Approximately 50 Thousand People Changed Their Old Age Provision Fund
Today the old age provision regulatory department at FSC announced the results of the transactions from one to another pension fund in view of a changed pension funds during the first 6 months of
2007, as well as the information about the registration of new old age provision companies.
3 299 451 count the individuals making old age provision instalments from the beginning of the year. 46 111 people changed their pension funds. The applications for the change of the supplementary
old age provision fund counted 28 310 for the second three-month period only, 24 547 were approved. The other 3 763 applications were not approved due to different omissions. The claims received at
FSC for illegal transactions of sums from one to another fund are very few.
The newly insured individuals counted 112 221. 86 704 of whom were registered in the universal pension funds, 8 679 - in the professional pension funds and 16 838 - in the supplementary pension
funds. The most newly insured - 26 831 - are clients of Doverie Pension Insurance Company, 20 788 are clients of Saglasie Pension Insurance Company, 18 713 - Allianz Bulgaria and 15 157 -
DSK-Rodina.
On the whole, the distribution of the clients of the old age provision business shows that the market is quite concentrated. The three leading companies hold 73% of the market as the first two
companies in the field generate 60% of the business. Doverie is firm in the first place, 36.94% of all individuals who make old age provision instalments are clients of that very company. second
comes Allianz Bulgaria with a market share of 24.36%. Third, far behind the leaders, comes Saglasie with its market share of 11.62%. The company placed last on the market is part of the giant -
Chimimport, CCB Sila and Luk Oil Guarant are part of the same group as well. The three company hold a total of 20.55% of the market.
FSC has been releasing information about the number, age and gender of the insured for individuals a year now. The statistics show that by the middle of the year the clients of the universal
pension funds counted 2 528 391 as the number of males and females is almost equal. As far as age is concerned the most numerous group of 989 096 people is the one of the individuals aged 25-34,
followed by the group of 35-44 which includes 930 929. The average age of the insured individuals is 33.5 years of age.
The clients of the professional pension funds count 198 096 and the males are the more numerous group of 167 880 while teh females count 30 216. 66 641 of the insured individuals are aged 35-44 and
64 514 are aged 45-54. The average age of the insured individuals is 42 years of age.
572 964 individual are clients of the supplementary pension funds. The males are the slightly more numerous group of clients again, but the age groups are distributed in a different way. Most
numerous are the clients aged 64 and up - 19 641, followed by the people aged 45-54 - 185 216, in comparison to the youngsters aged 15-24 who count 7 959 and the individuals aged 25-34 who count 76
995. The average age of the insured individuals is 46 years of age.
The reported figures once again prove that Bulgarians think of the third pension portion by the time they retire. Young people still do not recognise the old age provision system as scheme for
successful saving. Five months ago Alpha research was commissioned a survey which showed that young people do not actually want to get involved in contract employment and only 1/3 of them have at
all heard that the pension insurance companies offer supplementary old age provision schemes. In the same token the half-year report shows that the pension system is by no means attractive to young
people. But the situation is yet to deteriorate as the present ration of insured individuals/pensioners is 100:82 and with the demographic tendencies taken into consideration by 2050 one working
individual will have to provide for 2 and more retired individuals.
