The bill for the pension multi-funds to be drafted by June 2012

“The bill for the establishment of pension multi-funds will be drafted by June 2012,” announced Deputy Chairman of the Financial Supervision Commission Angel Djalazov at a conference on the non-financial sector. It will provide an option for consumers with social insurance to decide how their money will be invested.

"We intend to finalise the bill for the pension multi-funds in June, 2012. The aim is for several pension products to be offered - with a conservative investment portfolio or with  a balanced and aggressive one, so that each user will have a choice," stated Djalazov. However, discussions are being held as to whether the new opportunities should cover just the third pillar of the pension system - i.e. the voluntary private insurance, or the second pillar - the compulsory additional insurance, as well.

Financial Supervision Commission Chairman, Stoyan Mavrodiev, pointed out that part of the Silver Fund money could be invested via multi-funds on the Bulgarian Stock Exchange. “Good ideas should not be postponed because of the crisis. The more slowly the reforms are implemented, like those in the pension system, the more painful they are both for the people and for the State” explained Mavrodiev.

“Bulgaria supports the establishment of a European credit rating agency,” stated Prime Minister Boyko Borissov at the opening of the forum. According to him, the markets are the main problem which worries world leaders and they are the basis for the evaluation of their policy. "The European Council has no solution; there is no topic related to the current situation in the world that is not being put in line with the markets".

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