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European Retirement Renaissance BASPSC and the responses of the Bulgarian pension system

European Retirement Renaissance BASPSC and the responses of the Bulgarian pension system. Dr. Nickolai Slavchev ( BASPSC ) Chief Retirement Schemes Analyst POD “ Allianz Bulgaria ” AD. ? A C C E S S I O N. accidental acceptable acclamatory accurate accountable accursed.

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European Retirement Renaissance BASPSC and the responses of the Bulgarian pension system

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  1. European Retirement Renaissance BASPSC and the responses of the Bulgarian pension system Dr. Nickolai Slavchev (BASPSC) Chief Retirement Schemes Analyst POD “Allianz Bulgaria” AD

  2. ?A C C E S S I O N accidental acceptable acclamatory accurate accountable accursed

  3. TWELVECENTURIESAGO BEFOREWORD

  4. Pension architecture in Bulgaria Challenges in the accession to the EU single pension market Applicable EU legislation Scheme Design Stages of accession to the EU single pension market (the lessons learned almost) BASPSCin the European pension debate PensionsEurope (EFRP), Sofia Ad Hoc Group, EC, EIOPA Agenda

  5. Pension architecture in Bulgaria Pension Sustainability Index Net assets (II + III): BGN 5.4 billion (2012) I II III Members (II + III): 4 million “Pension” Fund NSSI UPF PPF VPF VPF OS Data: FSC, 2012

  6. Applicable EU legislation Which pillar is which? Scheme design The industrial nostalgia of Western Europe Challenges

  7. Applicable legislation Regulation883/2004 (1408/71) Directive 2003/41 (IORPDirective) “A wrong Directive at the wrong time...” 1 March 2012, Brussels Readjust/Read just… Ring-fencing/Ring-fancying

  8. Company based / With independent personal accounts “Win-win” solution DB/DC Tired of opportunities and wooed with promises Vesting & Portability “Gold-plated cages” Scheme design

  9. Idol materialisation when idols stop being idols Pre-accession jealousy faster than the other member candidates EU retirement provision romanticism flight from reality Stages of accession to the EU single pension market • the lessons learned almost

  10. Idol materialisation 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.

  11. Pre-accession jealousy 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.

  12. EU retirement provision romanticism 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.

  13. BASPSC in the European pension debate Green and White Paper on pensions PensionsEurope (EFRP) occupational... workplace... work-related… Sofia Ad Hoc Group The East European School of Thought in supplementary retirement provision ECandEIOPA consultations, opinions, meetings

  14. European retirement renaissancecatching up The sacred dogmas and the solidarity reign Renaissance rudiments

  15. European retirement renaissancecatching up Solid solidarity In the same direction or... catching up with others

  16. … EAST OF EDEN

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