance Institute (NSII) has promised to transfer the provisions of 1st and 2nd category labour groups workers till May 20, and obviously it will keep the promise.
Till end of January all heavy labour workers had to choose among the nine licenced professional pension funds. On the other hand, till February 20, 2001, the pension insurance companies had to present at NSII the applications of all workers, who have chosen their fund. NSII had to process the applications and to start transferring the heavy labour workers provisions to the accounts of the respective professional fund. According to the experts, all workers subject to insurance at professional funds are about 140,000 people. The total number of applications received till February 20 by NSII was 112,658, which means that about 81% of the heavy labour workers have selected the insurance fund. The remaining 19% will be distributed ex officio. Another 7455 workers who have submitted more than one application will also be distributed the same way.
On April 13, 2001 NSII announced the preliminary results of the winter race. The winners, as it was expected, were Doverie Professional Pension Insurance Fund, Allianz Bulgaria Professional Pension Insurance Fund and Saglasie Professional Pension Insurance Fund. The check carried out by a special NSII working group found that 29,815 (26.47%) of the applications were incomplete. These applications were sent back to the pension insurance companies for correction. According to the experts the problematic applications were duly corrected and they will be accepted.
The additional distribution will most probably take place in June, said the experts. It will be done by a commission, in which NSII, the State Agency for Insurance Supervision and the Bulgarian Association of the Additional Pension Insurance Companies will have one authorised representative each. The additional distribution will be made evenly to all funds. The specifics of the insured workers - labour category, sex, age, etc. - will be taken into consideration. Commission members will have to sign a protocol about the results of the distribution, said the experts. Within seven days after the additional distribution is complete, NSII has to present to the respective companies a list of the insured workers distributed to their funds. The provisions for these workers will be distributed among the funds only after the additional distribution is complete.

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