Ivanka Daneva


The paper examines the views of Bulgarian and foreign researchers on the essential characteristics of the pension system adequacy and its modern characteristics. Adequacy is highlighted by financial security and equivalence in pension insurance. A definition of adequate income in the form of a pension is proposed. The main exogenous factors characterizing the need for modern innovations in the pension system have been characterized. The main directions in which the changes in the pension insurance models are taking place are defined. It is argued that in every modern state the generosity of the social security system is predetermined by the relative effectiveness of the alternative to the pay-as-you-go system.


social security, pension system, pension, adequacy, pay-as-you-go system, pension fund, defined contributions

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