Historical Development and Characteristics of Pension Systems

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, pension fund

JEL Classification: I10, I13, I15

Suggested Citation: Suggested Citation

Terziev, Venelin and Nichev, Nikolay and Simeonov, Simeon, Historical Development and Characteristics of Pension Systems (October 2017). Review of Finance, 2017, No. Issue 6 (2), pp. 1321-1338, ISSN 1572-3097, Available at SSRN: https://ssrn.com/abstract=3153545

Venelin Terziev (Contact Author)

Georgi Rakovski Military Academy, Sofia, Bulgaria ( email )

Sofia, 1000
Bulgaria

Nikolay Nichev

Vasil Levski National Military University ( email )

Veliko Tarnovo
Bulgaria

Simeon Simeonov

University of Ruse - University Hospital ( email )

Ruse, Ruse
Bulgaria

National Military University, Veliko Tarnovo, Bulgaria ( email )

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Historical Development and Characteristics of Pension Systems

Venelin Terziev

Nikolay Nichev

Simeonov Simeon