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Zonevski, Zvetelin

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Sega - Bulgaria | 24/10/2010

Bulgaria nationalises private pension funds

The Bulgarian government wants to nationalise several compulsory private pension funds because from next year on the contributions paid into them would be too low. The money is to be diverted into the state social security office instead and distributed according to social solidarity principles. But this won't solve the problem, the daily Sega points out: "The state itself is to blame for the low contributions paid into the private pensions - after all, it fixed the amount of social contributions to be paid into the private pension funds. … The lack of a long-term strategy to stimulate investment in private pensions inevitably leads to financing bottlenecks. The question now is whether the social security office can manage the citizens' money better than the private pension funds and whether this will solve the problem. ... The administrative gymnastics the trade unions and government officials are pushing society to perform have a clear goal: they are aimed at giving the former access to vast sums of money."

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