Saving for Old Age
How pension funds are growing in an ageing Bulgaria
Step 1 / 4
Growing Reserves
Assets of supplementary pension insurance funds have grown from about 1.1 billion BGN in 2005 to over 26 billion BGN in 2024. This reflects the gradual build-up of the second pillar of the pension system and a response to the demographic challenges facing the state pension insurer.
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Where the Money Goes
Investments make up the bulk of pension fund assets. The money is spread across domestic and foreign financial instruments, bank deposits, and investment property — a diversification strategy that protects future pensioners' savings.
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Assets vs. Liabilities
The net position of the funds — the gap between assets and liabilities — is growing steadily. The funds are not only getting bigger, they remain solvent: assets far exceed obligations to insured persons and pensioners.
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Revenues vs. Expenditures
The funds generate revenues — mainly from investments — and pay out to insured persons and pensioners. Expenditures grow steadily as more people reach retirement age. In most years revenues exceed expenditures, generating net growth in the funds.
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