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Efficiency and Performance of Bulgarian Private Pensions


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  • Gregorio Impavido


This paper analyzes the performance of the Bulgarian private defined contribution pensions in the second and third pillars of the pension system.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/268.

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Length: 68
Date of creation: 01 Dec 2008
Date of revision:
Handle: RePEc:imf:imfwpa:08/268

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Postal: International Monetary Fund, Washington, DC USA
Phone: (202) 623-7000
Fax: (202) 623-4661
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Keywords: Asset management; Pension regulations; pension; pension funds; pension fund; pension fund assets; voluntary pension; voluntary pension funds; mandatory pension fund; pension insurance; retirement; voluntary pension fund; insurance companies; mutual funds; pension system; wage growth; pensions; risk management; insurance company; mandatory pension funds; investment performance; price controls; mandatory funds; retirement products; individual account; occupational schemes; pension administrators; replacement rate; longevity risk; labor force; retirement age; investment managers; pension systems; annual statements; net return; investment risk; private pensions; private pension; average wage growth; cash balance; pension schemes; regulatory framework; net returns; pension fund administrators; longevity insurance; universal pension; pension funds investment; pension fund managers; supervisory board; life annuities; defined benefit; asset managers; pension benefits; cash balances; occupational pension; individual accounts; mutual fund; collective investment scheme; investment choices; collective investment schemes; pension market; inflation risk; pensioners; pension companies; pension age; asset manager; informal sector; internal controls; private pension funds; minimum pension; asset segregation; contribution pensions; pension products; defined contribution pensions; pension fund manager; mortality table; supplementary pension; life insurance; provident funds; pension funding; local capital market; personal pension funds; pension rights; supervisory authority; earnings-related pension; intergenerational transfers; risk diversification; nominal wage; deferred annuities; early retirement; private pension systems; value of pensions; secondary markets; retirement account; investment returns; variable annuities; supervisory capacity; invalidity pension; old age pension; switching strategy; capital gains; retirement pension; social pension; survivor pension; pension benefit; price control; contribution pension; public scheme; defined contribution pension; risk-free rate; pension markets; individual retirement; average pension; contribution base; brokerage fees; bidding process; retirement benefits; pension reform; retirement income; individual retirement account; old-age pension; gross return; deposit insurance; benefit payment; early retirement pension; defined contributions; payment of pension; pensions systems; risk sharing; supervisory boards; annuity providers; investment choice; capital markets; life insurance companies; investment guidelines; accrual rate; investment options; pension assets; investment advice; contribution rate; pillar benefit; life expectancies; investment objectives; gross returns; active asset management; private pension market; retirement product; life annuity; moral hazard; annuity provision; investment risks; mandatory retirement;


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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. Palmer, Edward, 2008. "The market for retirement products in Sweden," Policy Research Working Paper Series 4748, The World Bank.
  2. Impavido, Gregorio & Rocha, Roberto, 2006. "Competition and performance in the Hungarian second pillar," Policy Research Working Paper Series 3876, The World Bank.
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Cited by:
  1. Ian Tower & Gregorio Impavido, 2009. "How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter," IMF Working Papers 09/151, International Monetary Fund.


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