HISTORICAL DEVELOPMENT AND CHARACTERISTICS OF PENSION SYSTEMS

Venelin Terziev
Academician of the Russian Academy of Natural History, Moscow, Russia, Prof. D.Sc. (Ec.), D.Sc. (National Security), D.Sc.  (Social Activities), Ph.D., National Military University, Veliko Tarnovo, Bulgaria; University of Rousse, Rousse, Bulgaria, terziev@skmat.com

Abstract

This study examines the development of pension systems based on the main classical models: capital-covering, cost-covering and mixed. Particular attention is paid to the types of pension savings, whereas analyzed in detail are corporate pension funds, independent pension funds and funds providing one-off lump sum at a certain age and upon retirement due to old age or disability. Presented are possible pension schemes and pension plans.

Keywords: pension systems, pension plan, pension scheme.