Тенденциите на финансовите пазари и отражението им върху частните пенсионни системи
The trends on the financial market and pension industry

Summary/Abstract: The currently passing financial crisis, accompanied by declining development of the capital markets, sets a number of questions with peculiar sharpness, including the correlation between securities’ markets and the institutional investors’ activity, some of which are the privately managed pension funds. The article examines the interaction between the pension and the capital market, taking into consideration its specificity originating from the type of the pension system and determined to a great extent by the simultaneous pass of population’s advance in aging processes and strengthening the demographic trends influence over the existing pension system. Some possible tendencies are outlined for short-term and long-term changes in the investment policy of the private pension plans with a view to overcome the financial crisis consequences.

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