РОЛЯТА НА ВТОРИЯ СТЪЛБ ЗА АДЕКВАТНОСТТА И ФИНАНСОВАТА СТАБИЛНОСТ НА ПЕНСИОННАТА СИСТЕМА
THE ROLE OF THE SECOND PILLAR FOR THE ADEQUACY AND FINANCIAL STABILITY OF THE PENSION SYSTEM

Summary/Abstract: The ageing of the population and the major economic transformation in Bulgaria from the 1990s put the social and security systems under immeense financial pressure. A range of reforms were passed to adjust the pension system to the fundamental changes. A three pillar pension system was introduced with mandatory capital private funds acting as a second pillar. The reform aimed at lending the pension system stability and financial resilience. In 2021 the first pay-out phase of the second pillar is about to begin for a large group of the insured. This article assesses the impact of the key reforms in the pension system. The interconnection of financial flows between the first and the second pillar is highlighted with respect to the need of recalibrating current pensions.

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