90 382 BULGARIANS CHANGE PENSION ACCOUNTS IN H1 2011

An aggregate of 90 382 account-holders in Bulgaria have switched their supplementary pension funds in the first six months of 2011, up by about 4000 from the same period of 2010, according to Financial Supervision Commission data.

Transferred accounts totalled 104 million up to June, rising by 11 per cent on the year. The data covers change of participation in universal, voluntary and vocational pension funds.

Accounts in universal schemes rose by a third, voluntary funds saw an 80 per cent decline, while accounts in vocational funds remained almost unchanged.

Of universal funds, DSK Rodina, Allianz Bulgaria and Doverie benefited from the change the most, recording the biggest number of incoming clients. However, Doverie registered a net loss of 8000 accounts.
  
About 14 per cent of all applications for change of participation in pension funds have been turned down in the first half of the year, compared to 16.5 per cent in the same period of 2010. Voluntary funds have rejected half of applicants willing to switch accounts but the number of applicants there is also the lowest - only 1600.