Актуални проблеми на анализа на ликвидността на пенсионните фондове
Relevant Issues of Analysis of Pension Funds’ Liquidity

Author(s): Maia Natchkova
Subject(s): Economy, Accounting - Business Administration
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: liquidity; liquidity risk; solvency; pension funds; insured persons; insurance risk
Summary/Abstract: Pension funds’ liquidity is among the most serious and discussed issues in terms of the supplementary compulsory and voluntary pension insurance in the Republic of Bulgaria. Liquidity of pension funds refers to their ability to pay, at any time and with their available cash, supplementary pensions to the insured persons or hereditary pensions to their heirs upon occurrence of insurance events – retirement, expiration of the insurance contract, or early termination of their insurance contract. Pension funds should be able to fulfil without delay their obligations to the insured persons and to their heirs both in usual market environment and under the conditions of world economic and health crisis due to the announced COVID-19 pandemic. The object of this study covers the problems of the analysis of pension funds’ liquidity, and its subject refers to the pension funds’ liquidity management capacity. Pension funds’ liquidity analysis is carried out on the basis of the information obtained from their financial statements, and in particular, the Statement of Financial Position and the Statement of Cash Flows prepared in accordance with the accounting principles adopted by the pension funds – the International Accounting Standards/ International Financial Reporting Standards (IAS/ IFRS). [1], [2]

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