European Retirement Renaissance BASPSC and the responses of the Bulgarian pension system
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Transcript of European Retirement Renaissance BASPSC and the responses of the Bulgarian pension system
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European Retirement RenaissanceEuropean Retirement RenaissanceBASPSC and the responses of the Bulgarian pension systemBASPSC and the responses of the Bulgarian pension system
Dr. Nickolai Slavchev (BASPSC)Chief Retirement Schemes AnalystPOD “Allianz Bulgaria” AD
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?? AA C C C E S S I O NC E S S I O N
accidentalaccidental
acceptableacceptable
acclamatoryacclamatory
accurateaccurate
accountableaccountable
accursedaccursed
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TWELVETWELVE CENTURIESCENTURIES
AGOAGO
BEBEFOREWORDFOREWORD
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Pension architecture in BulgariaPension architecture in Bulgaria
Challenges in the accession to the EU single pension market Challenges in the accession to the EU single pension market Applicable EU legislationApplicable EU legislationScheme DesignScheme Design
Stages of accession to the EU single pension marketStages of accession to the EU single pension market
(the lessons learned (the lessons learned alalmost)most)
BASPSCBASPSC in the European pension debatein the European pension debatePensionsEurope (EFRP), Sofia Ad Hoc Group, ECPensionsEurope (EFRP), Sofia Ad Hoc Group, EC, , EIOPAEIOPA
Agenda
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Pension architecture in BulgariaPension architecture in BulgariaPension Sustainability IndexPension Sustainability Index
II IIIIIIIIII
PPFUPF VPF“Pension” Fund NSSI
VPF OS
Net assets (II + III)Net assets (II + III)::
BGN BGN 5.4 5.4 billionbillion (2012) (2012)
Members (II + III)Members (II + III)::
4 4 millionmillion
DataData:: FSCFSC, , 20122012
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Applicable EU legislationApplicable EU legislationWhich pillar is which?Which pillar is which?
Scheme designScheme designThe industrial nostalgia of Western EuropeThe industrial nostalgia of Western Europe
ChallengesChallenges
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Applicable legislationApplicable legislation
RegulationRegulation 883/2004 (883/2004 (1408/711408/71))
DirectiveDirective 2003/41 ( 2003/41 (IORPIORP Directive)Directive)““A wrong Directive at the wrong time.A wrong Directive at the wrong time...” 1 ..” 1 MarchMarch 2012, 2012, BrusselsBrussels
Readjust/Read just…Readjust/Read just…
Ring-fencing/Ring-fancyingRing-fencing/Ring-fancying
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Company basedCompany based / With independent personal / With independent personal accountsaccounts““Win-win” solutionWin-win” solution
DB/DCDB/DCTired of opportunities and wooed with promisesTired of opportunities and wooed with promises
Vesting & PortabilityVesting & Portability““Gold-plated cagesGold-plated cages””
Scheme designScheme design
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Idol materialisationIdol materialisationwhen idols stop being idolswhen idols stop being idols
Pre-accession jealousyPre-accession jealousyfaster than the other member candidatesfaster than the other member candidates
EU retirement provision romanticismEU retirement provision romanticismflight from realityflight from reality
Stages of accession to the EU Stages of accession to the EU single pension marketsingle pension market
the lessons learned almost
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The lesson for Bulgaria: Complying with EU requirements is not the aim but the means for achieving the aim.
The lesson for the EU: Unity in diversity, not in uniformity.
Idol materialisationIdol materialisation
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The lesson for Bulgaria: Hasty voting lead to legal texts which need refining.
The lesson for the EU: Fostering pre-accession jealousy slows down the transfer of good practice.
Pre-accession jealousyPre-accession jealousy
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The lesson for Bulgaria: There is no absolute ideal practice of supplementary retirement provision in Old Europe.
The lesson for the EU: New member states are part of the solution, not of the problems on the Old Continent.
EU retirement provision romanticismEU retirement provision romanticism
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BASPSC in the European pension debateBASPSC in the European pension debateGreen and White Paper on pensionsGreen and White Paper on pensions
PensionsEurope (EFRP)PensionsEurope (EFRP)occupationaloccupational...... workplace workplace...... work-related… work-related…
Sofia Ad Hoc GroupSofia Ad Hoc GroupThe East European School of Thought in The East European School of Thought in supplementary retirement provisionsupplementary retirement provision
ECEC andand EIOPAEIOPAconsultationsconsultations, , opinionsopinions, , meetingsmeetings
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The sacred dogmas and the solidarity reign
Renaissance rudiments
European retirement renaissanceEuropean retirement renaissancecatching upcatching up
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Solid solidarity
In the same direction or...catching up with others
European retirement renaissanceEuropean retirement renaissance catching upcatching up
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… … EAST OF EDENEAST OF EDEN