Банкеръ Weekly



As of the beginning of next week the National Social Insurance Institute (NSII) starts remitting to the professional pension funds the money for employees that were formally apportioned to them, Danka Shopova, Head of NSII's Funds for Mandatory Additional Pension Insurance Department, informed the BANKER weekly. These remittances are for about 35,000 employees, who are mandatorily paying insurance installments for earling retirement, but who had not chosen any specific pension fund or had filed several applications.
The remittance will be effected according to a new scheme, proposed by the NSSI, but more advantageous for the funds, Ms Shopova explained. Along with the list of the employees who have been formally apportioned to them, the pension funds will also receive the amounts due to them. The funds should, in their turn, submit to the NSII the individual contracts within a month. As per the former regulations, the pension funds would have received the money only after filing the contracts. The change is regulated by special annex, which the NSSI went on Wednesday to the nine funds for signing.
The NSII remitted BGL24.4MN to the pension funds by end-June, Ms Shopova said. Remittance has been effected for all ensured employees, for whom the information in the personnel register and the money sent by the respective companies are correct. The NSSI is currently pressing employers to submit the necessary data or remit the due insurance payments for all unsettled cases.
The nine licensed private pension funds have distributed to individual accounts of the employees ensured in them a 7.08% yield for the year 2000. The yield is higher that both the annual interest rate (4.24% for last year according to BNB data), paid on bank deposts, and the average annual base interest rate (3.85 per cent), the State Agency for Insurance Supervision (SAIS) reported after summerizing the financial state of funds for 2000 and the first quarter of 2000.
The highest - 13.84 per cent - yield was reported by the voluntary pesnion fund ING, although it is one of the smallest, as only 2% of all who are entitled to additional insurance installments in Bulgaria, are ensured in it. Newton-Sila, with a 5% yield is att the other end of the scale. Alianz Bulgaria - the fund from which many Bulgarian expect one more pension (61% of people investing in that way), reported a 10.67% yield.
Only two funds - Alianz Bulgarua and Berlinishe Leben distribute the yield into personal accounts of their trustees on a monthly basis. The voluntary pension funds Doverie, Rodina, Bulgarian Pension Insurance Company, and ING do that on a quarterly basis. Annual distribution of yiled has been preferred by Newton-Sila, LUKoil Garant - Bulgaria, and Saglasie. They operate with a technical interest rate throughout the year and settle the accounts at the year-end.
By March 31, 2001 a total of 432,998 employees were paying their insurance installments in all the nine voulntary pension insurance funds, according to SAIS data. In the ened of the first quarter of the year the assets of pension funds amounted to BGL 90,155,000. They have increased by 37.69% since their licensing last year. The funds invested 57% of their assets in government securities, and 27% they keep in bank deposits.

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