Terrible drama with the second pension. Getting lifetime money turns out to be impossible for most insured persons who have already reached retirement age, “Trud” reveals.
Only 15.5% of them have enough money accumulated in private universal pension funds to receive a lifetime pension, according to data from the Financial Supervision Commission (FSC). And the average amount of lifetime pensions without additional conditions is only BGN 91.24.
As of the end of June, there were a total of 22,211 people receiving payments from private pension funds. Of these, only 3,453 people, or 15.5% of all, receive lifetime pensions, according to the FCS data. The remaining 18,758 people, or 85% of the insured who have reached retirement age, receive their money from the private universal funds on deferred payments. They will receive this money only for a few months or years, and then in their old age they will be able to rely only on the state pension, “Trud” also writes.
The reasons for this are many, and among them are – the low wages on which people were provided; periodic crises that reduce the profitability of managing the insured’s money; the rapid increase in wages and state pensions relative to fund yields; the low second pension contribution of 5%, as well as the fees collected by the funds.
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