Abstract
The aim of this article is to present the growing role of market asset management of pension insurance companies in Bulgaria. Effectiveness of investment management of pension funds is essential to their financial stability in crisis and post crisis environment. Risk management measures and careful assets allocation in investment portfolios of pension funds will play crucial role in following years. The paper is organized as follows: 1) The specific feathers of the Bulgarian pension system are presented and the stages of development of Bulgarian supplementary pension funds are noted; 2) Regulation of pension funds investment policy are described; 3) On the basis of statistic data analysis investment performance of private pension funds in Bulgaria for the period since the onset of world financial crisis till now have been indicated. 4) Tendencies and challenges for investment policy in pension insurance management are outlined
Keywords
investment policy investment regulations prudent person rule investment portfolio defined contributions pension funds risk management.
References
- Bovenberg, L., Casper van Ewijk. (2011, July). Private pensions for Europe. CPB Policy Brief.
- Daneva, I. (2009). Regulation of pension fund investments in Bulgaria – developments and trends. EJournal “Dialogue”, 1.
- Daneva, I. (2011). Investment decisions of insurance in crisis and post crisis environment, NBU Conference Finance Collection of Reports.
- Davis, E.P. Prudent person rule standard for the investment of pension fund assets. Retrieved from http://www.oecd.org/dataoecd/51/0/2763540.pdf.
- Davis, E. Philip. (2002). Pension fund management and international investment – a global perspective. UK: Brunel University.
- Development regulation and supervision of supplementary pension insurance in Bulgaria. Retrieved from www.dnevnik.bg/getatt.php?filename=o_975249.doc.
- EC Directive 2003/41 (IORP Directive), October 2004.
- Gregorio, Impavid. Efficiency and performance of bulgarian private pensions, Retrieved from http://ssreform.treasury.gov.za/Publications/.
- Long-term investor and their asset allocation: Where are they now?. Retrieved from www.imf.org/external/pubs/ft/gfsr/.../ch2.pdf.
- (2009) Survey of investment regulation of pension funds, Retrieved from www.oecd.org
- OECD. (2010) Survey of investment regulation of pension funds, Retrieved from www.oecd.org. Social Insurance Code.(2011).
- Promoting longer-term investment by institutional investors: selected issues and policies, OECD discussion note, EUROFI High Level Seminar 2011.
- Antolin, Pablo., & Fiona, Stewart. (2009). Private pensions and policy responses to the financial and economic crisis.
- Statistics and annual reports of Financial Supervision Commission, Retrieved from www.fsc.bg.
- Taylor, B. (1988). Ten lessons for the twenty-first century investor.
- Zvi, Bodie. (1988). Pension fund investment policy.
Abstract
*Bu makalenin amacı, Bulgaristan'da emeklilik sigortası şirketlerinin piyasa varlık yönetiminde artan rolünü ortaya
koymaktır. Emeklilik fonlarının yatırım yönetiminin etkinliği kriz ve kriz sonrası ortamda finansal istikrar için esastır. Risk
yönetim tedbirleri ve dikkatli varlık tahsisi emeklilik fonları yatırım portföylerinde önümüzdeki yıllarda önemli bir rol
oynayacaktır.
Bu çalışma şu şekilde düzenlenmiştir: 1) Bulgar emeklilik sisteminin belirli özellikleri sunulmakta ve Bulgar ek
emeklilik fonlarının gelişim aşamaları belirtilmekte; 2) Emeklilik fonlarının yatırım politikası yönetmeliği açıklanmakta; 3)
Dünya finansal krizinin başlangıcından bu yana geçen dönemde Bulgaristan'daki özel emeklilik fonlarının yatırım
performansı istatistik veri analizi temelinde ele alınmakta; 4) Emeklilik sigortası yönetimindeki yatırım politikasının
eğilimleri ve karşılaştığı sorunlar özetlenmektedir.
Keywords
Yatırım Politikası Yatırım Mevzuatı İhtiyatlı Kişi Kuralı Yatırım Portföyü Belirlenmiş Katkı Emeklilik Fonları Risk Yönetimi.
References
- Bovenberg, L., Casper van Ewijk. (2011, July). Private pensions for Europe. CPB Policy Brief.
- Daneva, I. (2009). Regulation of pension fund investments in Bulgaria – developments and trends. EJournal “Dialogue”, 1.
- Daneva, I. (2011). Investment decisions of insurance in crisis and post crisis environment, NBU Conference Finance Collection of Reports.
- Davis, E.P. Prudent person rule standard for the investment of pension fund assets. Retrieved from http://www.oecd.org/dataoecd/51/0/2763540.pdf.
- Davis, E. Philip. (2002). Pension fund management and international investment – a global perspective. UK: Brunel University.
- Development regulation and supervision of supplementary pension insurance in Bulgaria. Retrieved from www.dnevnik.bg/getatt.php?filename=o_975249.doc.
- EC Directive 2003/41 (IORP Directive), October 2004.
- Gregorio, Impavid. Efficiency and performance of bulgarian private pensions, Retrieved from http://ssreform.treasury.gov.za/Publications/.
- Long-term investor and their asset allocation: Where are they now?. Retrieved from www.imf.org/external/pubs/ft/gfsr/.../ch2.pdf.
- (2009) Survey of investment regulation of pension funds, Retrieved from www.oecd.org
- OECD. (2010) Survey of investment regulation of pension funds, Retrieved from www.oecd.org. Social Insurance Code.(2011).
- Promoting longer-term investment by institutional investors: selected issues and policies, OECD discussion note, EUROFI High Level Seminar 2011.
- Antolin, Pablo., & Fiona, Stewart. (2009). Private pensions and policy responses to the financial and economic crisis.
- Statistics and annual reports of Financial Supervision Commission, Retrieved from www.fsc.bg.
- Taylor, B. (1988). Ten lessons for the twenty-first century investor.
- Zvi, Bodie. (1988). Pension fund investment policy.
Details
| Other ID | JA85NE23JF |
|---|---|
| Journal Section | Research Article |
| Authors | |
| Publication Date | January 1, 2013 |
| Published in Issue | Year 2013 Volume: 2 Issue: 3 |