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Аny moment is adequate for implementing the multifund system

11 Септември 2009 16:19 INSMARKET по статията работи:
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The Bulgarian pension system is working quite well- мr. Angel Martinez-Aldama, Chairman, European Federation for Retirement Provision (EFRP)

The implementation of the multifund system in the supplementary pension insurance is among the most discussed topics. What is your impression – how is the idea accepted in the European countries and globally?
The multifund system has been developed in many countries, where DC schemes are compulsory (for example, Chile, Peru, recently Mexico, Hungary, and Poland (within a short time), and it gives to workers the opportunity, depending on their age, to accommodate their risk profile.

What is your comment on the adequacy of the moment for the implementation of the multifund system? Will it be effective in the current situation of crisis environment and shaken customers’ confidence?
As the philosophy of the multifund system is completely reasonable, any moment is adequate for implementing the multifund system. After any crisis the politicians and workers can take note on the disadvantages of not having multifunds in place, specially those workers close to retirement.

The philosophy of the multifund system is based on multiformity, diversity and freedom of choice. Are the insured though ready for such a free personal choice?
As not anybody is able to decide neither have a minimum knowledge to take personal choices, some countries have organised default Funds in which are integrated those workers who have not taken an active decision. Others countries have organized between two and five Funds with different equity exposure (from zero to 100%) in which the workers are allocated taking into
account their age.

The implementation of the so called “auto pilot” or lifecycle funds are discussed in Germany as a variety of the multifund system, where the responsibility of the risky portfolio lays entirely on the companies. What do you think about this idea?
The lifecycle of Funds's idea is very good. In fact the workers are not changed from one Fund to another during their working life, but the Fund itself changes its portfolio from risky assets to non risky assets during thirty or forty years until retirement age. Nevertheless the philosophy of
the default Funds or the multifunds system, are very similar, although have different structure.

Which model would you recommend for Bulgaria?
It is a decision of the Bulgarian Parliament to decide on which system is more adequate.

What is your assessment of the Bulgarian pension system?
The Bulgarian pension system is working quite well, as every pension system, and needs some amendments. Fortunately, there are many countries with capitalization pension systems, so these experiences are very helpful for future amendments.



Since January 1.995. INVERCO, Spanish Association of Investment and Pension Funds. Since April 2.001, MANAGING DIRECTOR.
EFRP (European Federation for Retirement Provision), based in Brussels. Member of the Board of Directors from 1996. Vice Chairman, from October 2001 until october 2007. In October 2007 was appointed CHAIRMAN.
EFAMA (before, FEFSI) (European Funds and Asset Management Association), based in Brussels: member member of the Statistical Committee, member of Classification and Performance Committee (1997-1999), member of Pension UCITS Committee, and member of the Euro Committee (1997-1998). Appointed member of its Management Committee in April 2005 until October 2007.
EAMA (European Asset Management Association), based in London. Member of the Board since its creation in 1999 until its wound up in 2004.
FIAP (International Federation of Pension Funds Management Administrators), based in Santiago de Chile. MEMBER OF THE BOARD OF DIRECTORS.
FIAFIN (Iberoamerican Federation of Mutual Funds), based in Santiago de Chile. MEMBER OF THE BOARD OF DIRECTORS.
WPA (World Pension Association), based in Madrid. MEMBER OF THE STEERING COMMITTEE AND SECRETARY.
INVERCO Ethical Committee. SECRETARY
CEOE (Spanish Employers Association). Member of Committee of Social Security and Labour Relations
January 1.990‑January 1.995  COMISION NACIONAL DEL MERCADO DE VALORES (C.N.M.V.), Spanish Stock Exchange Commission.
  Issuers Division: verification and proposals to be first approved by the Board of Directors with respect to issues of loans, capital increases in listed companies, public offers of shares (domestic and foreign issuers), and admissions to the Stock Exchange and to organised markets (AIAF). 
  Collective Investment Schemes Division: regular supervision visits to the Spanish Management Companies (“Sociedades Gestoras”). It also involved the analysis of the balance sheet, the profit and losses accounts, accounting information of the Management Companies and  also referred to the Investment Funds managed.
1.989 (July‑December) UNILEVER ESPAÑA, S.A. Department of Taxes and Accountancy.
 -  1.982‑1.989 Graduate in LAWS and in BUSINESS ADMINISTRATION at ICADE (Pontificia Comillas University)

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