Nikolina Mareva


The article focuses on the comparison of legal frameworks and performance of capital pension funds in the former socialist countries in Central and Eastern Europe. The main focus is on mandatory second pillar schemes. The aim of the article is to assess in different dimensions the reasons for the latest political decisions to introduce measures that reduced the initial size of the funded component of the pension system after the global financial crisis of 2008. The comparative analysis of pension legislation includes eligibility rights, contribution rates, eligible investment strategies, etc. Without claiming to be detailed, the study aims to summarize the focal points in the short but dynamic functioning of funded pillars in Bulgaria, Croatia, Estonia, Latvia, Lithuania, Romania, Slovenia and Slovakia. In this regard, an overview of the key characteristics of the reformed pension systems is made and the main trends and problems in the development of the funded component in the pension systems of the CEE countries are summarized.

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