id	sid	tid	token	lemma	pos
faba-246	1	1	206	206	NUM
faba-246	1	2	finance	finance	NOUN
faba-246	1	3	,	,	PUNCT
faba-246	1	4	accounting	accounting	NOUN
faba-246	1	5	and	and	CCONJ
faba-246	1	6	business	business	NOUN
faba-246	1	7	analysis	analysis	NOUN
faba-246	1	8	volume	volume	NOUN
faba-246	1	9	6	6	NUM
faba-246	1	10	issue	issue	NOUN
faba-246	1	11	2	2	NUM
faba-246	1	12	,	,	PUNCT
faba-246	1	13	2024	2024	NUM
faba-246	1	14	http://faba.bg/	http://faba.bg/	NOUN
faba-246	1	15	issn	issn	VERB
faba-246	1	16	2603	2603	NUM
faba-246	1	17	-	-	SYM
faba-246	1	18	5324	5324	NUM
faba-246	1	19	doi	doi	NOUN
faba-246	1	20	:	:	PUNCT
faba-246	1	21	https://doi.org/10.37075/faba.2024.2.09	https://doi.org/10.37075/faba.2024.2.09	PROPN
faba-246	1	22	the	the	DET
faba-246	1	23	multifund	multifund	NOUN
faba-246	1	24	system	system	NOUN
faba-246	1	25	–	–	PUNCT
faba-246	1	26	is	be	AUX
faba-246	1	27	it	it	PRON
faba-246	1	28	an	an	DET
faba-246	1	29	option	option	NOUN
faba-246	1	30	for	for	ADP
faba-246	1	31	raising	raise	VERB
faba-246	1	32	the	the	DET
faba-246	1	33	sustainability	sustainability	NOUN
faba-246	1	34	of	of	ADP
faba-246	1	35	the	the	DET
faba-246	1	36	bulgarian	bulgarian	ADJ
faba-246	1	37	pension	pension	NOUN
faba-246	1	38	system	system	NOUN
faba-246	1	39	?	?	PUNCT
faba-246	2	1	jeko	jeko	NOUN
faba-246	2	2	milev1	milev1	PROPN
faba-246	2	3	*	*	X
faba-246	2	4	,	,	PUNCT
faba-246	2	5	kremena	kremena	PROPN
faba-246	2	6	choutilova	choutilova	PROPN
faba-246	2	7	-	-	PUNCT
faba-246	2	8	yochkolovska2	yochkolovska2	PROPN
faba-246	2	9	department	department	PROPN
faba-246	2	10	of	of	ADP
faba-246	2	11	finance	finance	NOUN
faba-246	2	12	,	,	PUNCT
faba-246	2	13	university	university	NOUN
faba-246	2	14	of	of	ADP
faba-246	2	15	national	national	ADJ
faba-246	2	16	and	and	CCONJ
faba-246	2	17	world	world	NOUN
faba-246	2	18	economy	economy	NOUN
faba-246	2	19	,	,	PUNCT
faba-246	2	20	sofia	sofia	PROPN
faba-246	2	21	,	,	PUNCT
faba-246	2	22	bulgaria	bulgaria	PROPN
faba-246	2	23	1	1	NUM
faba-246	2	24	department	department	PROPN
faba-246	2	25	of	of	ADP
faba-246	2	26	finance	finance	NOUN
faba-246	2	27	,	,	PUNCT
faba-246	2	28	university	university	NOUN
faba-246	2	29	of	of	ADP
faba-246	2	30	national	national	ADJ
faba-246	2	31	and	and	CCONJ
faba-246	2	32	world	world	NOUN
faba-246	2	33	economy	economy	NOUN
faba-246	2	34	,	,	PUNCT
faba-246	2	35	sofia	sofia	PROPN
faba-246	2	36	,	,	PUNCT
faba-246	2	37	bulgaria2	bulgaria2	NOUN
faba-246	2	38	*	*	PUNCT
faba-246	2	39	corresponding	correspond	VERB
faba-246	2	40	author	author	NOUN
faba-246	2	41	info	info	NOUN
faba-246	2	42	articles	article	NOUN
faba-246	2	43	abstract	abstract	ADJ
faba-246	2	44	history	history	NOUN
faba-246	2	45	article	article	NOUN
faba-246	2	46	:	:	PUNCT
faba-246	2	47	submitted	submit	VERB
faba-246	2	48	30	30	NUM
faba-246	2	49	october	october	NOUN
faba-246	2	50	2024	2024	NUM
faba-246	2	51	revised	revise	VERB
faba-246	2	52	5	5	NUM
faba-246	2	53	december	december	PROPN
faba-246	2	54	2024	2024	NUM
faba-246	2	55	accepted	accept	VERB
faba-246	2	56	10	10	NUM
faba-246	2	57	december	december	PROPN
faba-246	2	58	2024	2024	NUM
faba-246	2	59	background	background	NOUN
faba-246	2	60	:	:	PUNCT
faba-246	2	61	bulgarian	bulgarian	ADJ
faba-246	2	62	universal	universal	ADJ
faba-246	2	63	pension	pension	NOUN
faba-246	2	64	funds	fund	NOUN
faba-246	2	65	have	have	AUX
faba-246	2	66	been	be	AUX
faba-246	2	67	operating	operate	VERB
faba-246	2	68	for	for	ADP
faba-246	2	69	more	more	ADJ
faba-246	2	70	than	than	ADP
faba-246	2	71	20	20	NUM
faba-246	2	72	years	year	NOUN
faba-246	2	73	.	.	PUNCT
faba-246	3	1	they	they	PRON
faba-246	3	2	were	be	AUX
faba-246	3	3	established	establish	VERB
faba-246	3	4	into	into	ADP
faba-246	3	5	bulgarian	bulgarian	ADJ
faba-246	3	6	pension	pension	NOUN
faba-246	3	7	system	system	NOUN
faba-246	3	8	as	as	ADP
faba-246	3	9	supplementary	supplementary	ADJ
faba-246	3	10	elements	element	NOUN
faba-246	3	11	whose	whose	DET
faba-246	3	12	basic	basic	ADJ
faba-246	3	13	aim	aim	NOUN
faba-246	3	14	was	be	AUX
faba-246	3	15	to	to	PART
faba-246	3	16	strengthen	strengthen	VERB
faba-246	3	17	the	the	DET
faba-246	3	18	sustainability	sustainability	NOUN
faba-246	3	19	of	of	ADP
faba-246	3	20	the	the	DET
faba-246	3	21	system	system	NOUN
faba-246	3	22	in	in	ADP
faba-246	3	23	the	the	DET
faba-246	3	24	long	long	ADJ
faba-246	3	25	term	term	NOUN
faba-246	3	26	.	.	PUNCT
faba-246	4	1	following	follow	VERB
faba-246	4	2	the	the	DET
faba-246	4	3	recommendations	recommendation	NOUN
faba-246	4	4	of	of	ADP
faba-246	4	5	the	the	DET
faba-246	4	6	world	world	PROPN
faba-246	4	7	bank	bank	PROPN
faba-246	4	8	(	(	PUNCT
faba-246	4	9	1994	1994	NUM
faba-246	4	10	)	)	PUNCT
faba-246	4	11	,	,	PUNCT
faba-246	4	12	the	the	DET
faba-246	4	13	policymakers	policymaker	NOUN
faba-246	4	14	in	in	ADP
faba-246	4	15	the	the	DET
faba-246	4	16	country	country	NOUN
faba-246	4	17	introduced	introduce	VERB
faba-246	4	18	a	a	DET
faba-246	4	19	fully	fully	ADV
faba-246	4	20	funded	fund	VERB
faba-246	4	21	defined	define	VERB
faba-246	4	22	contribution	contribution	NOUN
faba-246	4	23	pension	pension	NOUN
faba-246	4	24	scheme	scheme	NOUN
faba-246	4	25	where	where	SCONJ
faba-246	4	26	the	the	DET
faba-246	4	27	investment	investment	NOUN
faba-246	4	28	risk	risk	NOUN
faba-246	4	29	is	be	AUX
faba-246	4	30	almost	almost	ADV
faba-246	4	31	entirely	entirely	ADV
faba-246	4	32	borne	bear	VERB
faba-246	4	33	by	by	ADP
faba-246	4	34	the	the	DET
faba-246	4	35	insured	insure	VERB
faba-246	4	36	individuals	individual	NOUN
faba-246	4	37	.	.	PUNCT
faba-246	5	1	hence	hence	ADV
faba-246	5	2	,	,	PUNCT
faba-246	5	3	low	low	ADJ
faba-246	5	4	returns	return	NOUN
faba-246	5	5	realized	realize	VERB
faba-246	5	6	by	by	ADP
faba-246	5	7	pension	pension	NOUN
faba-246	5	8	companies	company	NOUN
faba-246	5	9	during	during	ADP
faba-246	5	10	the	the	DET
faba-246	5	11	accumulation	accumulation	NOUN
faba-246	5	12	phase	phase	NOUN
faba-246	5	13	detriment	detriment	NOUN
faba-246	5	14	seriously	seriously	ADV
faba-246	5	15	the	the	DET
faba-246	5	16	amounts	amount	NOUN
faba-246	5	17	of	of	ADP
faba-246	5	18	the	the	DET
faba-246	5	19	pension	pension	NOUN
faba-246	5	20	benefits	benefit	NOUN
faba-246	5	21	at	at	ADP
faba-246	5	22	the	the	DET
faba-246	5	23	date	date	NOUN
faba-246	5	24	of	of	ADP
faba-246	5	25	retirement	retirement	NOUN
faba-246	5	26	.	.	PUNCT
faba-246	6	1	the	the	DET
faba-246	6	2	second	second	ADJ
faba-246	6	3	pillar	pillar	NOUN
faba-246	6	4	pension	pension	NOUN
faba-246	6	5	funds	fund	NOUN
faba-246	6	6	are	be	AUX
faba-246	6	7	allowed	allow	VERB
faba-246	6	8	to	to	PART
faba-246	6	9	structure	structure	VERB
faba-246	6	10	and	and	CCONJ
faba-246	6	11	manage	manage	VERB
faba-246	6	12	only	only	ADV
faba-246	6	13	one	one	NUM
faba-246	6	14	portfolio	portfolio	NOUN
faba-246	6	15	of	of	ADP
faba-246	6	16	assets	asset	NOUN
faba-246	6	17	which	which	PRON
faba-246	6	18	could	could	AUX
faba-246	6	19	hardly	hardly	ADV
faba-246	6	20	suit	suit	VERB
faba-246	6	21	the	the	DET
faba-246	6	22	interests	interest	NOUN
faba-246	6	23	of	of	ADP
faba-246	6	24	both	both	CCONJ
faba-246	6	25	young	young	ADJ
faba-246	6	26	and	and	CCONJ
faba-246	6	27	old	old	ADJ
faba-246	6	28	scheme	scheme	NOUN
faba-246	6	29	members	member	NOUN
faba-246	6	30	.	.	PUNCT
faba-246	7	1	the	the	DET
faba-246	7	2	investment	investment	NOUN
faba-246	7	3	horizon	horizon	NOUN
faba-246	7	4	is	be	AUX
faba-246	7	5	crucial	crucial	ADJ
faba-246	7	6	when	when	SCONJ
faba-246	7	7	it	it	PRON
faba-246	7	8	comes	come	VERB
faba-246	7	9	to	to	ADP
faba-246	7	10	the	the	DET
faba-246	7	11	right	right	ADJ
faba-246	7	12	mixture	mixture	NOUN
faba-246	7	13	of	of	ADP
faba-246	7	14	assets	asset	NOUN
faba-246	7	15	in	in	ADP
faba-246	7	16	the	the	DET
faba-246	7	17	investment	investment	NOUN
faba-246	7	18	portfolio	portfolio	NOUN
faba-246	7	19	.	.	PUNCT
faba-246	8	1	purpose	purpose	NOUN
faba-246	8	2	:	:	PUNCT
faba-246	8	3	the	the	DET
faba-246	8	4	purpose	purpose	NOUN
faba-246	8	5	of	of	ADP
faba-246	8	6	the	the	DET
faba-246	8	7	current	current	ADJ
faba-246	8	8	study	study	NOUN
faba-246	8	9	is	be	AUX
faba-246	8	10	to	to	PART
faba-246	8	11	discuss	discuss	VERB
faba-246	8	12	some	some	PRON
faba-246	8	13	of	of	ADP
faba-246	8	14	the	the	DET
faba-246	8	15	critical	critical	ADJ
faba-246	8	16	elements	element	NOUN
faba-246	8	17	of	of	ADP
faba-246	8	18	multifund	multifund	ADJ
faba-246	8	19	system	system	NOUN
faba-246	8	20	as	as	ADP
faba-246	8	21	one	one	NUM
faba-246	8	22	of	of	ADP
faba-246	8	23	the	the	DET
faba-246	8	24	tools	tool	NOUN
faba-246	8	25	for	for	ADP
faba-246	8	26	life	life	NOUN
faba-246	8	27	cycle	cycle	NOUN
faba-246	8	28	investing	invest	VERB
faba-246	8	29	in	in	ADP
faba-246	8	30	pension	pension	NOUN
faba-246	8	31	insurance	insurance	NOUN
faba-246	8	32	.	.	PUNCT
faba-246	9	1	the	the	DET
faba-246	9	2	research	research	NOUN
faba-246	9	3	is	be	AUX
faba-246	9	4	trying	try	VERB
faba-246	9	5	to	to	PART
faba-246	9	6	shed	shed	VERB
faba-246	9	7	some	some	DET
faba-246	9	8	light	light	NOUN
faba-246	9	9	on	on	ADP
faba-246	9	10	the	the	DET
faba-246	9	11	important	important	ADJ
faba-246	9	12	features	feature	NOUN
faba-246	9	13	that	that	PRON
faba-246	9	14	must	must	AUX
faba-246	9	15	be	be	AUX
faba-246	9	16	sorted	sort	VERB
faba-246	9	17	out	out	ADP
faba-246	9	18	before	before	ADP
faba-246	9	19	introducing	introduce	VERB
faba-246	9	20	the	the	DET
faba-246	9	21	scheme	scheme	NOUN
faba-246	9	22	in	in	ADP
faba-246	9	23	practice	practice	NOUN
faba-246	9	24	.	.	PUNCT
faba-246	10	1	methodology	methodology	NOUN
faba-246	10	2	:	:	PUNCT
faba-246	10	3	the	the	DET
faba-246	10	4	methodology	methodology	NOUN
faba-246	10	5	used	use	VERB
faba-246	10	6	throughout	throughout	ADP
faba-246	10	7	the	the	DET
faba-246	10	8	paper	paper	NOUN
faba-246	10	9	embraces	embrace	VERB
faba-246	10	10	mostly	mostly	ADV
faba-246	10	11	comparative	comparative	ADJ
faba-246	10	12	and	and	CCONJ
faba-246	10	13	descriptive	descriptive	ADJ
faba-246	10	14	analysis	analysis	NOUN
faba-246	10	15	,	,	PUNCT
faba-246	10	16	but	but	CCONJ
faba-246	10	17	also	also	ADV
faba-246	10	18	deductive	deductive	ADJ
faba-246	10	19	and	and	CCONJ
faba-246	10	20	systematic	systematic	ADJ
faba-246	10	21	approaches	approach	NOUN
faba-246	10	22	were	be	AUX
faba-246	10	23	applied	apply	VERB
faba-246	10	24	.	.	PUNCT
faba-246	11	1	findings	finding	NOUN
faba-246	11	2	:	:	PUNCT
faba-246	11	3	the	the	DET
faba-246	11	4	basic	basic	ADJ
faba-246	11	5	findings	finding	NOUN
faba-246	11	6	of	of	ADP
faba-246	11	7	the	the	DET
faba-246	11	8	research	research	NOUN
faba-246	11	9	concern	concern	NOUN
faba-246	11	10	the	the	DET
faba-246	11	11	way	way	NOUN
faba-246	11	12	that	that	PRON
faba-246	11	13	must	must	AUX
faba-246	11	14	be	be	AUX
faba-246	11	15	addressed	address	VERB
faba-246	11	16	such	such	ADJ
faba-246	11	17	issues	issue	NOUN
faba-246	11	18	as	as	ADP
faba-246	11	19	the	the	DET
faba-246	11	20	number	number	NOUN
faba-246	11	21	and	and	CCONJ
faba-246	11	22	structure	structure	NOUN
faba-246	11	23	of	of	ADP
faba-246	11	24	the	the	DET
faba-246	11	25	managed	manage	VERB
faba-246	11	26	portfolios	portfolio	NOUN
faba-246	11	27	,	,	PUNCT
faba-246	11	28	the	the	DET
faba-246	11	29	distribution	distribution	NOUN
faba-246	11	30	of	of	ADP
faba-246	11	31	those	those	DET
faba-246	11	32	insured	insure	VERB
faba-246	11	33	individuals	individual	NOUN
faba-246	11	34	that	that	PRON
faba-246	11	35	have	have	AUX
faba-246	11	36	not	not	PART
faba-246	11	37	made	make	VERB
faba-246	11	38	an	an	DET
faba-246	11	39	active	active	ADJ
faba-246	11	40	choice	choice	NOUN
faba-246	11	41	about	about	ADP
faba-246	11	42	their	their	PRON
faba-246	11	43	preferred	prefer	VERB
faba-246	11	44	fund	fund	NOUN
faba-246	11	45	and	and	CCONJ
faba-246	11	46	the	the	DET
faba-246	11	47	guaranteed	guarantee	VERB
faba-246	11	48	mechanisms	mechanism	NOUN
faba-246	11	49	about	about	ADP
faba-246	11	50	the	the	DET
faba-246	11	51	paid	pay	VERB
faba-246	11	52	contributions	contribution	NOUN
faba-246	11	53	.	.	PUNCT
faba-246	12	1	practical	practical	ADJ
faba-246	12	2	implications	implication	NOUN
faba-246	12	3	:	:	PUNCT
faba-246	12	4	the	the	DET
faba-246	12	5	article	article	NOUN
faba-246	12	6	contributes	contribute	VERB
faba-246	12	7	to	to	ADP
faba-246	12	8	the	the	DET
faba-246	12	9	ongoing	ongoing	ADJ
faba-246	12	10	debate	debate	NOUN
faba-246	12	11	about	about	ADP
faba-246	12	12	the	the	DET
faba-246	12	13	exact	exact	ADJ
faba-246	12	14	structure	structure	NOUN
faba-246	12	15	and	and	CCONJ
faba-246	12	16	design	design	NOUN
faba-246	12	17	of	of	ADP
faba-246	12	18	the	the	DET
faba-246	12	19	multifunds	multifund	NOUN
faba-246	12	20	as	as	ADP
faba-246	12	21	a	a	DET
faba-246	12	22	possible	possible	ADJ
faba-246	12	23	elaboration	elaboration	NOUN
faba-246	12	24	of	of	ADP
faba-246	12	25	the	the	DET
faba-246	12	26	universal	universal	ADJ
faba-246	12	27	pension	pension	NOUN
faba-246	12	28	funds	fund	NOUN
faba-246	12	29	in	in	ADP
faba-246	12	30	bulgaria	bulgaria	PROPN
faba-246	12	31	.	.	PUNCT
faba-246	13	1	originality	originality	NOUN
faba-246	13	2	:	:	PUNCT
faba-246	13	3	the	the	DET
faba-246	13	4	research	research	NOUN
faba-246	13	5	has	have	VERB
faba-246	13	6	a	a	DET
faba-246	13	7	value	value	NOUN
faba-246	13	8	for	for	ADP
faba-246	13	9	all	all	DET
faba-246	13	10	those	those	PRON
faba-246	13	11	who	who	PRON
faba-246	13	12	work	work	VERB
faba-246	13	13	in	in	ADP
faba-246	13	14	the	the	DET
faba-246	13	15	sphere	sphere	NOUN
faba-246	13	16	of	of	ADP
faba-246	13	17	pension	pension	NOUN
faba-246	13	18	fund	fund	NOUN
faba-246	13	19	management	management	NOUN
faba-246	13	20	and	and	CCONJ
faba-246	13	21	life	life	NOUN
faba-246	13	22	cycle	cycle	NOUN
faba-246	13	23	investing	investing	NOUN
faba-246	13	24	.	.	PUNCT
faba-246	14	1	by	by	ADP
faba-246	14	2	exposing	expose	VERB
faba-246	14	3	the	the	DET
faba-246	14	4	basic	basic	ADJ
faba-246	14	5	features	feature	NOUN
faba-246	14	6	and	and	CCONJ
faba-246	14	7	problematic	problematic	ADJ
faba-246	14	8	elements	element	NOUN
faba-246	14	9	of	of	ADP
faba-246	14	10	the	the	DET
faba-246	14	11	multifunds	multifund	NOUN
faba-246	14	12	,	,	PUNCT
faba-246	14	13	the	the	DET
faba-246	14	14	research	research	NOUN
faba-246	14	15	offers	offer	VERB
faba-246	14	16	possible	possible	ADJ
faba-246	14	17	solutions	solution	NOUN
faba-246	14	18	for	for	ADP
faba-246	14	19	the	the	DET
faba-246	14	20	establishment	establishment	NOUN
faba-246	14	21	of	of	ADP
faba-246	14	22	a	a	DET
faba-246	14	23	multifund	multifund	ADJ
faba-246	14	24	system	system	NOUN
faba-246	14	25	in	in	ADP
faba-246	14	26	bulgaria	bulgaria	PROPN
faba-246	14	27	.	.	PUNCT
faba-246	14	28	paper	paper	NOUN
faba-246	14	29	type	type	NOUN
faba-246	14	30	:	:	PUNCT
faba-246	14	31	the	the	DET
faba-246	14	32	article	article	NOUN
faba-246	14	33	is	be	AUX
faba-246	14	34	a	a	DET
faba-246	14	35	research	research	NOUN
faba-246	14	36	paper	paper	NOUN
faba-246	14	37	.	.	PUNCT
faba-246	15	1	the	the	DET
faba-246	15	2	first	first	ADJ
faba-246	15	3	part	part	NOUN
faba-246	15	4	compares	compare	VERB
faba-246	15	5	the	the	DET
faba-246	15	6	basic	basic	ADJ
faba-246	15	7	characteristics	characteristic	NOUN
faba-246	15	8	of	of	ADP
faba-246	15	9	multifunds	multifund	NOUN
faba-246	15	10	in	in	ADP
faba-246	15	11	several	several	ADJ
faba-246	15	12	countries	country	NOUN
faba-246	15	13	already	already	ADV
faba-246	15	14	with	with	ADP
faba-246	15	15	such	such	ADJ
faba-246	15	16	system	system	NOUN
faba-246	15	17	.	.	PUNCT
faba-246	16	1	the	the	DET
faba-246	16	2	second	second	ADJ
faba-246	16	3	part	part	NOUN
faba-246	16	4	recommends	recommend	VERB
faba-246	16	5	possible	possible	ADJ
faba-246	16	6	options	option	NOUN
faba-246	16	7	for	for	ADP
faba-246	16	8	its	its	PRON
faba-246	16	9	introduction	introduction	NOUN
faba-246	16	10	into	into	ADP
faba-246	16	11	bulgarian	bulgarian	ADJ
faba-246	16	12	practice	practice	NOUN
faba-246	16	13	.	.	PUNCT
faba-246	17	1	keywords	keyword	NOUN
faba-246	17	2	:	:	PUNCT
faba-246	17	3	pension	pension	NOUN
faba-246	17	4	funds	fund	NOUN
faba-246	17	5	,	,	PUNCT
faba-246	17	6	pension	pension	NOUN
faba-246	17	7	reforms	reform	NOUN
faba-246	17	8	,	,	PUNCT
faba-246	17	9	risks	risk	NOUN
faba-246	17	10	,	,	PUNCT
faba-246	17	11	cee	cee	PROPN
faba-246	17	12	countries	countries	PROPN
faba-246	17	13	jel	jel	PROPN
faba-246	17	14	:	:	PUNCT
faba-246	17	15	g11	g11	PROPN
faba-246	17	16	,	,	PUNCT
faba-246	17	17	g12	g12	NOUN
faba-246	17	18	,	,	PUNCT
faba-246	17	19	g22	g22	NOUN
faba-246	17	20	,	,	PUNCT
faba-246	17	21	g23	g23	PROPN
faba-246	17	22	address	address	NOUN
faba-246	17	23	correspondence	correspondence	NOUN
faba-246	17	24	:	:	PUNCT
faba-246	18	1	e	e	X
faba-246	18	2	-	-	NOUN
faba-246	18	3	mail	mail	NOUN
faba-246	18	4	:	:	PUNCT
faba-246	18	5	j.milev@unwe.bg1	j.milev@unwe.bg1	PROPN
faba-246	19	1	kremena.yochkolovska@unwe.bg2	kremena.yochkolovska@unwe.bg2	PROPN
faba-246	19	2	https://doi.org/10.37075/faba.2024.2.09	https://doi.org/10.37075/faba.2024.2.09	PROPN
faba-246	19	3	https://orcid.org/0000-0003-3134-7181	https://orcid.org/0000-0003-3134-7181	VERB
faba-246	19	4	https://orcid.org/0009-0006-5073-8566	https://orcid.org/0009-0006-5073-8566	PROPN
faba-246	19	5	jeko	jeko	NOUN
faba-246	19	6	milev	milev	NOUN
faba-246	19	7	and	and	CCONJ
faba-246	19	8	kremena	kremena	ADJ
faba-246	19	9	yochkolovska/	yochkolovska/	NUM
faba-246	19	10	finance	finance	NOUN
faba-246	19	11	,	,	PUNCT
faba-246	19	12	accounting	accounting	NOUN
faba-246	19	13	and	and	CCONJ
faba-246	19	14	business	business	NOUN
faba-246	19	15	analysis	analysis	NOUN
faba-246	19	16	,	,	PUNCT
faba-246	19	17	volume	volume	NOUN
faba-246	19	18	6	6	NUM
faba-246	19	19	,	,	PUNCT
faba-246	19	20	issue	issue	NOUN
faba-246	19	21	2	2	NUM
faba-246	19	22	,	,	PUNCT
faba-246	19	23	2024	2024	NUM
faba-246	19	24	207	207	NUM
faba-246	19	25	introduction	introduction	NOUN
faba-246	19	26	long	long	ADJ
faba-246	19	27	-	-	PUNCT
faba-246	19	28	term	term	NOUN
faba-246	19	29	sustainability	sustainability	NOUN
faba-246	19	30	of	of	ADP
faba-246	19	31	the	the	DET
faba-246	19	32	pension	pension	NOUN
faba-246	19	33	systems	system	NOUN
faba-246	19	34	around	around	ADP
faba-246	19	35	the	the	DET
faba-246	19	36	world	world	NOUN
faba-246	19	37	has	have	AUX
faba-246	19	38	been	be	AUX
faba-246	19	39	discussed	discuss	VERB
faba-246	19	40	in	in	ADP
faba-246	19	41	many	many	ADJ
faba-246	19	42	debates	debate	NOUN
faba-246	19	43	among	among	ADP
faba-246	19	44	policymakers	policymaker	NOUN
faba-246	19	45	,	,	PUNCT
faba-246	19	46	academics	academic	NOUN
faba-246	19	47	and	and	CCONJ
faba-246	19	48	ordinary	ordinary	ADJ
faba-246	19	49	people	people	NOUN
faba-246	19	50	for	for	ADP
faba-246	19	51	many	many	ADJ
faba-246	19	52	years	year	NOUN
faba-246	19	53	.	.	PUNCT
faba-246	20	1	the	the	DET
faba-246	20	2	unfavorable	unfavorable	ADJ
faba-246	20	3	demographic	demographic	ADJ
faba-246	20	4	trends	trend	NOUN
faba-246	20	5	caused	cause	VERB
faba-246	20	6	by	by	ADP
faba-246	20	7	the	the	DET
faba-246	20	8	declining	decline	VERB
faba-246	20	9	fertility	fertility	NOUN
faba-246	20	10	rates	rate	NOUN
faba-246	20	11	and	and	CCONJ
faba-246	20	12	raised	raise	VERB
faba-246	20	13	life	life	NOUN
faba-246	20	14	expectancy	expectancy	NOUN
faba-246	20	15	put	put	VERB
faba-246	20	16	under	under	ADP
faba-246	20	17	pressure	pressure	NOUN
faba-246	20	18	almost	almost	ADV
faba-246	20	19	every	every	PRON
faba-246	20	20	aspect	aspect	NOUN
faba-246	20	21	of	of	ADP
faba-246	20	22	public	public	ADJ
faba-246	20	23	finances	finance	NOUN
faba-246	20	24	,	,	PUNCT
faba-246	20	25	but	but	CCONJ
faba-246	20	26	the	the	DET
faba-246	20	27	negative	negative	ADJ
faba-246	20	28	trends	trend	NOUN
faba-246	20	29	are	be	AUX
faba-246	20	30	most	most	ADV
faba-246	20	31	clearly	clearly	ADV
faba-246	20	32	seen	see	VERB
faba-246	20	33	within	within	ADP
faba-246	20	34	the	the	DET
faba-246	20	35	pension	pension	NOUN
faba-246	20	36	systems	system	NOUN
faba-246	20	37	.	.	PUNCT
faba-246	21	1	the	the	DET
faba-246	21	2	national	national	ADJ
faba-246	21	3	social	social	ADJ
faba-246	21	4	security	security	NOUN
faba-246	21	5	based	base	VERB
faba-246	21	6	primarily	primarily	ADV
faba-246	21	7	on	on	ADP
faba-246	21	8	pay	pay	NOUN
faba-246	21	9	-	-	PUNCT
faba-246	21	10	as	as	ADP
faba-246	21	11	-	-	PUNCT
faba-246	21	12	you	you	PRON
faba-246	21	13	-	-	PUNCT
faba-246	21	14	go	go	VERB
faba-246	21	15	principle	principle	NOUN
faba-246	21	16	where	where	SCONJ
faba-246	21	17	those	those	PRON
faba-246	21	18	who	who	PRON
faba-246	21	19	work	work	VERB
faba-246	21	20	today	today	NOUN
faba-246	21	21	must	must	AUX
faba-246	21	22	contribute	contribute	VERB
faba-246	21	23	to	to	PART
faba-246	21	24	finance	finance	VERB
faba-246	21	25	the	the	DET
faba-246	21	26	benefits	benefit	NOUN
faba-246	21	27	of	of	ADP
faba-246	21	28	the	the	DET
faba-246	21	29	current	current	ADJ
faba-246	21	30	retirees	retiree	NOUN
faba-246	21	31	has	have	AUX
faba-246	21	32	been	be	AUX
faba-246	21	33	forming	form	VERB
faba-246	21	34	sustainable	sustainable	ADJ
faba-246	21	35	deficits	deficit	NOUN
faba-246	21	36	for	for	ADP
faba-246	21	37	the	the	DET
faba-246	21	38	last	last	ADJ
faba-246	21	39	years	year	NOUN
faba-246	21	40	.	.	PUNCT
faba-246	22	1	hence	hence	ADV
faba-246	22	2	,	,	PUNCT
faba-246	22	3	almost	almost	ADV
faba-246	22	4	every	every	PRON
faba-246	22	5	government	government	NOUN
faba-246	22	6	in	in	ADP
faba-246	22	7	europe	europe	PROPN
faba-246	22	8	has	have	AUX
faba-246	22	9	been	be	AUX
faba-246	22	10	undertaking	undertake	VERB
faba-246	22	11	reforms	reform	NOUN
faba-246	22	12	in	in	ADP
faba-246	22	13	this	this	DET
faba-246	22	14	sphere	sphere	NOUN
faba-246	22	15	in	in	ADP
faba-246	22	16	order	order	NOUN
faba-246	22	17	to	to	PART
faba-246	22	18	respond	respond	VERB
faba-246	22	19	to	to	ADP
faba-246	22	20	this	this	DET
faba-246	22	21	obvious	obvious	ADJ
faba-246	22	22	negative	negative	ADJ
faba-246	22	23	trend	trend	NOUN
faba-246	22	24	.	.	PUNCT
faba-246	23	1	the	the	DET
faba-246	23	2	adopted	adopt	VERB
faba-246	23	3	changes	change	NOUN
faba-246	23	4	are	be	AUX
faba-246	23	5	both	both	CCONJ
faba-246	23	6	parametric	parametric	ADJ
faba-246	23	7	and	and	CCONJ
faba-246	23	8	structural	structural	ADJ
faba-246	23	9	.	.	PUNCT
faba-246	24	1	the	the	DET
faba-246	24	2	first	first	ADJ
faba-246	24	3	group	group	NOUN
faba-246	24	4	of	of	ADP
faba-246	24	5	reforms	reform	NOUN
faba-246	24	6	concern	concern	NOUN
faba-246	24	7	such	such	ADJ
faba-246	24	8	processes	process	NOUN
faba-246	24	9	as	as	ADP
faba-246	24	10	raising	raise	VERB
faba-246	24	11	the	the	DET
faba-246	24	12	pension	pension	NOUN
faba-246	24	13	age	age	NOUN
faba-246	24	14	,	,	PUNCT
faba-246	24	15	increasing	increase	VERB
faba-246	24	16	the	the	DET
faba-246	24	17	number	number	NOUN
faba-246	24	18	of	of	ADP
faba-246	24	19	working	working	ADJ
faba-246	24	20	years	year	NOUN
faba-246	24	21	for	for	ADP
faba-246	24	22	receiving	receive	VERB
faba-246	24	23	full	full	ADJ
faba-246	24	24	amount	amount	NOUN
faba-246	24	25	of	of	ADP
faba-246	24	26	pension	pension	NOUN
faba-246	24	27	benefit	benefit	NOUN
faba-246	24	28	,	,	PUNCT
faba-246	24	29	removing	remove	VERB
faba-246	24	30	variety	variety	NOUN
faba-246	24	31	of	of	ADP
faba-246	24	32	options	option	NOUN
faba-246	24	33	for	for	ADP
faba-246	24	34	getting	getting	AUX
faba-246	24	35	retired	retire	VERB
faba-246	24	36	below	below	ADP
faba-246	24	37	the	the	DET
faba-246	24	38	statutory	statutory	ADJ
faba-246	24	39	pension	pension	NOUN
faba-246	24	40	age	age	NOUN
faba-246	24	41	,	,	PUNCT
faba-246	24	42	etc	etc	X
faba-246	24	43	.	.	X
faba-246	25	1	all	all	DET
faba-246	25	2	these	these	DET
faba-246	25	3	changes	change	NOUN
faba-246	25	4	are	be	AUX
faba-246	25	5	undoubtedly	undoubtedly	ADV
faba-246	25	6	important	important	ADJ
faba-246	25	7	but	but	CCONJ
faba-246	25	8	not	not	PART
faba-246	25	9	enough	enough	ADJ
faba-246	25	10	to	to	PART
faba-246	25	11	put	put	VERB
faba-246	25	12	on	on	ADP
faba-246	25	13	a	a	DET
faba-246	25	14	sustainable	sustainable	ADJ
faba-246	25	15	track	track	NOUN
faba-246	25	16	the	the	DET
faba-246	25	17	pension	pension	NOUN
faba-246	25	18	systems	system	NOUN
faba-246	25	19	in	in	ADP
faba-246	25	20	the	the	DET
faba-246	25	21	long	long	ADJ
faba-246	25	22	term	term	NOUN
faba-246	25	23	.	.	PUNCT
faba-246	26	1	thus	thus	ADV
faba-246	26	2	,	,	PUNCT
faba-246	26	3	a	a	DET
faba-246	26	4	second	second	ADJ
faba-246	26	5	group	group	NOUN
faba-246	26	6	of	of	ADP
faba-246	26	7	reforms	reform	NOUN
faba-246	26	8	are	be	AUX
faba-246	26	9	gradually	gradually	ADV
faba-246	26	10	undertaken	undertake	VERB
faba-246	26	11	by	by	ADP
faba-246	26	12	many	many	ADJ
faba-246	26	13	countries	country	NOUN
faba-246	26	14	,	,	PUNCT
faba-246	26	15	mostly	mostly	ADV
faba-246	26	16	in	in	ADP
faba-246	26	17	europe	europe	PROPN
faba-246	26	18	,	,	PUNCT
faba-246	26	19	whose	whose	DET
faba-246	26	20	basic	basic	ADJ
faba-246	26	21	focus	focus	NOUN
faba-246	26	22	is	be	AUX
faba-246	26	23	to	to	PART
faba-246	26	24	relax	relax	VERB
faba-246	26	25	part	part	NOUN
faba-246	26	26	of	of	ADP
faba-246	26	27	the	the	DET
faba-246	26	28	financial	financial	ADJ
faba-246	26	29	burden	burden	NOUN
faba-246	26	30	that	that	PRON
faba-246	26	31	currently	currently	ADV
faba-246	26	32	falls	fall	VERB
faba-246	26	33	on	on	ADP
faba-246	26	34	the	the	DET
faba-246	26	35	payas	payas	NOUN
faba-246	26	36	-	-	PUNCT
faba-246	26	37	you	you	PRON
faba-246	26	38	-	-	PUNCT
faba-246	26	39	go	go	VERB
faba-246	26	40	part	part	NOUN
faba-246	26	41	of	of	ADP
faba-246	26	42	the	the	DET
faba-246	26	43	pension	pension	NOUN
faba-246	26	44	systems	system	NOUN
faba-246	26	45	.	.	PUNCT
faba-246	27	1	the	the	DET
faba-246	27	2	introduction	introduction	NOUN
faba-246	27	3	of	of	ADP
faba-246	27	4	supportive	supportive	ADJ
faba-246	27	5	elements	element	NOUN
faba-246	27	6	based	base	VERB
faba-246	27	7	on	on	ADP
faba-246	27	8	a	a	DET
faba-246	27	9	fully	fully	ADV
faba-246	27	10	funded	fund	VERB
faba-246	27	11	mechanism	mechanism	NOUN
faba-246	27	12	is	be	AUX
faba-246	27	13	a	a	DET
faba-246	27	14	primary	primary	ADJ
faba-246	27	15	goal	goal	NOUN
faba-246	27	16	for	for	ADP
faba-246	27	17	many	many	ADJ
faba-246	27	18	governments	government	NOUN
faba-246	27	19	.	.	PUNCT
faba-246	28	1	the	the	DET
faba-246	28	2	basic	basic	ADJ
faba-246	28	3	idea	idea	NOUN
faba-246	28	4	behind	behind	ADP
faba-246	28	5	this	this	DET
faba-246	28	6	type	type	NOUN
faba-246	28	7	of	of	ADP
faba-246	28	8	reforms	reform	NOUN
faba-246	28	9	is	be	AUX
faba-246	28	10	clear	clear	ADJ
faba-246	28	11	–	–	PUNCT
faba-246	28	12	to	to	PART
faba-246	28	13	incentivize	incentivize	VERB
faba-246	28	14	and/or	and/or	CCONJ
faba-246	28	15	even	even	ADV
faba-246	28	16	oblige	oblige	VERB
faba-246	28	17	individuals	individual	NOUN
faba-246	28	18	to	to	PART
faba-246	28	19	save	save	VERB
faba-246	28	20	additional	additional	ADJ
faba-246	28	21	funds	fund	NOUN
faba-246	28	22	during	during	ADP
faba-246	28	23	their	their	PRON
faba-246	28	24	professional	professional	ADJ
faba-246	28	25	careers	career	NOUN
faba-246	28	26	so	so	SCONJ
faba-246	28	27	that	that	SCONJ
faba-246	28	28	to	to	PART
faba-246	28	29	receive	receive	VERB
faba-246	28	30	future	future	ADJ
faba-246	28	31	pension	pension	NOUN
faba-246	28	32	benefit	benefit	NOUN
faba-246	28	33	from	from	ADP
faba-246	28	34	saved	save	VERB
faba-246	28	35	resources	resource	NOUN
faba-246	28	36	and	and	CCONJ
faba-246	28	37	not	not	PART
faba-246	28	38	from	from	ADP
faba-246	28	39	intergenerational	intergenerational	ADJ
faba-246	28	40	transfer	transfer	NOUN
faba-246	28	41	.	.	PUNCT
faba-246	29	1	the	the	DET
faba-246	29	2	reforms	reform	NOUN
faba-246	29	3	of	of	ADP
faba-246	29	4	this	this	DET
faba-246	29	5	kind	kind	NOUN
faba-246	29	6	were	be	AUX
faba-246	29	7	advocated	advocate	VERB
faba-246	29	8	by	by	ADP
faba-246	29	9	many	many	ADJ
faba-246	29	10	official	official	ADJ
faba-246	29	11	institutions	institution	NOUN
faba-246	29	12	:	:	PUNCT
faba-246	29	13	the	the	DET
faba-246	29	14	world	world	PROPN
faba-246	29	15	bank	bank	PROPN
faba-246	29	16	(	(	PUNCT
faba-246	29	17	1994	1994	NUM
faba-246	29	18	)	)	PUNCT
faba-246	29	19	,	,	PUNCT
faba-246	29	20	oecd	oecd	PROPN
faba-246	29	21	(	(	PUNCT
faba-246	29	22	2004	2004	NUM
faba-246	29	23	,	,	PUNCT
faba-246	29	24	2008	2008	NUM
faba-246	29	25	)	)	PUNCT
faba-246	29	26	,	,	PUNCT
faba-246	29	27	the	the	DET
faba-246	29	28	european	european	PROPN
faba-246	29	29	commission	commission	PROPN
faba-246	29	30	(	(	PUNCT
faba-246	29	31	2010	2010	NUM
faba-246	29	32	,	,	PUNCT
faba-246	29	33	2012	2012	NUM
faba-246	29	34	,	,	PUNCT
faba-246	29	35	2021a	2021a	NUM
faba-246	29	36	,	,	PUNCT
faba-246	29	37	2021b	2021b	NUM
faba-246	29	38	)	)	PUNCT
faba-246	29	39	etc	etc	X
faba-246	29	40	.	.	X
faba-246	30	1	there	there	PRON
faba-246	30	2	were	be	VERB
faba-246	30	3	also	also	ADV
faba-246	30	4	a	a	DET
faba-246	30	5	number	number	NOUN
faba-246	30	6	of	of	ADP
faba-246	30	7	academic	academic	ADJ
faba-246	30	8	research	research	NOUN
faba-246	30	9	papers	paper	NOUN
faba-246	30	10	especially	especially	ADV
faba-246	30	11	in	in	ADP
faba-246	30	12	1990	1990	NUM
faba-246	30	13	’s	’s	NOUN
faba-246	30	14	and	and	CCONJ
faba-246	30	15	early	early	ADJ
faba-246	30	16	2000	2000	NUM
faba-246	30	17	’s	’s	NOUN
faba-246	30	18	to	to	PART
faba-246	30	19	propose	propose	VERB
faba-246	30	20	reforms	reform	NOUN
faba-246	30	21	of	of	ADP
faba-246	30	22	similar	similar	ADJ
faba-246	30	23	character	character	NOUN
faba-246	30	24	.	.	PUNCT
faba-246	31	1	for	for	ADP
faba-246	31	2	example	example	NOUN
faba-246	31	3	,	,	PUNCT
faba-246	31	4	davis	davis	PROPN
faba-246	31	5	(	(	PUNCT
faba-246	31	6	1995	1995	NUM
faba-246	31	7	)	)	PUNCT
faba-246	31	8	describes	describe	VERB
faba-246	31	9	the	the	DET
faba-246	31	10	positive	positive	ADJ
faba-246	31	11	effects	effect	NOUN
faba-246	31	12	of	of	ADP
faba-246	31	13	fully	fully	ADV
faba-246	31	14	funded	fund	VERB
faba-246	31	15	pillars	pillar	NOUN
faba-246	31	16	on	on	ADP
faba-246	31	17	the	the	DET
faba-246	31	18	financial	financial	ADJ
faba-246	31	19	stability	stability	NOUN
faba-246	31	20	of	of	ADP
faba-246	31	21	a	a	DET
faba-246	31	22	pension	pension	NOUN
faba-246	31	23	system	system	NOUN
faba-246	31	24	that	that	PRON
faba-246	31	25	faces	face	VERB
faba-246	31	26	continuous	continuous	ADJ
faba-246	31	27	population	population	NOUN
faba-246	31	28	aging	aging	NOUN
faba-246	31	29	.	.	PUNCT
faba-246	32	1	whitehouse	whitehouse	NOUN
faba-246	32	2	(	(	PUNCT
faba-246	32	3	2007	2007	NUM
faba-246	32	4	)	)	PUNCT
faba-246	32	5	also	also	ADV
faba-246	32	6	demonstrates	demonstrate	VERB
faba-246	32	7	that	that	SCONJ
faba-246	32	8	fully	fully	ADV
faba-246	32	9	funded	fund	VERB
faba-246	32	10	components	component	NOUN
faba-246	32	11	into	into	ADP
faba-246	32	12	the	the	DET
faba-246	32	13	pension	pension	NOUN
faba-246	32	14	systems	system	NOUN
faba-246	32	15	could	could	AUX
faba-246	32	16	effectively	effectively	ADV
faba-246	32	17	support	support	VERB
faba-246	32	18	public	public	ADJ
faba-246	32	19	pay	pay	NOUN
faba-246	32	20	-	-	PUNCT
faba-246	32	21	as	as	ADP
faba-246	32	22	-	-	PUNCT
faba-246	32	23	you	you	PRON
faba-246	32	24	-	-	PUNCT
faba-246	32	25	go	go	VERB
faba-246	32	26	structures	structure	NOUN
faba-246	32	27	and	and	CCONJ
faba-246	32	28	relax	relax	VERB
faba-246	32	29	part	part	NOUN
faba-246	32	30	of	of	ADP
faba-246	32	31	the	the	DET
faba-246	32	32	financial	financial	ADJ
faba-246	32	33	burden	burden	NOUN
faba-246	32	34	in	in	ADP
faba-246	32	35	the	the	DET
faba-246	32	36	mid	mid	ADJ
faba-246	32	37	and	and	CCONJ
faba-246	32	38	in	in	ADP
faba-246	32	39	the	the	DET
faba-246	32	40	long	long	ADJ
faba-246	32	41	term	term	NOUN
faba-246	32	42	.	.	PUNCT
faba-246	33	1	yermo	yermo	PROPN
faba-246	33	2	(	(	PUNCT
faba-246	33	3	2012	2012	NUM
faba-246	33	4	)	)	PUNCT
faba-246	33	5	also	also	ADV
faba-246	33	6	explores	explore	VERB
faba-246	33	7	the	the	DET
faba-246	33	8	effects	effect	NOUN
faba-246	33	9	of	of	ADP
faba-246	33	10	introducing	introduce	VERB
faba-246	33	11	fully	fully	ADV
faba-246	33	12	funded	fund	VERB
faba-246	33	13	components	component	NOUN
faba-246	33	14	into	into	ADP
faba-246	33	15	pension	pension	NOUN
faba-246	33	16	insurance	insurance	NOUN
faba-246	33	17	and	and	CCONJ
faba-246	33	18	takes	take	VERB
faba-246	33	19	the	the	DET
faba-246	33	20	view	view	NOUN
faba-246	33	21	that	that	SCONJ
faba-246	33	22	these	these	DET
faba-246	33	23	additional	additional	ADJ
faba-246	33	24	structures	structure	NOUN
faba-246	33	25	may	may	AUX
faba-246	33	26	raise	raise	VERB
faba-246	33	27	sustainability	sustainability	NOUN
faba-246	33	28	and	and	CCONJ
faba-246	33	29	improve	improve	VERB
faba-246	33	30	adequacy	adequacy	NOUN
faba-246	33	31	of	of	ADP
faba-246	33	32	the	the	DET
faba-246	33	33	system	system	NOUN
faba-246	33	34	as	as	ADP
faba-246	33	35	a	a	DET
faba-246	33	36	whole	whole	NOUN
faba-246	33	37	.	.	PUNCT
faba-246	34	1	kirov	kirov	PROPN
faba-246	34	2	(	(	PUNCT
faba-246	34	3	2010	2010	NUM
faba-246	34	4	)	)	PUNCT
faba-246	34	5	and	and	CCONJ
faba-246	34	6	daneva	daneva	PROPN
faba-246	34	7	(	(	PUNCT
faba-246	34	8	2018	2018	NUM
faba-246	34	9	)	)	PUNCT
faba-246	34	10	demonstrate	demonstrate	VERB
faba-246	34	11	how	how	SCONJ
faba-246	34	12	private	private	ADJ
faba-246	34	13	pension	pension	NOUN
faba-246	34	14	systems	system	NOUN
faba-246	34	15	contribute	contribute	VERB
faba-246	34	16	to	to	ADP
faba-246	34	17	the	the	DET
faba-246	34	18	stability	stability	NOUN
faba-246	34	19	of	of	ADP
faba-246	34	20	the	the	DET
faba-246	34	21	state	state	NOUN
faba-246	34	22	pension	pension	NOUN
faba-246	34	23	systems	system	NOUN
faba-246	34	24	and	and	CCONJ
faba-246	34	25	incentivize	incentivize	VERB
faba-246	34	26	individuals	individual	NOUN
faba-246	34	27	to	to	PART
faba-246	34	28	save	save	VERB
faba-246	34	29	additional	additional	ADJ
faba-246	34	30	funds	fund	NOUN
faba-246	34	31	for	for	ADP
faba-246	34	32	their	their	PRON
faba-246	34	33	future	future	ADJ
faba-246	34	34	retirement	retirement	NOUN
faba-246	34	35	income	income	NOUN
faba-246	34	36	.	.	PUNCT
faba-246	35	1	similar	similar	ADJ
faba-246	35	2	views	view	NOUN
faba-246	35	3	also	also	ADV
faba-246	35	4	take	take	VERB
faba-246	35	5	pandurska	pandurska	NOUN
faba-246	35	6	(	(	PUNCT
faba-246	35	7	2020	2020	NUM
faba-246	35	8	)	)	PUNCT
faba-246	35	9	,	,	PUNCT
faba-246	35	10	manov	manov	NOUN
faba-246	35	11	and	and	CCONJ
faba-246	35	12	gochev	gochev	PROPN
faba-246	35	13	(	(	PUNCT
faba-246	35	14	2003	2003	NUM
faba-246	35	15	)	)	PUNCT
faba-246	35	16	.	.	PUNCT
faba-246	36	1	at	at	ADP
faba-246	36	2	the	the	DET
faba-246	36	3	same	same	ADJ
faba-246	36	4	time	time	NOUN
faba-246	36	5	several	several	ADJ
faba-246	36	6	countries	country	NOUN
faba-246	36	7	in	in	ADP
faba-246	36	8	central	central	ADJ
faba-246	36	9	and	and	CCONJ
faba-246	36	10	eastern	eastern	ADJ
faba-246	36	11	europe	europe	PROPN
faba-246	36	12	which	which	PRON
faba-246	36	13	reformed	reform	VERB
faba-246	36	14	their	their	PRON
faba-246	36	15	pension	pension	NOUN
faba-246	36	16	systems	system	NOUN
faba-246	36	17	by	by	ADP
faba-246	36	18	introducing	introduce	VERB
faba-246	36	19	fully	fully	ADV
faba-246	36	20	funded	fund	VERB
faba-246	36	21	pillars	pillar	NOUN
faba-246	36	22	accomplished	accomplish	VERB
faba-246	36	23	partial	partial	ADJ
faba-246	36	24	or	or	CCONJ
faba-246	36	25	full	full	ADJ
faba-246	36	26	reversal	reversal	NOUN
faba-246	36	27	reforms	reform	NOUN
faba-246	36	28	(	(	PUNCT
faba-246	36	29	bielawska	bielawska	PROPN
faba-246	36	30	2015	2015	NUM
faba-246	36	31	)	)	PUNCT
faba-246	36	32	.	.	PUNCT
faba-246	37	1	some	some	PRON
faba-246	37	2	of	of	ADP
faba-246	37	3	the	the	DET
faba-246	37	4	countries	country	NOUN
faba-246	37	5	cancelled	cancel	VERB
faba-246	37	6	in	in	ADP
faba-246	37	7	full	full	ADJ
faba-246	37	8	the	the	DET
faba-246	37	9	insurance	insurance	NOUN
faba-246	37	10	within	within	ADP
faba-246	37	11	the	the	DET
faba-246	37	12	second	second	ADJ
faba-246	37	13	pillar	pillar	NOUN
faba-246	37	14	such	such	ADJ
faba-246	37	15	as	as	ADP
faba-246	37	16	hungary	hungary	PROPN
faba-246	37	17	in	in	ADP
faba-246	37	18	2011	2011	NUM
faba-246	37	19	,	,	PUNCT
faba-246	37	20	others	other	NOUN
faba-246	37	21	made	make	VERB
faba-246	37	22	steps	step	NOUN
faba-246	37	23	to	to	PART
faba-246	37	24	constrain	constrain	VERB
faba-246	37	25	the	the	DET
faba-246	37	26	insurance	insurance	NOUN
faba-246	37	27	in	in	ADP
faba-246	37	28	private	private	ADJ
faba-246	37	29	pension	pension	NOUN
faba-246	37	30	funds	fund	NOUN
faba-246	37	31	.	.	PUNCT
faba-246	38	1	the	the	DET
faba-246	38	2	most	most	ADV
faba-246	38	3	popular	popular	ADJ
faba-246	38	4	adverse	adverse	ADJ
faba-246	38	5	reforms	reform	NOUN
faba-246	38	6	were	be	AUX
faba-246	38	7	related	relate	VERB
faba-246	38	8	to	to	ADP
faba-246	38	9	reduction	reduction	NOUN
faba-246	38	10	of	of	ADP
faba-246	38	11	the	the	DET
faba-246	38	12	contribution	contribution	NOUN
faba-246	38	13	rate	rate	NOUN
faba-246	38	14	,	,	PUNCT
faba-246	38	15	transfer	transfer	NOUN
faba-246	38	16	of	of	ADP
faba-246	38	17	resources	resource	NOUN
faba-246	38	18	towards	towards	ADP
faba-246	38	19	the	the	DET
faba-246	38	20	first	first	ADJ
faba-246	38	21	pillar	pillar	NOUN
faba-246	38	22	of	of	ADP
faba-246	38	23	the	the	DET
faba-246	38	24	system	system	NOUN
faba-246	38	25	,	,	PUNCT
faba-246	38	26	delay	delay	NOUN
faba-246	38	27	of	of	ADP
faba-246	38	28	envisaged	envisaged	ADJ
faba-246	38	29	increase	increase	NOUN
faba-246	38	30	of	of	ADP
faba-246	38	31	the	the	DET
faba-246	38	32	contribution	contribution	NOUN
faba-246	38	33	rate	rate	NOUN
faba-246	38	34	,	,	PUNCT
faba-246	38	35	introduction	introduction	NOUN
faba-246	38	36	of	of	ADP
faba-246	38	37	an	an	DET
faba-246	38	38	option	option	NOUN
faba-246	38	39	to	to	PART
faba-246	38	40	leave	leave	VERB
faba-246	38	41	the	the	DET
faba-246	38	42	second	second	ADJ
faba-246	38	43	pillar	pillar	NOUN
faba-246	38	44	insurance	insurance	NOUN
faba-246	38	45	,	,	PUNCT
faba-246	38	46	etc	etc	X
faba-246	38	47	.	.	X
faba-246	39	1	the	the	DET
faba-246	39	2	basic	basic	ADJ
faba-246	39	3	criticism	criticism	NOUN
faba-246	39	4	about	about	ADP
faba-246	39	5	the	the	DET
faba-246	39	6	private	private	ADJ
faba-246	39	7	pension	pension	NOUN
faba-246	39	8	funds	fund	NOUN
faba-246	39	9	concerns	concern	VERB
faba-246	39	10	the	the	DET
faba-246	39	11	net	net	ADJ
faba-246	39	12	return	return	NOUN
faba-246	39	13	realized	realize	VERB
faba-246	39	14	by	by	ADP
faba-246	39	15	the	the	DET
faba-246	39	16	funds	fund	NOUN
faba-246	39	17	over	over	ADP
faba-246	39	18	the	the	DET
faba-246	39	19	years	year	NOUN
faba-246	39	20	and	and	CCONJ
faba-246	39	21	the	the	DET
faba-246	39	22	possibility	possibility	NOUN
faba-246	39	23	to	to	PART
faba-246	39	24	ensure	ensure	VERB
faba-246	39	25	enough	enough	ADJ
faba-246	39	26	funds	fund	NOUN
faba-246	39	27	to	to	PART
faba-246	39	28	finance	finance	VERB
faba-246	39	29	benefit	benefit	NOUN
faba-246	39	30	that	that	PRON
faba-246	39	31	satisfies	satisfy	VERB
faba-246	39	32	insured	insure	VERB
faba-246	39	33	individuals	individual	NOUN
faba-246	39	34	.	.	PUNCT
faba-246	40	1	within	within	ADP
faba-246	40	2	the	the	DET
faba-246	40	3	defined	define	VERB
faba-246	40	4	contribution	contribution	NOUN
faba-246	40	5	pension	pension	NOUN
faba-246	40	6	schemes	scheme	NOUN
faba-246	40	7	people	people	NOUN
faba-246	40	8	face	face	VERB
faba-246	40	9	serious	serious	ADJ
faba-246	40	10	risks	risk	NOUN
faba-246	40	11	.	.	PUNCT
faba-246	41	1	for	for	ADP
faba-246	41	2	example	example	NOUN
faba-246	41	3	,	,	PUNCT
faba-246	41	4	blake	blake	PROPN
faba-246	41	5	(	(	PUNCT
faba-246	41	6	2006	2006	NUM
faba-246	41	7	)	)	PUNCT
faba-246	41	8	enumerates	enumerate	VERB
faba-246	41	9	several	several	ADJ
faba-246	41	10	risks	risk	NOUN
faba-246	41	11	both	both	CCONJ
faba-246	41	12	in	in	ADP
faba-246	41	13	the	the	DET
faba-246	41	14	accumulation	accumulation	NOUN
faba-246	41	15	and	and	CCONJ
faba-246	41	16	the	the	DET
faba-246	41	17	distribution	distribution	NOUN
faba-246	41	18	phase	phase	NOUN
faba-246	41	19	that	that	PRON
faba-246	41	20	directly	directly	ADV
faba-246	41	21	affect	affect	VERB
faba-246	41	22	the	the	DET
faba-246	41	23	amount	amount	NOUN
faba-246	41	24	of	of	ADP
faba-246	41	25	the	the	DET
faba-246	41	26	future	future	ADJ
faba-246	41	27	benefit	benefit	NOUN
faba-246	41	28	.	.	PUNCT
faba-246	42	1	among	among	ADP
faba-246	42	2	them	they	PRON
faba-246	42	3	are	be	AUX
faba-246	42	4	interest	interest	NOUN
faba-246	42	5	rate	rate	NOUN
faba-246	42	6	risk	risk	NOUN
faba-246	42	7	,	,	PUNCT
faba-246	42	8	asset	asset	NOUN
faba-246	42	9	price	price	NOUN
faba-246	42	10	risk	risk	NOUN
faba-246	42	11	,	,	PUNCT
faba-246	42	12	currency	currency	NOUN
faba-246	42	13	risk	risk	NOUN
faba-246	42	14	,	,	PUNCT
faba-246	42	15	longevity	longevity	NOUN
faba-246	42	16	risk	risk	NOUN
faba-246	42	17	etc	etc	X
faba-246	42	18	.	.	X
faba-246	42	19	rocha	rocha	PROPN
faba-246	42	20	and	and	CCONJ
faba-246	42	21	vittas	vitta	NOUN
faba-246	42	22	’	'	PUNCT
faba-246	42	23	work	work	NOUN
faba-246	42	24	(	(	PUNCT
faba-246	42	25	2010	2010	NUM
faba-246	42	26	)	)	PUNCT
faba-246	42	27	on	on	ADP
faba-246	42	28	the	the	DET
faba-246	42	29	design	design	NOUN
faba-246	42	30	of	of	ADP
faba-246	42	31	the	the	DET
faba-246	42	32	payout	payout	ADJ
faba-246	42	33	phase	phase	NOUN
faba-246	42	34	in	in	ADP
faba-246	42	35	defined	define	VERB
faba-246	42	36	contribution	contribution	NOUN
faba-246	42	37	pension	pension	NOUN
faba-246	42	38	schemes	scheme	NOUN
faba-246	42	39	analyses	analyse	VERB
faba-246	42	40	such	such	ADJ
faba-246	42	41	risks	risk	NOUN
faba-246	42	42	as	as	ADP
faba-246	42	43	liquidity	liquidity	NOUN
faba-246	42	44	risk	risk	NOUN
faba-246	42	45	,	,	PUNCT
faba-246	42	46	bequest	bequest	NOUN
faba-246	42	47	risk	risk	NOUN
faba-246	42	48	,	,	PUNCT
faba-246	42	49	interest	interest	NOUN
faba-246	42	50	rate	rate	NOUN
faba-246	42	51	risk	risk	NOUN
faba-246	42	52	etc	etc	X
faba-246	42	53	.	.	X
faba-246	42	54	barembruch	barembruch	PROPN
faba-246	42	55	and	and	CCONJ
faba-246	42	56	bielawska	bielawska	PROPN
faba-246	42	57	(	(	PUNCT
faba-246	42	58	2023	2023	NUM
faba-246	42	59	)	)	PUNCT
faba-246	42	60	also	also	ADV
faba-246	42	61	show	show	VERB
faba-246	42	62	that	that	SCONJ
faba-246	42	63	investment	investment	NOUN
faba-246	42	64	performance	performance	NOUN
faba-246	42	65	is	be	AUX
faba-246	42	66	very	very	ADV
faba-246	42	67	important	important	ADJ
faba-246	42	68	for	for	ADP
faba-246	42	69	attracting	attract	VERB
faba-246	42	70	public	public	ADJ
faba-246	42	71	support	support	NOUN
faba-246	42	72	for	for	ADP
faba-246	42	73	the	the	DET
faba-246	42	74	fully	fully	ADV
faba-246	42	75	funded	fund	VERB
faba-246	42	76	system	system	NOUN
faba-246	42	77	in	in	ADP
faba-246	42	78	the	the	DET
faba-246	42	79	long	long	ADJ
faba-246	42	80	term	term	NOUN
faba-246	42	81	.	.	PUNCT
faba-246	43	1	so	so	ADV
faba-246	43	2	on	on	ADP
faba-246	43	3	the	the	DET
faba-246	43	4	one	one	NUM
faba-246	43	5	hand	hand	NOUN
faba-246	43	6	there	there	PRON
faba-246	43	7	is	be	VERB
faba-246	43	8	a	a	DET
faba-246	43	9	common	common	ADJ
faba-246	43	10	notion	notion	NOUN
faba-246	43	11	that	that	SCONJ
faba-246	43	12	private	private	ADJ
faba-246	43	13	pension	pension	NOUN
faba-246	43	14	schemes	scheme	NOUN
faba-246	43	15	are	be	AUX
faba-246	43	16	an	an	DET
faba-246	43	17	important	important	ADJ
faba-246	43	18	element	element	NOUN
faba-246	43	19	of	of	ADP
faba-246	43	20	the	the	DET
faba-246	43	21	pension	pension	NOUN
faba-246	43	22	systems	system	NOUN
faba-246	43	23	that	that	PRON
faba-246	43	24	could	could	AUX
faba-246	43	25	relax	relax	VERB
faba-246	43	26	part	part	NOUN
faba-246	43	27	of	of	ADP
faba-246	43	28	the	the	DET
faba-246	43	29	rising	rise	VERB
faba-246	43	30	financial	financial	ADJ
faba-246	43	31	burden	burden	NOUN
faba-246	43	32	on	on	ADP
faba-246	43	33	them	they	PRON
faba-246	43	34	due	due	ADP
faba-246	43	35	to	to	ADP
faba-246	43	36	the	the	DET
faba-246	43	37	obvious	obvious	ADJ
faba-246	43	38	negative	negative	ADJ
faba-246	43	39	trend	trend	NOUN
faba-246	43	40	of	of	ADP
faba-246	43	41	population	population	NOUN
faba-246	43	42	aging	aging	NOUN
faba-246	43	43	.	.	PUNCT
faba-246	44	1	on	on	ADP
faba-246	44	2	the	the	DET
faba-246	44	3	other	other	ADJ
faba-246	44	4	hand	hand	NOUN
faba-246	44	5	,	,	PUNCT
faba-246	44	6	there	there	PRON
faba-246	44	7	is	be	VERB
faba-246	44	8	a	a	DET
faba-246	44	9	serious	serious	ADJ
faba-246	44	10	debate	debate	NOUN
faba-246	44	11	on	on	ADP
faba-246	44	12	how	how	SCONJ
faba-246	44	13	exactly	exactly	ADV
faba-246	44	14	to	to	PART
faba-246	44	15	regulate	regulate	VERB
faba-246	44	16	these	these	DET
faba-246	44	17	private	private	ADJ
faba-246	44	18	structures	structure	NOUN
faba-246	44	19	to	to	PART
faba-246	44	20	work	work	VERB
faba-246	44	21	efficiently	efficiently	ADV
faba-246	44	22	and	and	CCONJ
faba-246	44	23	achieve	achieve	VERB
faba-246	44	24	results	result	NOUN
faba-246	44	25	so	so	SCONJ
faba-246	44	26	that	that	PRON
faba-246	44	27	to	to	PART
faba-246	44	28	protect	protect	VERB
faba-246	44	29	the	the	DET
faba-246	44	30	interests	interest	NOUN
faba-246	44	31	of	of	ADP
faba-246	44	32	the	the	DET
faba-246	44	33	insured	insure	VERB
faba-246	44	34	individuals	individual	NOUN
faba-246	44	35	in	in	ADP
faba-246	44	36	the	the	DET
faba-246	44	37	best	good	ADJ
faba-246	44	38	possible	possible	ADJ
faba-246	44	39	way	way	NOUN
faba-246	44	40	.	.	PUNCT
faba-246	45	1	the	the	DET
faba-246	45	2	situation	situation	NOUN
faba-246	45	3	becomes	become	VERB
faba-246	45	4	even	even	ADV
faba-246	45	5	more	more	ADV
faba-246	45	6	complicated	complicated	ADJ
faba-246	45	7	if	if	SCONJ
faba-246	45	8	inflation	inflation	NOUN
faba-246	45	9	is	be	AUX
faba-246	45	10	considered	consider	VERB
faba-246	45	11	in	in	ADP
faba-246	45	12	the	the	DET
faba-246	45	13	equation	equation	NOUN
faba-246	45	14	.	.	PUNCT
faba-246	46	1	the	the	DET
faba-246	46	2	lost	lost	ADJ
faba-246	46	3	purchasing	purchasing	NOUN
faba-246	46	4	power	power	NOUN
faba-246	46	5	of	of	ADP
faba-246	46	6	money	money	NOUN
faba-246	46	7	is	be	AUX
faba-246	46	8	a	a	DET
faba-246	46	9	very	very	ADV
faba-246	46	10	serious	serious	ADJ
faba-246	46	11	argument	argument	NOUN
faba-246	46	12	against	against	ADP
faba-246	46	13	any	any	DET
faba-246	46	14	saving	save	VERB
faba-246	46	15	scheme	scheme	NOUN
faba-246	46	16	whose	whose	DET
faba-246	46	17	rate	rate	NOUN
faba-246	46	18	of	of	ADP
faba-246	46	19	return	return	NOUN
faba-246	46	20	is	be	AUX
faba-246	46	21	below	below	ADP
faba-246	46	22	the	the	DET
faba-246	46	23	reported	report	VERB
faba-246	46	24	inflation	inflation	NOUN
faba-246	46	25	.	.	PUNCT
faba-246	47	1	emerging	emerge	VERB
faba-246	47	2	economies	economy	NOUN
faba-246	47	3	such	such	ADJ
faba-246	47	4	as	as	ADP
faba-246	47	5	the	the	DET
faba-246	47	6	economy	economy	NOUN
faba-246	47	7	of	of	ADP
faba-246	47	8	bulgaria	bulgaria	PROPN
faba-246	47	9	are	be	AUX
faba-246	47	10	expected	expect	VERB
faba-246	47	11	to	to	PART
faba-246	47	12	converge	converge	VERB
faba-246	47	13	towards	towards	ADP
faba-246	47	14	those	those	PRON
faba-246	47	15	of	of	ADP
faba-246	47	16	the	the	DET
faba-246	47	17	western	western	ADJ
faba-246	47	18	part	part	NOUN
faba-246	47	19	of	of	ADP
faba-246	47	20	europe	europe	PROPN
faba-246	47	21	,	,	PUNCT
faba-246	47	22	which	which	PRON
faba-246	47	23	means	mean	VERB
faba-246	47	24	that	that	SCONJ
faba-246	47	25	,	,	PUNCT
faba-246	47	26	all	all	DET
faba-246	47	27	other	other	ADJ
faba-246	47	28	things	thing	NOUN
faba-246	47	29	been	be	AUX
faba-246	47	30	equal	equal	ADJ
faba-246	47	31	,	,	PUNCT
faba-246	47	32	the	the	DET
faba-246	47	33	expected	expect	VERB
faba-246	47	34	inflation	inflation	NOUN
faba-246	47	35	may	may	AUX
faba-246	47	36	destroy	destroy	VERB
faba-246	47	37	the	the	DET
faba-246	47	38	accumulated	accumulate	VERB
faba-246	47	39	resources	resource	NOUN
faba-246	47	40	so	so	SCONJ
faba-246	47	41	that	that	SCONJ
faba-246	47	42	the	the	DET
faba-246	47	43	received	receive	VERB
faba-246	47	44	benefits	benefit	NOUN
faba-246	47	45	to	to	PART
faba-246	47	46	lag	lag	VERB
faba-246	47	47	behind	behind	ADP
faba-246	47	48	the	the	DET
faba-246	47	49	expectations	expectation	NOUN
faba-246	47	50	of	of	ADP
faba-246	47	51	the	the	DET
faba-246	47	52	insured	insure	VERB
faba-246	47	53	individuals	individual	NOUN
faba-246	47	54	.	.	PUNCT
faba-246	48	1	antolin	antolin	NOUN
faba-246	48	2	,	,	PUNCT
faba-246	48	3	payet	payet	NOUN
faba-246	48	4	and	and	CCONJ
faba-246	48	5	yermo	yermo	PROPN
faba-246	48	6	(	(	PUNCT
faba-246	48	7	2010	2010	NUM
faba-246	48	8	)	)	PUNCT
faba-246	48	9	pay	pay	VERB
faba-246	48	10	attention	attention	NOUN
faba-246	48	11	to	to	ADP
faba-246	48	12	the	the	DET
faba-246	48	13	importance	importance	NOUN
faba-246	48	14	of	of	ADP
faba-246	48	15	life	life	NOUN
faba-246	48	16	-	-	PUNCT
faba-246	48	17	cycle	cycle	NOUN
faba-246	48	18	investment	investment	NOUN
faba-246	48	19	strategies	strategy	NOUN
faba-246	48	20	and	and	CCONJ
faba-246	48	21	conclude	conclude	VERB
faba-246	48	22	that	that	SCONJ
faba-246	48	23	this	this	DET
faba-246	48	24	type	type	NOUN
faba-246	48	25	of	of	ADP
faba-246	48	26	investment	investment	NOUN
faba-246	48	27	is	be	AUX
faba-246	48	28	beneficial	beneficial	ADJ
faba-246	48	29	for	for	ADP
faba-246	48	30	future	future	ADJ
faba-246	48	31	retirees	retiree	NOUN
faba-246	48	32	.	.	PUNCT
faba-246	49	1	multifund	multifund	PROPN
faba-246	49	2	system	system	NOUN
faba-246	49	3	in	in	ADP
faba-246	49	4	pension	pension	NOUN
faba-246	49	5	insurance	insurance	NOUN
faba-246	49	6	is	be	AUX
faba-246	49	7	one	one	NUM
faba-246	49	8	of	of	ADP
faba-246	49	9	the	the	DET
faba-246	49	10	options	option	NOUN
faba-246	49	11	in	in	ADP
faba-246	49	12	jeko	jeko	NOUN
faba-246	49	13	milev	milev	NOUN
faba-246	49	14	and	and	CCONJ
faba-246	49	15	kremena	kremena	ADJ
faba-246	49	16	yochkolovska/	yochkolovska/	NUM
faba-246	49	17	finance	finance	NOUN
faba-246	49	18	,	,	PUNCT
faba-246	49	19	accounting	accounting	NOUN
faba-246	49	20	and	and	CCONJ
faba-246	49	21	business	business	NOUN
faba-246	49	22	analysis	analysis	NOUN
faba-246	49	23	,	,	PUNCT
faba-246	49	24	volume	volume	NOUN
faba-246	49	25	6	6	NUM
faba-246	49	26	,	,	PUNCT
faba-246	49	27	issue	issue	NOUN
faba-246	49	28	2	2	NUM
faba-246	49	29	,	,	PUNCT
faba-246	49	30	2024	2024	NUM
faba-246	49	31	208	208	NUM
faba-246	49	32	life	life	NOUN
faba-246	49	33	-	-	PUNCT
faba-246	49	34	cycle	cycle	NOUN
faba-246	49	35	investing	investing	NOUN
faba-246	49	36	which	which	PRON
faba-246	49	37	has	have	AUX
faba-246	49	38	been	be	AUX
faba-246	49	39	applied	apply	VERB
faba-246	49	40	in	in	ADP
faba-246	49	41	practice	practice	NOUN
faba-246	49	42	in	in	ADP
faba-246	49	43	many	many	ADJ
faba-246	49	44	countries	country	NOUN
faba-246	49	45	with	with	ADP
faba-246	49	46	defined	define	VERB
faba-246	49	47	–	–	PUNCT
faba-246	49	48	contribution	contribution	NOUN
faba-246	49	49	pension	pension	NOUN
faba-246	49	50	schemes	scheme	NOUN
faba-246	49	51	.	.	PUNCT
faba-246	50	1	it	it	PRON
faba-246	50	2	has	have	AUX
faba-246	50	3	been	be	AUX
faba-246	50	4	discussed	discuss	VERB
faba-246	50	5	for	for	ADP
faba-246	50	6	many	many	ADJ
faba-246	50	7	in	in	ADP
faba-246	50	8	years	year	NOUN
faba-246	50	9	in	in	ADP
faba-246	50	10	bulgaria	bulgaria	PROPN
faba-246	50	11	but	but	CCONJ
faba-246	50	12	still	still	ADV
faba-246	50	13	does	do	AUX
faba-246	50	14	not	not	PART
faba-246	50	15	function	function	VERB
faba-246	50	16	in	in	ADP
faba-246	50	17	practice	practice	NOUN
faba-246	50	18	.	.	PUNCT
faba-246	51	1	the	the	DET
faba-246	51	2	possibility	possibility	NOUN
faba-246	51	3	of	of	ADP
faba-246	51	4	structuring	structure	VERB
faba-246	51	5	portfolios	portfolio	NOUN
faba-246	51	6	with	with	ADP
faba-246	51	7	different	different	ADJ
faba-246	51	8	risk	risk	NOUN
faba-246	51	9	profiles	profile	NOUN
faba-246	51	10	is	be	AUX
faba-246	51	11	seen	see	VERB
faba-246	51	12	as	as	ADP
faba-246	51	13	a	a	DET
faba-246	51	14	good	good	ADJ
faba-246	51	15	opportunity	opportunity	NOUN
faba-246	51	16	to	to	PART
faba-246	51	17	raise	raise	VERB
faba-246	51	18	the	the	DET
faba-246	51	19	realized	realize	VERB
faba-246	51	20	yield	yield	NOUN
faba-246	51	21	and	and	CCONJ
faba-246	51	22	at	at	ADP
faba-246	51	23	the	the	DET
faba-246	51	24	same	same	ADJ
faba-246	51	25	time	time	NOUN
faba-246	51	26	to	to	PART
faba-246	51	27	control	control	VERB
faba-246	51	28	the	the	DET
faba-246	51	29	risk	risk	NOUN
faba-246	51	30	exposure	exposure	NOUN
faba-246	51	31	during	during	ADP
faba-246	51	32	the	the	DET
faba-246	51	33	different	different	ADJ
faba-246	51	34	stages	stage	NOUN
faba-246	51	35	of	of	ADP
faba-246	51	36	one	one	NUM
faba-246	51	37	’s	’s	PART
faba-246	51	38	life	life	NOUN
faba-246	51	39	.	.	PUNCT
faba-246	52	1	the	the	DET
faba-246	52	2	bulgarian	bulgarian	ADJ
faba-246	52	3	universal	universal	ADJ
faba-246	52	4	pension	pension	NOUN
faba-246	52	5	funds	fund	NOUN
faba-246	52	6	entered	enter	VERB
faba-246	52	7	the	the	DET
faba-246	52	8	pay	pay	VERB
faba-246	52	9	-	-	PUNCT
faba-246	52	10	out	out	ADP
faba-246	52	11	phase	phase	NOUN
faba-246	52	12	in	in	ADP
faba-246	52	13	2021	2021	NUM
faba-246	52	14	,	,	PUNCT
faba-246	52	15	and	and	CCONJ
faba-246	52	16	it	it	PRON
faba-246	52	17	became	become	VERB
faba-246	52	18	obvious	obvious	ADJ
faba-246	52	19	once	once	ADV
faba-246	52	20	again	again	ADV
faba-246	52	21	that	that	SCONJ
faba-246	52	22	insured	insure	VERB
faba-246	52	23	individuals	individual	NOUN
faba-246	52	24	need	need	VERB
faba-246	52	25	this	this	DET
faba-246	52	26	option	option	NOUN
faba-246	52	27	to	to	PART
faba-246	52	28	maximize	maximize	VERB
faba-246	52	29	the	the	DET
faba-246	52	30	value	value	NOUN
faba-246	52	31	of	of	ADP
faba-246	52	32	their	their	PRON
faba-246	52	33	savings	saving	NOUN
faba-246	52	34	towards	towards	ADP
faba-246	52	35	the	the	DET
faba-246	52	36	date	date	NOUN
faba-246	52	37	of	of	ADP
faba-246	52	38	retirement	retirement	NOUN
faba-246	52	39	.	.	PUNCT
faba-246	53	1	the	the	DET
faba-246	53	2	current	current	ADJ
faba-246	53	3	article	article	NOUN
faba-246	53	4	is	be	AUX
faba-246	53	5	trying	try	VERB
faba-246	53	6	to	to	PART
faba-246	53	7	evaluate	evaluate	VERB
faba-246	53	8	the	the	DET
faba-246	53	9	basic	basic	ADJ
faba-246	53	10	features	feature	NOUN
faba-246	53	11	of	of	ADP
faba-246	53	12	multifund	multifund	ADJ
faba-246	53	13	system	system	NOUN
faba-246	53	14	and	and	CCONJ
faba-246	53	15	to	to	PART
faba-246	53	16	make	make	VERB
faba-246	53	17	certain	certain	ADJ
faba-246	53	18	implications	implication	NOUN
faba-246	53	19	about	about	ADP
faba-246	53	20	its	its	PRON
faba-246	53	21	introduction	introduction	NOUN
faba-246	53	22	into	into	ADP
faba-246	53	23	bulgarian	bulgarian	ADJ
faba-246	53	24	practice	practice	NOUN
faba-246	53	25	.	.	PUNCT
faba-246	54	1	the	the	DET
faba-246	54	2	first	first	ADJ
faba-246	54	3	part	part	NOUN
faba-246	54	4	of	of	ADP
faba-246	54	5	the	the	DET
faba-246	54	6	research	research	NOUN
faba-246	54	7	is	be	AUX
faba-246	54	8	dedicated	dedicate	VERB
faba-246	54	9	to	to	ADP
faba-246	54	10	the	the	DET
faba-246	54	11	most	most	ADV
faba-246	54	12	important	important	ADJ
faba-246	54	13	elements	element	NOUN
faba-246	54	14	of	of	ADP
faba-246	54	15	the	the	DET
faba-246	54	16	multifund	multifund	NOUN
faba-246	54	17	system	system	NOUN
faba-246	54	18	by	by	ADP
faba-246	54	19	considering	consider	VERB
faba-246	54	20	the	the	DET
faba-246	54	21	experience	experience	NOUN
faba-246	54	22	of	of	ADP
faba-246	54	23	several	several	ADJ
faba-246	54	24	countries	country	NOUN
faba-246	54	25	in	in	ADP
faba-246	54	26	central	central	ADJ
faba-246	54	27	and	and	CCONJ
faba-246	54	28	eastern	eastern	ADJ
faba-246	54	29	europe	europe	PROPN
faba-246	54	30	that	that	PRON
faba-246	54	31	have	have	AUX
faba-246	54	32	introduced	introduce	VERB
faba-246	54	33	such	such	ADJ
faba-246	54	34	pension	pension	NOUN
faba-246	54	35	structure	structure	NOUN
faba-246	54	36	.	.	PUNCT
faba-246	55	1	the	the	DET
faba-246	55	2	second	second	ADJ
faba-246	55	3	part	part	NOUN
faba-246	55	4	concerns	concern	VERB
faba-246	55	5	the	the	DET
faba-246	55	6	basic	basic	ADJ
faba-246	55	7	issues	issue	NOUN
faba-246	55	8	that	that	PRON
faba-246	55	9	must	must	AUX
faba-246	55	10	be	be	AUX
faba-246	55	11	addressed	address	VERB
faba-246	55	12	in	in	ADP
faba-246	55	13	case	case	NOUN
faba-246	55	14	of	of	ADP
faba-246	55	15	introducing	introduce	VERB
faba-246	55	16	the	the	DET
faba-246	55	17	scheme	scheme	NOUN
faba-246	55	18	within	within	ADP
faba-246	55	19	the	the	DET
faba-246	55	20	bulgarian	bulgarian	ADJ
faba-246	55	21	pension	pension	NOUN
faba-246	55	22	funds	fund	NOUN
faba-246	55	23	.	.	PUNCT
faba-246	56	1	the	the	DET
faba-246	56	2	paper	paper	NOUN
faba-246	56	3	concludes	conclude	VERB
faba-246	56	4	with	with	ADP
faba-246	56	5	some	some	DET
faba-246	56	6	recommendations	recommendation	NOUN
faba-246	56	7	for	for	ADP
faba-246	56	8	future	future	ADJ
faba-246	56	9	reforms	reform	NOUN
faba-246	56	10	within	within	ADP
faba-246	56	11	the	the	DET
faba-246	56	12	pension	pension	NOUN
faba-246	56	13	system	system	NOUN
faba-246	56	14	in	in	ADP
faba-246	56	15	the	the	DET
faba-246	56	16	country	country	NOUN
faba-246	56	17	.	.	PUNCT
faba-246	57	1	the	the	DET
faba-246	57	2	multifund	multifund	NOUN
faba-246	57	3	system	system	NOUN
faba-246	57	4	–	–	PUNCT
faba-246	57	5	basic	basic	ADJ
faba-246	57	6	features	feature	NOUN
faba-246	57	7	and	and	CCONJ
faba-246	57	8	characteristics	characteristic	NOUN
faba-246	57	9	in	in	ADP
faba-246	57	10	the	the	DET
faba-246	57	11	late	late	ADJ
faba-246	57	12	1990	1990	NUM
faba-246	57	13	's	's	PART
faba-246	57	14	,	,	PUNCT
faba-246	57	15	early	early	ADJ
faba-246	57	16	2000	2000	NUM
faba-246	57	17	's	's	PART
faba-246	57	18	,	,	PUNCT
faba-246	57	19	structural	structural	ADJ
faba-246	57	20	and	and	CCONJ
faba-246	57	21	parametric	parametric	ADJ
faba-246	57	22	reforms	reform	NOUN
faba-246	57	23	were	be	AUX
faba-246	57	24	implemented	implement	VERB
faba-246	57	25	in	in	ADP
faba-246	57	26	the	the	DET
faba-246	57	27	pension	pension	NOUN
faba-246	57	28	systems	system	NOUN
faba-246	57	29	of	of	ADP
faba-246	57	30	many	many	ADJ
faba-246	57	31	eastern	eastern	ADJ
faba-246	57	32	and	and	CCONJ
faba-246	57	33	central	central	ADJ
faba-246	57	34	european	european	ADJ
faba-246	57	35	countries	country	NOUN
faba-246	57	36	.	.	PUNCT
faba-246	58	1	following	follow	VERB
faba-246	58	2	the	the	DET
faba-246	58	3	adoption	adoption	NOUN
faba-246	58	4	of	of	ADP
faba-246	58	5	the	the	DET
faba-246	58	6	three	three	NUM
faba-246	58	7	-	-	PUNCT
faba-246	58	8	pillar	pillar	NOUN
faba-246	58	9	insurance	insurance	NOUN
faba-246	58	10	model	model	NOUN
faba-246	58	11	,	,	PUNCT
faba-246	58	12	the	the	DET
faba-246	58	13	policymakers	policymaker	NOUN
faba-246	58	14	introduced	introduce	VERB
faba-246	58	15	and	and	CCONJ
faba-246	58	16	established	establish	VERB
faba-246	58	17	additional	additional	ADJ
faba-246	58	18	elements	element	NOUN
faba-246	58	19	(	(	PUNCT
faba-246	58	20	pillars	pillar	NOUN
faba-246	58	21	)	)	PUNCT
faba-246	58	22	that	that	PRON
faba-246	58	23	complemented	complement	VERB
faba-246	58	24	and	and	CCONJ
faba-246	58	25	enriched	enrich	VERB
faba-246	58	26	the	the	DET
faba-246	58	27	existing	exist	VERB
faba-246	58	28	pay	pay	NOUN
faba-246	58	29	-	-	PUNCT
faba-246	58	30	as	as	ADP
faba-246	58	31	-	-	PUNCT
faba-246	58	32	you	you	PRON
faba-246	58	33	-	-	PUNCT
faba-246	58	34	go	go	NOUN
faba-246	58	35	systems	system	NOUN
faba-246	58	36	.	.	PUNCT
faba-246	59	1	these	these	DET
faba-246	59	2	new	new	ADJ
faba-246	59	3	elements	element	NOUN
faba-246	59	4	made	make	VERB
faba-246	59	5	possible	possible	ADJ
faba-246	59	6	the	the	DET
faba-246	59	7	supplement	supplement	NOUN
faba-246	59	8	of	of	ADP
faba-246	59	9	the	the	DET
faba-246	59	10	traditional	traditional	ADJ
faba-246	59	11	model	model	NOUN
faba-246	59	12	based	base	VERB
faba-246	59	13	on	on	ADP
faba-246	59	14	a	a	DET
faba-246	59	15	pay	pay	NOUN
faba-246	59	16	-	-	PUNCT
faba-246	59	17	as	as	SCONJ
faba-246	59	18	-	-	PUNCT
faba-246	59	19	you	you	PRON
faba-246	59	20	-	-	PUNCT
faba-246	59	21	go	go	VERB
faba-246	59	22	principle	principle	NOUN
faba-246	59	23	within	within	ADP
faba-246	59	24	which	which	PRON
faba-246	59	25	pension	pension	NOUN
faba-246	59	26	costs	cost	NOUN
faba-246	59	27	are	be	AUX
faba-246	59	28	covered	cover	VERB
faba-246	59	29	by	by	ADP
faba-246	59	30	contributions	contribution	NOUN
faba-246	59	31	paid	pay	VERB
faba-246	59	32	by	by	ADP
faba-246	59	33	the	the	DET
faba-246	59	34	working	work	VERB
faba-246	59	35	population	population	NOUN
faba-246	59	36	.	.	PUNCT
faba-246	60	1	the	the	DET
faba-246	60	2	innovation	innovation	NOUN
faba-246	60	3	was	be	AUX
faba-246	60	4	that	that	SCONJ
faba-246	60	5	the	the	DET
faba-246	60	6	new	new	ADJ
faba-246	60	7	pillars	pillar	NOUN
faba-246	60	8	of	of	ADP
faba-246	60	9	the	the	DET
faba-246	60	10	pension	pension	NOUN
faba-246	60	11	system	system	NOUN
faba-246	60	12	were	be	AUX
faba-246	60	13	constructed	construct	VERB
faba-246	60	14	on	on	ADP
faba-246	60	15	a	a	DET
faba-246	60	16	fundamentally	fundamentally	ADV
faba-246	60	17	different	different	ADJ
faba-246	60	18	principle	principle	NOUN
faba-246	60	19	–	–	PUNCT
faba-246	60	20	fully	fully	ADV
faba-246	60	21	funded	fund	VERB
faba-246	60	22	where	where	SCONJ
faba-246	60	23	each	each	DET
faba-246	60	24	person	person	NOUN
faba-246	60	25	's	's	PART
faba-246	60	26	contributions	contribution	NOUN
faba-246	60	27	are	be	AUX
faba-246	60	28	accumulated	accumulate	VERB
faba-246	60	29	into	into	ADP
faba-246	60	30	an	an	DET
faba-246	60	31	individual	individual	ADJ
faba-246	60	32	account	account	NOUN
faba-246	60	33	and	and	CCONJ
faba-246	60	34	have	have	VERB
faba-246	60	35	the	the	DET
faba-246	60	36	potential	potential	NOUN
faba-246	60	37	to	to	PART
faba-246	60	38	grow	grow	VERB
faba-246	60	39	as	as	SCONJ
faba-246	60	40	they	they	PRON
faba-246	60	41	are	be	AUX
faba-246	60	42	invested	invest	VERB
faba-246	60	43	in	in	ADP
faba-246	60	44	certain	certain	ADJ
faba-246	60	45	financial	financial	ADJ
faba-246	60	46	instruments	instrument	NOUN
faba-246	60	47	.	.	PUNCT
faba-246	61	1	this	this	DET
faba-246	61	2	principle	principle	NOUN
faba-246	61	3	,	,	PUNCT
faba-246	61	4	unlike	unlike	ADP
faba-246	61	5	the	the	DET
faba-246	61	6	pay	pay	NOUN
faba-246	61	7	-	-	PUNCT
faba-246	61	8	as	as	ADP
faba-246	61	9	-	-	PUNCT
faba-246	61	10	you	you	PRON
faba-246	61	11	-	-	PUNCT
faba-246	61	12	go	go	VERB
faba-246	61	13	one	one	NUM
faba-246	61	14	is	be	AUX
faba-246	61	15	characterized	characterize	VERB
faba-246	61	16	with	with	ADP
faba-246	61	17	a	a	DET
faba-246	61	18	robust	robust	ADJ
faba-246	61	19	link	link	NOUN
faba-246	61	20	between	between	ADP
faba-246	61	21	the	the	DET
faba-246	61	22	personal	personal	ADJ
faba-246	61	23	contributions	contribution	NOUN
faba-246	61	24	and	and	CCONJ
faba-246	61	25	the	the	DET
faba-246	61	26	pension	pension	NOUN
faba-246	61	27	benefit	benefit	NOUN
faba-246	61	28	that	that	PRON
faba-246	61	29	insured	insure	VERB
faba-246	61	30	individual	individual	NOUN
faba-246	61	31	is	be	AUX
faba-246	61	32	expected	expect	VERB
faba-246	61	33	to	to	PART
faba-246	61	34	receive	receive	VERB
faba-246	61	35	after	after	ADP
faba-246	61	36	retirement	retirement	NOUN
faba-246	61	37	.	.	PUNCT
faba-246	62	1	the	the	DET
faba-246	62	2	present	present	ADJ
faba-246	62	3	study	study	NOUN
faba-246	62	4	is	be	AUX
faba-246	62	5	focused	focus	VERB
faba-246	62	6	on	on	ADP
faba-246	62	7	the	the	DET
faba-246	62	8	multifunds	multifund	NOUN
faba-246	62	9	in	in	ADP
faba-246	62	10	croatia	croatia	PROPN
faba-246	62	11	,	,	PUNCT
faba-246	62	12	poland	poland	PROPN
faba-246	62	13	,	,	PUNCT
faba-246	62	14	lithuania	lithuania	PROPN
faba-246	62	15	,	,	PUNCT
faba-246	62	16	latvia	latvia	PROPN
faba-246	62	17	and	and	CCONJ
faba-246	62	18	estonia	estonia	PROPN
faba-246	62	19	then	then	ADV
faba-246	62	20	,	,	PUNCT
faba-246	62	21	an	an	DET
faba-246	62	22	analysis	analysis	NOUN
faba-246	62	23	is	be	AUX
faba-246	62	24	made	make	VERB
faba-246	62	25	on	on	ADP
faba-246	62	26	the	the	DET
faba-246	62	27	possibilities	possibility	NOUN
faba-246	62	28	for	for	ADP
faba-246	62	29	introducing	introduce	VERB
faba-246	62	30	the	the	DET
faba-246	62	31	model	model	NOUN
faba-246	62	32	of	of	ADP
faba-246	62	33	life	life	NOUN
faba-246	62	34	-	-	PUNCT
faba-246	62	35	cycle	cycle	NOUN
faba-246	62	36	investing	investing	NOUN
faba-246	62	37	into	into	ADP
faba-246	62	38	bulgaria	bulgaria	PROPN
faba-246	62	39	.	.	PUNCT
faba-246	63	1	croatia	croatia	PROPN
faba-246	63	2	the	the	DET
faba-246	63	3	multifund	multifund	NOUN
faba-246	63	4	system	system	NOUN
faba-246	63	5	is	be	AUX
faba-246	63	6	already	already	ADV
faba-246	63	7	in	in	ADP
faba-246	63	8	operation	operation	NOUN
faba-246	63	9	in	in	ADP
faba-246	63	10	croatia	croatia	PROPN
faba-246	63	11	.	.	PUNCT
faba-246	64	1	the	the	DET
faba-246	64	2	pension	pension	NOUN
faba-246	64	3	system	system	NOUN
faba-246	64	4	in	in	ADP
faba-246	64	5	the	the	DET
faba-246	64	6	country	country	NOUN
faba-246	64	7	has	have	AUX
faba-246	64	8	embraced	embrace	VERB
faba-246	64	9	a	a	DET
faba-246	64	10	classic	classic	ADJ
faba-246	64	11	three	three	NUM
faba-246	64	12	-	-	PUNCT
faba-246	64	13	pillar	pillar	NOUN
faba-246	64	14	insurance	insurance	NOUN
faba-246	64	15	model	model	NOUN
faba-246	64	16	since	since	SCONJ
faba-246	64	17	2002	2002	NUM
faba-246	64	18	.	.	PUNCT
faba-246	65	1	so	so	ADV
faba-246	65	2	far	far	ADV
faba-246	65	3	,	,	PUNCT
faba-246	65	4	the	the	DET
faba-246	65	5	multifund	multifund	NOUN
faba-246	65	6	system	system	NOUN
faba-246	65	7	has	have	AUX
faba-246	65	8	been	be	AUX
faba-246	65	9	introduced	introduce	VERB
faba-246	65	10	into	into	ADP
faba-246	65	11	the	the	DET
faba-246	65	12	second	second	ADJ
faba-246	65	13	mandatory	mandatory	ADJ
faba-246	65	14	pillar	pillar	NOUN
faba-246	65	15	,	,	PUNCT
faba-246	65	16	which	which	PRON
faba-246	65	17	is	be	AUX
faba-246	65	18	considered	consider	VERB
faba-246	65	19	a	a	DET
faba-246	65	20	step	step	NOUN
faba-246	65	21	forward	forward	ADV
faba-246	65	22	in	in	ADP
faba-246	65	23	an	an	DET
faba-246	65	24	effort	effort	NOUN
faba-246	65	25	to	to	PART
faba-246	65	26	optimize	optimize	VERB
faba-246	65	27	the	the	DET
faba-246	65	28	risk	risk	NOUN
faba-246	65	29	and	and	CCONJ
faba-246	65	30	return	return	VERB
faba-246	65	31	for	for	ADP
faba-246	65	32	the	the	DET
faba-246	65	33	different	different	ADJ
faba-246	65	34	cohorts	cohort	NOUN
faba-246	65	35	of	of	ADP
faba-246	65	36	insured	insured	ADJ
faba-246	65	37	individuals	individual	NOUN
faba-246	65	38	.	.	PUNCT
faba-246	66	1	pension	pension	NOUN
faba-246	66	2	companies	company	NOUN
faba-246	66	3	have	have	AUX
faba-246	66	4	been	be	AUX
faba-246	66	5	authorised	authorise	VERB
faba-246	66	6	to	to	PART
faba-246	66	7	manage	manage	VERB
faba-246	66	8	three	three	NUM
faba-246	66	9	categories	category	NOUN
faba-246	66	10	of	of	ADP
faba-246	66	11	funds	fund	NOUN
faba-246	66	12	(	(	PUNCT
faba-246	66	13	a	a	DET
faba-246	66	14	,	,	PUNCT
faba-246	66	15	b	b	PROPN
faba-246	66	16	and	and	CCONJ
faba-246	66	17	c	c	NOUN
faba-246	66	18	)	)	PUNCT
faba-246	66	19	,	,	PUNCT
faba-246	66	20	each	each	PRON
faba-246	66	21	with	with	ADP
faba-246	66	22	different	different	ADJ
faba-246	66	23	insurance	insurance	NOUN
faba-246	66	24	conditions	condition	NOUN
faba-246	66	25	,	,	PUNCT
faba-246	66	26	investment	investment	NOUN
faba-246	66	27	strategies	strategy	NOUN
faba-246	66	28	and	and	CCONJ
faba-246	66	29	guaranteed	guarantee	VERB
faba-246	66	30	returns	return	NOUN
faba-246	66	31	.	.	PUNCT
faba-246	67	1	the	the	DET
faba-246	67	2	three	three	NUM
faba-246	67	3	types	type	NOUN
faba-246	67	4	of	of	ADP
faba-246	67	5	funds	fund	NOUN
faba-246	67	6	are	be	AUX
faba-246	67	7	constructed	construct	VERB
faba-246	67	8	with	with	ADP
faba-246	67	9	a	a	DET
faba-246	67	10	life	life	NOUN
faba-246	67	11	-	-	PUNCT
faba-246	67	12	cycle	cycle	NOUN
faba-246	67	13	perspective	perspective	NOUN
faba-246	67	14	,	,	PUNCT
faba-246	67	15	with	with	ADP
faba-246	67	16	the	the	DET
faba-246	67	17	aim	aim	NOUN
faba-246	67	18	of	of	ADP
faba-246	67	19	providing	provide	VERB
faba-246	67	20	insured	insured	ADJ
faba-246	67	21	persons	person	NOUN
faba-246	67	22	with	with	ADP
faba-246	67	23	a	a	DET
faba-246	67	24	choice	choice	NOUN
faba-246	67	25	of	of	ADP
faba-246	67	26	investment	investment	NOUN
faba-246	67	27	portfolios	portfolio	NOUN
faba-246	67	28	with	with	ADP
faba-246	67	29	different	different	ADJ
faba-246	67	30	degrees	degree	NOUN
faba-246	67	31	of	of	ADP
faba-246	67	32	risk	risk	NOUN
faba-246	67	33	and	and	CCONJ
faba-246	67	34	return	return	NOUN
faba-246	67	35	.	.	PUNCT
faba-246	68	1	the	the	DET
faba-246	68	2	highest	high	ADJ
faba-246	68	3	risk	risk	NOUN
faba-246	68	4	fund	fund	NOUN
faba-246	68	5	is	be	AUX
faba-246	68	6	fund	fund	NOUN
faba-246	68	7	"	"	PUNCT
faba-246	68	8	a	a	PRON
faba-246	68	9	"	"	PUNCT
faba-246	68	10	.	.	PUNCT
faba-246	69	1	the	the	DET
faba-246	69	2	individuals	individual	NOUN
faba-246	69	3	who	who	PRON
faba-246	69	4	choose	choose	VERB
faba-246	69	5	this	this	DET
faba-246	69	6	investment	investment	NOUN
faba-246	69	7	category	category	NOUN
faba-246	69	8	must	must	AUX
faba-246	69	9	have	have	VERB
faba-246	69	10	at	at	ADV
faba-246	69	11	least	least	ADV
faba-246	69	12	10	10	NUM
faba-246	69	13	years	year	NOUN
faba-246	69	14	until	until	ADP
faba-246	69	15	retirement	retirement	NOUN
faba-246	69	16	.	.	PUNCT
faba-246	70	1	the	the	DET
faba-246	70	2	balanced	balanced	ADJ
faba-246	70	3	fund	fund	NOUN
faba-246	70	4	category	category	NOUN
faba-246	70	5	"	"	PUNCT
faba-246	70	6	b	b	X
faba-246	70	7	"	"	PUNCT
faba-246	70	8	allows	allow	VERB
faba-246	70	9	participation	participation	NOUN
faba-246	70	10	of	of	ADP
faba-246	70	11	persons	person	NOUN
faba-246	70	12	with	with	ADP
faba-246	70	13	5	5	NUM
faba-246	70	14	or	or	CCONJ
faba-246	70	15	more	more	ADJ
faba-246	70	16	years	year	NOUN
faba-246	70	17	until	until	ADP
faba-246	70	18	retirement	retirement	NOUN
faba-246	70	19	,	,	PUNCT
faba-246	70	20	and	and	CCONJ
faba-246	70	21	the	the	DET
faba-246	70	22	category	category	NOUN
faba-246	70	23	"	"	PUNCT
faba-246	70	24	c	c	X
faba-246	70	25	"	"	PUNCT
faba-246	70	26	,	,	PUNCT
faba-246	70	27	as	as	ADP
faba-246	70	28	the	the	DET
faba-246	70	29	most	most	ADV
faba-246	70	30	conservative	conservative	ADJ
faba-246	70	31	,	,	PUNCT
faba-246	70	32	is	be	AUX
faba-246	70	33	for	for	ADP
faba-246	70	34	persons	person	NOUN
faba-246	70	35	with	with	ADP
faba-246	70	36	less	less	ADJ
faba-246	70	37	than	than	ADP
faba-246	70	38	5	5	NUM
faba-246	70	39	years	year	NOUN
faba-246	70	40	until	until	ADP
faba-246	70	41	retirement	retirement	NOUN
faba-246	70	42	.	.	PUNCT
faba-246	71	1	croatian	croatian	ADJ
faba-246	71	2	pension	pension	PROPN
faba-246	71	3	legislation1	legislation1	NOUN
faba-246	71	4	allows	allow	VERB
faba-246	71	5	insured	insured	ADJ
faba-246	71	6	persons	person	NOUN
faba-246	71	7	to	to	PART
faba-246	71	8	change	change	VERB
faba-246	71	9	the	the	DET
faba-246	71	10	risk	risk	NOUN
faba-246	71	11	profile	profile	NOUN
faba-246	71	12	of	of	ADP
faba-246	71	13	their	their	PRON
faba-246	71	14	fund	fund	NOUN
faba-246	71	15	once	once	ADV
faba-246	71	16	a	a	DET
faba-246	71	17	year	year	NOUN
faba-246	71	18	without	without	ADP
faba-246	71	19	a	a	DET
faba-246	71	20	fee	fee	NOUN
faba-246	71	21	,	,	PUNCT
faba-246	71	22	as	as	ADV
faba-246	71	23	long	long	ADV
faba-246	71	24	as	as	SCONJ
faba-246	71	25	it	it	PRON
faba-246	71	26	is	be	AUX
faba-246	71	27	managed	manage	VERB
faba-246	71	28	by	by	ADP
faba-246	71	29	the	the	DET
faba-246	71	30	same	same	ADJ
faba-246	71	31	pension	pension	NOUN
faba-246	71	32	company	company	NOUN
faba-246	71	33	.	.	PUNCT
faba-246	72	1	it	it	PRON
faba-246	72	2	is	be	AUX
faba-246	72	3	also	also	ADV
faba-246	72	4	allowed	allow	VERB
faba-246	72	5	to	to	PART
faba-246	72	6	transfer	transfer	VERB
faba-246	72	7	the	the	DET
faba-246	72	8	accumulated	accumulate	VERB
faba-246	72	9	resources	resource	NOUN
faba-246	72	10	between	between	ADP
faba-246	72	11	the	the	DET
faba-246	72	12	funds	fund	NOUN
faba-246	72	13	of	of	ADP
faba-246	72	14	the	the	DET
faba-246	72	15	same	same	ADJ
faba-246	72	16	category	category	NOUN
faba-246	72	17	but	but	CCONJ
faba-246	72	18	managed	manage	VERB
faba-246	72	19	by	by	ADP
faba-246	72	20	different	different	ADJ
faba-246	72	21	companies	company	NOUN
faba-246	72	22	.	.	PUNCT
faba-246	73	1	however	however	ADV
faba-246	73	2	,	,	PUNCT
faba-246	73	3	in	in	ADP
faba-246	73	4	this	this	DET
faba-246	73	5	case	case	NOUN
faba-246	73	6	the	the	DET
faba-246	73	7	person	person	NOUN
faba-246	73	8	pays	pay	VERB
faba-246	73	9	an	an	DET
faba-246	73	10	"	"	PUNCT
faba-246	73	11	exit	exit	NOUN
faba-246	73	12	fee	fee	NOUN
faba-246	73	13	"	"	PUNCT
faba-246	73	14	.	.	PUNCT
faba-246	74	1	persons	person	NOUN
faba-246	74	2	who	who	PRON
faba-246	74	3	have	have	AUX
faba-246	74	4	not	not	PART
faba-246	74	5	chosen	choose	VERB
faba-246	74	6	the	the	DET
faba-246	74	7	risk	risk	NOUN
faba-246	74	8	profile	profile	NOUN
faba-246	74	9	of	of	ADP
faba-246	74	10	their	their	PRON
faba-246	74	11	pension	pension	NOUN
faba-246	74	12	fund	fund	NOUN
faba-246	74	13	are	be	AUX
faba-246	74	14	allocated	allocate	VERB
faba-246	74	15	in	in	ADP
faba-246	74	16	accordance	accordance	NOUN
faba-246	74	17	with	with	ADP
faba-246	74	18	the	the	DET
faba-246	74	19	number	number	NOUN
faba-246	74	20	of	of	ADP
faba-246	74	21	years	year	NOUN
faba-246	74	22	until	until	ADP
faba-246	74	23	retirement	retirement	NOUN
faba-246	74	24	.	.	PUNCT
faba-246	75	1	if	if	SCONJ
faba-246	75	2	pension	pension	NOUN
faba-246	75	3	age	age	NOUN
faba-246	75	4	is	be	AUX
faba-246	75	5	10	10	NUM
faba-246	75	6	or	or	CCONJ
faba-246	75	7	more	more	ADJ
faba-246	75	8	years	year	NOUN
faba-246	75	9	away	away	ADV
faba-246	75	10	,	,	PUNCT
faba-246	75	11	individuals	individual	NOUN
faba-246	75	12	are	be	AUX
faba-246	75	13	distributed	distribute	VERB
faba-246	75	14	into	into	ADP
faba-246	75	15	fund	fund	NOUN
faba-246	75	16	"	"	PUNCT
faba-246	75	17	a	a	DET
faba-246	75	18	"	"	PUNCT
faba-246	75	19	the	the	DET
faba-246	75	20	most	most	ADV
faba-246	75	21	aggressive	aggressive	ADJ
faba-246	75	22	type	type	NOUN
faba-246	75	23	of	of	ADP
faba-246	75	24	fund	fund	NOUN
faba-246	75	25	.	.	PUNCT
faba-246	76	1	if	if	SCONJ
faba-246	76	2	the	the	DET
faba-246	76	3	period	period	NOUN
faba-246	76	4	is	be	AUX
faba-246	76	5	5	5	NUM
faba-246	76	6	to	to	PART
faba-246	76	7	10	10	NUM
faba-246	76	8	years	year	NOUN
faba-246	76	9	,	,	PUNCT
faba-246	76	10	the	the	DET
faba-246	76	11	insured	insure	VERB
faba-246	76	12	are	be	AUX
faba-246	76	13	allocated	allocate	VERB
faba-246	76	14	into	into	ADP
faba-246	76	15	the	the	DET
faba-246	76	16	balanced	balanced	ADJ
faba-246	76	17	type	type	NOUN
faba-246	76	18	of	of	ADP
faba-246	76	19	fund	fund	NOUN
faba-246	76	20	and	and	CCONJ
faba-246	76	21	in	in	ADP
faba-246	76	22	case	case	NOUN
faba-246	76	23	of	of	ADP
faba-246	76	24	just	just	ADV
faba-246	76	25	5	5	NUM
faba-246	76	26	or	or	CCONJ
faba-246	76	27	less	less	ADJ
faba-246	76	28	years	year	NOUN
faba-246	76	29	until	until	SCONJ
faba-246	76	30	retirement	retirement	NOUN
faba-246	76	31	they	they	PRON
faba-246	76	32	go	go	VERB
faba-246	76	33	into	into	ADP
faba-246	76	34	fund	fund	NOUN
faba-246	76	35	"	"	PUNCT
faba-246	76	36	c	c	NOUN
faba-246	76	37	"	"	PUNCT
faba-246	76	38	the	the	DET
faba-246	76	39	conservative	conservative	ADJ
faba-246	76	40	portfolio	portfolio	NOUN
faba-246	76	41	type	type	NOUN
faba-246	76	42	.	.	PUNCT
faba-246	77	1	the	the	DET
faba-246	77	2	risk	risk	NOUN
faba-246	77	3	profile	profile	NOUN
faba-246	77	4	of	of	ADP
faba-246	77	5	each	each	PRON
faba-246	77	6	of	of	ADP
faba-246	77	7	the	the	DET
faba-246	77	8	funds	fund	NOUN
faba-246	77	9	depends	depend	VERB
faba-246	77	10	on	on	ADP
faba-246	77	11	the	the	DET
faba-246	77	12	allowed	allow	VERB
faba-246	77	13	investments	investment	NOUN
faba-246	77	14	in	in	ADP
faba-246	77	15	variable	variable	ADJ
faba-246	77	16	income	income	NOUN
faba-246	77	17	instruments	instrument	NOUN
faba-246	77	18	.	.	PUNCT
faba-246	78	1	the	the	DET
faba-246	78	2	most	most	ADV
faba-246	78	3	aggressive	aggressive	ADJ
faba-246	78	4	type	type	NOUN
faba-246	78	5	of	of	ADP
faba-246	78	6	fund	fund	NOUN
faba-246	78	7	can	can	AUX
faba-246	78	8	allocate	allocate	VERB
faba-246	78	9	up	up	ADP
faba-246	78	10	to	to	PART
faba-246	78	11	100	100	NUM
faba-246	78	12	%	%	NOUN
faba-246	78	13	of	of	ADP
faba-246	78	14	the	the	DET
faba-246	78	15	assets	asset	NOUN
faba-246	78	16	into	into	ADP
faba-246	78	17	corporate	corporate	ADJ
faba-246	78	18	equities	equity	NOUN
faba-246	78	19	and	and	CCONJ
faba-246	78	20	units	unit	NOUN
faba-246	78	21	in	in	ADP
faba-246	78	22	collective	collective	ADJ
faba-246	78	23	investment	investment	NOUN
faba-246	78	24	vehicles	vehicle	NOUN
faba-246	78	25	.	.	PUNCT
faba-246	79	1	the	the	DET
faba-246	79	2	balanced	balanced	ADJ
faba-246	79	3	type	type	NOUN
faba-246	79	4	of	of	ADP
faba-246	79	5	portfolio	portfolio	NOUN
faba-246	79	6	can	can	AUX
faba-246	79	7	have	have	VERB
faba-246	79	8	up	up	ADP
faba-246	79	9	to	to	PART
faba-246	79	10	80	80	NUM
faba-246	79	11	%	%	NOUN
faba-246	79	12	invested	invest	VERB
faba-246	79	13	in	in	ADP
faba-246	79	14	variable	variable	ADJ
faba-246	79	15	income	income	NOUN
faba-246	79	16	instruments	instrument	NOUN
faba-246	79	17	but	but	CCONJ
faba-246	79	18	at	at	ADV
faba-246	79	19	least	least	ADV
faba-246	79	20	50	50	NUM
faba-246	79	21	%	%	NOUN
faba-246	79	22	of	of	ADP
faba-246	79	23	the	the	DET
faba-246	79	24	assets	asset	NOUN
faba-246	79	25	must	must	AUX
faba-246	79	26	be	be	AUX
faba-246	79	27	in	in	ADP
faba-246	79	28	government	government	NOUN
faba-246	79	29	securities	security	NOUN
faba-246	79	30	.	.	PUNCT
faba-246	80	1	the	the	DET
faba-246	80	2	conservative	conservative	ADJ
faba-246	80	3	portfolio	portfolio	NOUN
faba-246	80	4	type	type	NOUN
faba-246	80	5	can	can	AUX
faba-246	80	6	not	not	PART
faba-246	80	7	have	have	VERB
faba-246	80	8	investments	investment	NOUN
faba-246	80	9	in	in	ADP
faba-246	80	10	equities	equity	NOUN
faba-246	80	11	and	and	CCONJ
faba-246	80	12	units	unit	NOUN
faba-246	80	13	in	in	ADP
faba-246	80	14	collective	collective	ADJ
faba-246	80	15	schemes	scheme	NOUN
faba-246	80	16	.	.	PUNCT
faba-246	81	1	an	an	DET
faba-246	81	2	important	important	ADJ
faba-246	81	3	feature	feature	NOUN
faba-246	81	4	in	in	ADP
faba-246	81	5	the	the	DET
faba-246	81	6	existing	exist	VERB
faba-246	81	7	regulation	regulation	NOUN
faba-246	81	8	is	be	AUX
faba-246	81	9	that	that	SCONJ
faba-246	81	10	,	,	PUNCT
faba-246	81	11	regardless	regardless	ADV
faba-246	81	12	of	of	ADP
faba-246	81	13	which	which	DET
faba-246	81	14	category	category	NOUN
faba-246	81	15	of	of	ADP
faba-246	81	16	fund	fund	NOUN
faba-246	81	17	a	a	DET
faba-246	81	18	person	person	NOUN
faba-246	81	19	1	1	NUM
faba-246	81	20	the	the	DET
faba-246	81	21	mandatory	mandatory	ADJ
faba-246	81	22	pension	pension	NOUN
faba-246	81	23	funds	fund	NOUN
faba-246	81	24	act	act	NOUN
faba-246	81	25	(	(	PUNCT
faba-246	81	26	2014	2014	NUM
faba-246	81	27	)	)	PUNCT
faba-246	81	28	jeko	jeko	NOUN
faba-246	81	29	milev	milev	NOUN
faba-246	81	30	and	and	CCONJ
faba-246	81	31	kremena	kremena	ADJ
faba-246	81	32	yochkolovska/	yochkolovska/	NUM
faba-246	81	33	finance	finance	NOUN
faba-246	81	34	,	,	PUNCT
faba-246	81	35	accounting	accounting	NOUN
faba-246	81	36	and	and	CCONJ
faba-246	81	37	business	business	NOUN
faba-246	81	38	analysis	analysis	NOUN
faba-246	81	39	,	,	PUNCT
faba-246	81	40	volume	volume	NOUN
faba-246	81	41	6	6	NUM
faba-246	81	42	,	,	PUNCT
faba-246	81	43	issue	issue	NOUN
faba-246	81	44	2	2	NUM
faba-246	81	45	,	,	PUNCT
faba-246	81	46	2024	2024	NUM
faba-246	81	47	209	209	NUM
faba-246	81	48	is	be	AUX
faba-246	81	49	insured	insure	VERB
faba-246	81	50	,	,	PUNCT
faba-246	81	51	he	he	PRON
faba-246	81	52	or	or	CCONJ
faba-246	81	53	she	she	PRON
faba-246	81	54	is	be	AUX
faba-246	81	55	guaranteed	guarantee	VERB
faba-246	81	56	a	a	DET
faba-246	81	57	minimum	minimum	ADJ
faba-246	81	58	return	return	NOUN
faba-246	81	59	based	base	VERB
faba-246	81	60	on	on	ADP
faba-246	81	61	the	the	DET
faba-246	81	62	weighted	weighted	ADJ
faba-246	81	63	average	average	ADJ
faba-246	81	64	return2	return2	NOUN
faba-246	81	65	,	,	PUNCT
faba-246	81	66	reduced	reduce	VERB
faba-246	81	67	by	by	ADP
faba-246	81	68	12	12	NUM
faba-246	81	69	,	,	PUNCT
faba-246	81	70	6	6	NUM
faba-246	81	71	or	or	CCONJ
faba-246	81	72	3	3	NUM
faba-246	81	73	percentage	percentage	NOUN
faba-246	81	74	points	point	NOUN
faba-246	81	75	,	,	PUNCT
faba-246	81	76	for	for	ADP
faba-246	81	77	the	the	DET
faba-246	81	78	a	a	NOUN
faba-246	81	79	,	,	PUNCT
faba-246	81	80	b	b	NOUN
faba-246	81	81	and	and	CCONJ
faba-246	81	82	c	c	NOUN
faba-246	81	83	funds	fund	NOUN
faba-246	81	84	respectively	respectively	ADV
faba-246	81	85	.	.	PUNCT
faba-246	82	1	if	if	SCONJ
faba-246	82	2	the	the	DET
faba-246	82	3	fund	fund	NOUN
faba-246	82	4	does	do	AUX
faba-246	82	5	not	not	PART
faba-246	82	6	achieve	achieve	VERB
faba-246	82	7	the	the	DET
faba-246	82	8	guaranteed	guarantee	VERB
faba-246	82	9	return	return	NOUN
faba-246	82	10	,	,	PUNCT
faba-246	82	11	the	the	DET
faba-246	82	12	pension	pension	NOUN
faba-246	82	13	company	company	NOUN
faba-246	82	14	must	must	AUX
faba-246	82	15	top	top	VERB
faba-246	82	16	-	-	PUNCT
faba-246	82	17	up	up	ADP
faba-246	82	18	the	the	DET
faba-246	82	19	difference	difference	NOUN
faba-246	82	20	.	.	PUNCT
faba-246	83	1	the	the	DET
faba-246	83	2	investment	investment	NOUN
faba-246	83	3	regime	regime	NOUN
faba-246	83	4	of	of	ADP
faba-246	83	5	the	the	DET
faba-246	83	6	three	three	NUM
faba-246	83	7	types	type	NOUN
faba-246	83	8	of	of	ADP
faba-246	83	9	funds	fund	NOUN
faba-246	83	10	is	be	AUX
faba-246	83	11	strictly	strictly	ADV
faba-246	83	12	regulated	regulate	VERB
faba-246	83	13	both	both	CCONJ
faba-246	83	14	quantitatively	quantitatively	ADV
faba-246	83	15	and	and	CCONJ
faba-246	83	16	by	by	ADP
faba-246	83	17	eligible	eligible	ADJ
faba-246	83	18	types	type	NOUN
faba-246	83	19	of	of	ADP
faba-246	83	20	investment	investment	NOUN
faba-246	83	21	instruments	instrument	NOUN
faba-246	83	22	.	.	PUNCT
faba-246	84	1	table	table	NOUN
faba-246	84	2	1	1	NUM
faba-246	84	3	.	.	PUNCT
faba-246	85	1	investment	investment	NOUN
faba-246	85	2	regulations	regulation	NOUN
faba-246	85	3	of	of	ADP
faba-246	85	4	the	the	DET
faba-246	85	5	second	second	ADJ
faba-246	85	6	pillar	pillar	NOUN
faba-246	85	7	multifunds	multifund	NOUN
faba-246	85	8	in	in	ADP
faba-246	85	9	croatia	croatia	PROPN
faba-246	85	10	fund	fund	PROPN
faba-246	85	11	instrument	instrument	PROPN
faba-246	85	12	limit	limit	PROPN
faba-246	85	13	conservative	conservative	ADJ
faba-246	85	14	fund	fund	NOUN
faba-246	85	15	(	(	PUNCT
faba-246	85	16	c	c	NOUN
faba-246	85	17	)	)	PUNCT
faba-246	85	18	government	government	NOUN
faba-246	85	19	securities	security	NOUN
faba-246	85	20	min.70	min.70	NOUN
faba-246	85	21	%	%	NOUN
faba-246	85	22	corporate	corporate	ADJ
faba-246	85	23	bonds	bond	NOUN
faba-246	85	24	10	10	NUM
faba-246	85	25	%	%	NOUN
faba-246	85	26	shares	share	NOUN
faba-246	85	27	0	0	NUM
faba-246	85	28	%	%	NOUN
faba-246	85	29	collective	collective	ADJ
faba-246	85	30	investment	investment	NOUN
faba-246	85	31	schemes	scheme	NOUN
faba-246	85	32	10	10	NUM
faba-246	85	33	%	%	NOUN
faba-246	85	34	alternative	alternative	ADJ
faba-246	85	35	funds	fund	NOUN
faba-246	85	36	0	0	NUM
faba-246	85	37	%	%	NOUN
faba-246	85	38	bank	bank	NOUN
faba-246	85	39	deposits	deposit	NOUN
faba-246	85	40	20	20	NUM
faba-246	85	41	%	%	NOUN
faba-246	85	42	bonds	bond	NOUN
faba-246	85	43	and	and	CCONJ
faba-246	85	44	shares	share	NOUN
faba-246	85	45	issued	issue	VERB
faba-246	85	46	by	by	ADP
faba-246	85	47	companies	company	NOUN
faba-246	85	48	for	for	ADP
faba-246	85	49	infrastructure	infrastructure	NOUN
faba-246	85	50	projects	project	NOUN
faba-246	85	51	in	in	ADP
faba-246	85	52	croatia	croatia	PROPN
faba-246	85	53	35	35	NUM
faba-246	85	54	%	%	NOUN
faba-246	85	55	balanced	balanced	ADJ
faba-246	85	56	funds	fund	NOUN
faba-246	85	57	(	(	PUNCT
faba-246	85	58	b	b	NOUN
faba-246	85	59	)	)	PUNCT
faba-246	85	60	government	government	NOUN
faba-246	85	61	securities	security	NOUN
faba-246	85	62	min.50	min.50	NOUN
faba-246	85	63	%	%	NOUN
faba-246	85	64	corporate	corporate	ADJ
faba-246	85	65	bonds	bond	NOUN
faba-246	85	66	30	30	NUM
faba-246	85	67	%	%	NOUN
faba-246	85	68	shares	share	NOUN
faba-246	85	69	40	40	NUM
faba-246	85	70	%	%	NOUN
faba-246	85	71	collective	collective	ADJ
faba-246	85	72	investment	investment	NOUN
faba-246	85	73	schemes	scheme	NOUN
faba-246	85	74	30	30	NUM
faba-246	85	75	%	%	NOUN
faba-246	85	76	alternative	alternative	ADJ
faba-246	85	77	funds	fund	NOUN
faba-246	85	78	10	10	NUM
faba-246	85	79	%	%	NOUN
faba-246	85	80	bank	bank	NOUN
faba-246	85	81	deposits	deposit	NOUN
faba-246	85	82	20	20	NUM
faba-246	85	83	%	%	NOUN
faba-246	85	84	bonds	bond	NOUN
faba-246	85	85	and	and	CCONJ
faba-246	85	86	shares	share	NOUN
faba-246	85	87	issued	issue	VERB
faba-246	85	88	by	by	ADP
faba-246	85	89	companies	company	NOUN
faba-246	85	90	for	for	ADP
faba-246	85	91	infrastructure	infrastructure	NOUN
faba-246	85	92	projects	project	NOUN
faba-246	85	93	in	in	ADP
faba-246	85	94	croatia	croatia	PROPN
faba-246	85	95	35	35	NUM
faba-246	85	96	%	%	NOUN
faba-246	85	97	aggressive	aggressive	ADJ
faba-246	85	98	funds	fund	NOUN
faba-246	85	99	(	(	PUNCT
faba-246	85	100	a	a	X
faba-246	85	101	)	)	PUNCT
faba-246	85	102	government	government	NOUN
faba-246	85	103	securities	security	NOUN
faba-246	85	104	min.30	min.30	VERB
faba-246	85	105	%	%	ADJ
faba-246	85	106	corporate	corporate	ADJ
faba-246	85	107	bonds	bond	NOUN
faba-246	85	108	50	50	NUM
faba-246	85	109	%	%	NOUN
faba-246	85	110	shares	share	NOUN
faba-246	85	111	65	65	NUM
faba-246	85	112	%	%	NOUN
faba-246	85	113	collective	collective	ADJ
faba-246	85	114	investment	investment	NOUN
faba-246	85	115	schemes	scheme	NOUN
faba-246	85	116	30	30	NUM
faba-246	85	117	%	%	NOUN
faba-246	85	118	alternative	alternative	ADJ
faba-246	85	119	funds	fund	NOUN
faba-246	85	120	15	15	NUM
faba-246	85	121	%	%	NOUN
faba-246	85	122	bank	bank	NOUN
faba-246	85	123	deposits	deposit	NOUN
faba-246	85	124	20	20	NUM
faba-246	85	125	%	%	NOUN
faba-246	85	126	bonds	bond	NOUN
faba-246	85	127	and	and	CCONJ
faba-246	85	128	shares	share	NOUN
faba-246	85	129	issued	issue	VERB
faba-246	85	130	by	by	ADP
faba-246	85	131	companies	company	NOUN
faba-246	85	132	for	for	ADP
faba-246	85	133	infrastructure	infrastructure	NOUN
faba-246	85	134	projects	project	NOUN
faba-246	85	135	in	in	ADP
faba-246	85	136	croatia	croatia	PROPN
faba-246	85	137	55	55	NUM
faba-246	85	138	%	%	NOUN
faba-246	85	139	source	source	NOUN
faba-246	85	140	:	:	PUNCT
faba-246	85	141	compulsory	compulsory	ADJ
faba-246	85	142	and	and	CCONJ
faba-246	85	143	voluntary	voluntary	ADJ
faba-246	85	144	pension	pension	NOUN
faba-246	85	145	funds	fund	NOUN
faba-246	85	146	act	act	NOUN
faba-246	85	147	(	(	PUNCT
faba-246	85	148	2014	2014	NUM
faba-246	85	149	)	)	PUNCT
faba-246	85	150	poland	poland	PROPN
faba-246	85	151	in	in	ADP
faba-246	85	152	1999	1999	NUM
faba-246	85	153	poland	poland	PROPN
faba-246	85	154	introduced	introduce	VERB
faba-246	85	155	a	a	DET
faba-246	85	156	three	three	NUM
faba-246	85	157	-	-	PUNCT
faba-246	85	158	pillar	pillar	NOUN
faba-246	85	159	model	model	NOUN
faba-246	85	160	of	of	ADP
faba-246	85	161	pension	pension	NOUN
faba-246	85	162	insurance	insurance	NOUN
faba-246	85	163	,	,	PUNCT
faba-246	85	164	following	follow	VERB
faba-246	85	165	that	that	SCONJ
faba-246	85	166	proposed	propose	VERB
faba-246	85	167	by	by	ADP
faba-246	85	168	the	the	DET
faba-246	85	169	world	world	PROPN
faba-246	85	170	bank	bank	PROPN
faba-246	85	171	.	.	PUNCT
faba-246	86	1	subsequently	subsequently	ADV
faba-246	86	2	,	,	PUNCT
faba-246	86	3	a	a	DET
faba-246	86	4	number	number	NOUN
faba-246	86	5	of	of	ADP
faba-246	86	6	additional	additional	ADJ
faba-246	86	7	reforms	reform	NOUN
faba-246	86	8	of	of	ADP
faba-246	86	9	the	the	DET
faba-246	86	10	system	system	NOUN
faba-246	86	11	have	have	AUX
faba-246	86	12	been	be	AUX
faba-246	86	13	undertaken	undertake	VERB
faba-246	86	14	,	,	PUNCT
faba-246	86	15	and	and	CCONJ
faba-246	86	16	nowadays	nowadays	ADV
faba-246	86	17	the	the	DET
faba-246	86	18	system	system	NOUN
faba-246	86	19	has	have	AUX
faba-246	86	20	been	be	AUX
faba-246	86	21	transformed	transform	VERB
faba-246	86	22	quite	quite	ADV
faba-246	86	23	significantly	significantly	ADV
faba-246	86	24	.	.	PUNCT
faba-246	87	1	the	the	DET
faba-246	87	2	multifund	multifund	NOUN
faba-246	87	3	system	system	NOUN
faba-246	87	4	has	have	AUX
faba-246	87	5	only	only	ADV
faba-246	87	6	been	be	AUX
faba-246	87	7	implemented	implement	VERB
faba-246	87	8	for	for	ADP
faba-246	87	9	the	the	DET
faba-246	87	10	voluntary	voluntary	ADJ
faba-246	87	11	employee	employee	NOUN
faba-246	87	12	capital	capital	NOUN
faba-246	87	13	plans	plan	NOUN
faba-246	87	14	(	(	PUNCT
faba-246	87	15	ppk3	ppk3	PROPN
faba-246	87	16	)	)	PUNCT
faba-246	87	17	,	,	PUNCT
faba-246	87	18	which	which	PRON
faba-246	87	19	were	be	AUX
faba-246	87	20	introduced	introduce	VERB
faba-246	87	21	in	in	ADP
faba-246	87	22	2019	2019	NUM
faba-246	87	23	.	.	PUNCT
faba-246	88	1	the	the	DET
faba-246	88	2	ppk	ppk	NOUN
faba-246	88	3	is	be	AUX
faba-246	88	4	a	a	DET
faba-246	88	5	long	long	ADJ
faba-246	88	6	-	-	PUNCT
faba-246	88	7	term	term	NOUN
faba-246	88	8	savings	saving	NOUN
faba-246	88	9	scheme	scheme	NOUN
faba-246	88	10	in	in	ADP
faba-246	88	11	which	which	PRON
faba-246	88	12	employers	employer	NOUN
faba-246	88	13	,	,	PUNCT
faba-246	88	14	employees	employee	NOUN
faba-246	88	15	and	and	CCONJ
faba-246	88	16	the	the	DET
faba-246	88	17	state	state	NOUN
faba-246	88	18	participate	participate	VERB
faba-246	88	19	with	with	ADP
faba-246	88	20	contributions	contribution	NOUN
faba-246	88	21	for	for	ADP
faba-246	88	22	the	the	DET
faba-246	88	23	benefit	benefit	NOUN
faba-246	88	24	of	of	ADP
faba-246	88	25	the	the	DET
faba-246	88	26	employees4	employees4	NOUN
faba-246	88	27	.	.	PUNCT
faba-246	89	1	the	the	DET
faba-246	89	2	funds	fund	NOUN
faba-246	89	3	are	be	AUX
faba-246	89	4	invested	invest	VERB
faba-246	89	5	,	,	PUNCT
faba-246	89	6	and	and	CCONJ
faba-246	89	7	after	after	ADP
faba-246	89	8	the	the	DET
faba-246	89	9	age	age	NOUN
faba-246	89	10	of	of	ADP
faba-246	89	11	60	60	NUM
faba-246	89	12	,	,	PUNCT
faba-246	89	13	the	the	DET
faba-246	89	14	insured	insured	ADJ
faba-246	89	15	persons	person	NOUN
faba-246	89	16	can	can	AUX
faba-246	89	17	use	use	VERB
faba-246	89	18	the	the	DET
faba-246	89	19	amount	amount	NOUN
faba-246	89	20	in	in	ADP
faba-246	89	21	accordance	accordance	NOUN
faba-246	89	22	with	with	ADP
faba-246	89	23	the	the	DET
faba-246	89	24	conditions	condition	NOUN
faba-246	89	25	stipulated	stipulate	VERB
faba-246	89	26	into	into	ADP
faba-246	89	27	the	the	DET
faba-246	89	28	contract	contract	NOUN
faba-246	89	29	with	with	ADP
faba-246	89	30	the	the	DET
faba-246	89	31	employer	employer	NOUN
faba-246	89	32	.	.	PUNCT
faba-246	90	1	enrolment	enrolment	NOUN
faba-246	90	2	in	in	ADP
faba-246	90	3	the	the	DET
faba-246	90	4	scheme	scheme	NOUN
faba-246	90	5	is	be	AUX
faba-246	90	6	automatic	automatic	ADJ
faba-246	90	7	for	for	ADP
faba-246	90	8	those	those	PRON
faba-246	90	9	aged	age	VERB
faba-246	90	10	between	between	ADP
faba-246	90	11	18	18	NUM
faba-246	90	12	and	and	CCONJ
faba-246	90	13	55	55	NUM
faba-246	90	14	,	,	PUNCT
faba-246	90	15	but	but	CCONJ
faba-246	90	16	there	there	PRON
faba-246	90	17	is	be	VERB
faba-246	90	18	an	an	DET
faba-246	90	19	option	option	NOUN
faba-246	90	20	to	to	PART
faba-246	90	21	opt	opt	VERB
faba-246	90	22	out	out	ADP
faba-246	90	23	if	if	SCONJ
faba-246	90	24	the	the	DET
faba-246	90	25	individual	individual	NOUN
faba-246	90	26	prefers	prefer	VERB
faba-246	90	27	so	so	ADV
faba-246	90	28	.	.	PUNCT
faba-246	91	1	those	those	PRON
faba-246	91	2	aged	aged	ADJ
faba-246	91	3	55	55	NUM
faba-246	91	4	to	to	PART
faba-246	91	5	70	70	NUM
faba-246	91	6	can	can	AUX
faba-246	91	7	also	also	ADV
faba-246	91	8	opt	opt	VERB
faba-246	91	9	in	in	ADP
faba-246	91	10	,	,	PUNCT
faba-246	91	11	but	but	CCONJ
faba-246	91	12	on	on	ADP
faba-246	91	13	their	their	PRON
faba-246	91	14	own	own	ADJ
faba-246	91	15	initiative	initiative	NOUN
faba-246	91	16	.	.	PUNCT
faba-246	92	1	the	the	DET
faba-246	92	2	multifund	multifund	ADJ
faba-246	92	3	mechanism	mechanism	NOUN
faba-246	92	4	for	for	ADP
faba-246	92	5	voluntary	voluntary	ADJ
faba-246	92	6	ppk	ppk	NOUN
faba-246	92	7	plans	plan	NOUN
faba-246	92	8	is	be	AUX
faba-246	92	9	structured	structure	VERB
faba-246	92	10	according	accord	VERB
faba-246	92	11	to	to	ADP
faba-246	92	12	the	the	DET
faba-246	92	13	life	life	NOUN
faba-246	92	14	cycle	cycle	NOUN
faba-246	92	15	stages	stage	NOUN
faba-246	92	16	of	of	ADP
faba-246	92	17	the	the	DET
faba-246	92	18	insured	insured	ADJ
faba-246	92	19	person	person	NOUN
faba-246	92	20	and	and	CCONJ
faba-246	92	21	the	the	DET
faba-246	92	22	expected	expect	VERB
faba-246	92	23	year	year	NOUN
faba-246	92	24	of	of	ADP
faba-246	92	25	attainment	attainment	NOUN
faba-246	92	26	of	of	ADP
faba-246	92	27	60	60	NUM
faba-246	92	28	years	year	NOUN
faba-246	92	29	,	,	PUNCT
faba-246	92	30	which	which	PRON
faba-246	92	31	is	be	AUX
faba-246	92	32	the	the	DET
faba-246	92	33	target	target	NOUN
faba-246	92	34	date	date	NOUN
faba-246	92	35	of	of	ADP
faba-246	92	36	the	the	DET
faba-246	92	37	fund	fund	NOUN
faba-246	92	38	.	.	PUNCT
faba-246	93	1	for	for	ADP
faba-246	93	2	each	each	DET
faba-246	93	3	insured	insure	VERB
faba-246	93	4	person	person	NOUN
faba-246	93	5	,	,	PUNCT
faba-246	93	6	depending	depend	VERB
faba-246	93	7	on	on	ADP
faba-246	93	8	his	his	PRON
faba-246	93	9	age	age	NOUN
faba-246	93	10	,	,	PUNCT
faba-246	93	11	an	an	DET
faba-246	93	12	investment	investment	NOUN
faba-246	93	13	portfolio	portfolio	NOUN
faba-246	93	14	(	(	PUNCT
faba-246	93	15	fund	fund	NOUN
faba-246	93	16	)	)	PUNCT
faba-246	93	17	is	be	AUX
faba-246	93	18	constructed	construct	VERB
faba-246	93	19	with	with	ADP
faba-246	93	20	a	a	DET
faba-246	93	21	horizon	horizon	NOUN
faba-246	93	22	of	of	ADP
faba-246	93	23	up	up	ADP
faba-246	93	24	to	to	ADP
faba-246	93	25	a	a	DET
faba-246	93	26	certain	certain	ADJ
faba-246	93	27	year	year	NOUN
faba-246	93	28	,	,	PUNCT
faba-246	93	29	in	in	ADP
faba-246	93	30	5	5	NUM
faba-246	93	31	-	-	PUNCT
faba-246	93	32	year	year	NOUN
faba-246	93	33	intervals	interval	NOUN
faba-246	93	34	from	from	ADP
faba-246	93	35	2025	2025	NUM
faba-246	93	36	to	to	ADP
faba-246	93	37	2070	2070	NUM
faba-246	93	38	.	.	PUNCT
faba-246	94	1	for	for	ADP
faba-246	94	2	example	example	NOUN
faba-246	94	3	,	,	PUNCT
faba-246	94	4	the	the	DET
faba-246	94	5	“	"	PUNCT
faba-246	94	6	2030	2030	NUM
faba-246	94	7	fund	fund	NOUN
faba-246	94	8	”	"	PUNCT
faba-246	94	9	,	,	PUNCT
faba-246	94	10	because	because	SCONJ
faba-246	94	11	of	of	ADP
faba-246	94	12	the	the	DET
faba-246	94	13	short	short	ADJ
faba-246	94	14	investment	investment	NOUN
faba-246	94	15	horizon	horizon	NOUN
faba-246	94	16	,	,	PUNCT
faba-246	94	17	is	be	AUX
faba-246	94	18	much	much	ADV
faba-246	94	19	lower	low	ADJ
faba-246	94	20	risk	risk	NOUN
faba-246	94	21	as	as	SCONJ
faba-246	94	22	the	the	DET
faba-246	94	23	shares	share	NOUN
faba-246	94	24	in	in	ADP
faba-246	94	25	it	it	PRON
faba-246	94	26	can	can	AUX
faba-246	94	27	not	not	PART
faba-246	94	28	exceed	exceed	VERB
faba-246	94	29	15	15	NUM
faba-246	94	30	%	%	NOUN
faba-246	94	31	,	,	PUNCT
faba-246	94	32	while	while	SCONJ
faba-246	94	33	for	for	ADP
faba-246	94	34	funds	fund	NOUN
faba-246	94	35	with	with	ADP
faba-246	94	36	a	a	DET
faba-246	94	37	distant	distant	ADJ
faba-246	94	38	target	target	NOUN
faba-246	94	39	date	date	NOUN
faba-246	94	40	this	this	DET
faba-246	94	41	share	share	NOUN
faba-246	94	42	is	be	AUX
faba-246	94	43	much	much	ADV
faba-246	94	44	higher	high	ADJ
faba-246	94	45	up	up	ADP
faba-246	94	46	to	to	PART
faba-246	94	47	80	80	NUM
faba-246	94	48	%	%	NOUN
faba-246	94	49	.	.	PUNCT
faba-246	95	1	2	2	NUM
faba-246	95	2	the	the	DET
faba-246	95	3	benchmark	benchmark	NOUN
faba-246	95	4	is	be	AUX
faba-246	95	5	the	the	DET
faba-246	95	6	weighted	weighted	ADJ
faba-246	95	7	average	average	ADJ
faba-246	95	8	return	return	NOUN
faba-246	95	9	for	for	ADP
faba-246	95	10	each	each	DET
faba-246	95	11	fund	fund	NOUN
faba-246	95	12	category	category	NOUN
faba-246	95	13	over	over	ADP
faba-246	95	14	the	the	DET
faba-246	95	15	last	last	ADJ
faba-246	95	16	3	3	NUM
faba-246	95	17	years	year	NOUN
faba-246	95	18	.	.	PUNCT
faba-246	95	19	3	3	NUM
faba-246	95	20	in	in	ADP
faba-246	95	21	poland	poland	PROPN
faba-246	95	22	,	,	PUNCT
faba-246	95	23	these	these	DET
faba-246	95	24	funds	fund	NOUN
faba-246	95	25	are	be	AUX
faba-246	95	26	known	know	VERB
faba-246	95	27	as	as	ADP
faba-246	95	28	pracownicze	pracownicze	NOUN
faba-246	95	29	programy	programy	NOUN
faba-246	95	30	kapitałowe	kapitałowe	NOUN
faba-246	95	31	(	(	PUNCT
faba-246	95	32	ppk	ppk	NOUN
faba-246	95	33	)	)	PUNCT
faba-246	95	34	4	4	NUM
faba-246	95	35	in	in	ADP
faba-246	95	36	certain	certain	ADJ
faba-246	95	37	cases	case	NOUN
faba-246	95	38	,	,	PUNCT
faba-246	95	39	the	the	DET
faba-246	95	40	state	state	NOUN
faba-246	95	41	may	may	AUX
faba-246	95	42	pay	pay	VERB
faba-246	95	43	a	a	DET
faba-246	95	44	lump	lump	NOUN
faba-246	95	45	-	-	PUNCT
faba-246	95	46	sum	sum	NOUN
faba-246	95	47	of	of	ADP
faba-246	95	48	around	around	ADP
faba-246	95	49	€	€	SYM
faba-246	95	50	60	60	NUM
faba-246	95	51	to	to	PART
faba-246	95	52	encourage	encourage	VERB
faba-246	95	53	voluntary	voluntary	ADJ
faba-246	95	54	participation	participation	NOUN
faba-246	95	55	jeko	jeko	NOUN
faba-246	95	56	milev	milev	NOUN
faba-246	95	57	and	and	CCONJ
faba-246	95	58	kremena	kremena	ADJ
faba-246	95	59	yochkolovska/	yochkolovska/	NUM
faba-246	95	60	finance	finance	NOUN
faba-246	95	61	,	,	PUNCT
faba-246	95	62	accounting	accounting	NOUN
faba-246	95	63	and	and	CCONJ
faba-246	95	64	business	business	NOUN
faba-246	95	65	analysis	analysis	NOUN
faba-246	95	66	,	,	PUNCT
faba-246	95	67	volume	volume	NOUN
faba-246	95	68	6	6	NUM
faba-246	95	69	,	,	PUNCT
faba-246	95	70	issue	issue	NOUN
faba-246	95	71	2	2	NUM
faba-246	95	72	,	,	PUNCT
faba-246	95	73	2024	2024	NUM
faba-246	95	74	210	210	NUM
faba-246	95	75	table	table	NOUN
faba-246	95	76	2	2	NUM
faba-246	95	77	.	.	PUNCT
faba-246	95	78	investments	investment	NOUN
faba-246	95	79	of	of	ADP
faba-246	95	80	the	the	DET
faba-246	95	81	voluntary	voluntary	ADJ
faba-246	95	82	capital	capital	NOUN
faba-246	95	83	plans	plan	NOUN
faba-246	95	84	with	with	ADP
faba-246	95	85	life	life	NOUN
faba-246	95	86	-	-	PUNCT
faba-246	95	87	cycle	cycle	NOUN
faba-246	95	88	investing	investing	NOUN
faba-246	95	89	in	in	ADP
faba-246	95	90	poland	poland	PROPN
faba-246	95	91	fund	fund	NOUN
faba-246	95	92	instrument	instrument	PROPN
faba-246	95	93	limit5	limit5	PROPN
faba-246	95	94	voluntary	voluntary	ADJ
faba-246	95	95	capital	capital	NOUN
faba-246	95	96	plans	plan	NOUN
faba-246	95	97	with	with	ADP
faba-246	95	98	life	life	NOUN
faba-246	95	99	-	-	PUNCT
faba-246	95	100	cycle	cycle	NOUN
faba-246	95	101	investing	investing	NOUN
faba-246	95	102	shares	share	NOUN
faba-246	95	103	10%-80	10%-80	NUM
faba-246	95	104	%	%	NOUN
faba-246	95	105	real	real	ADJ
faba-246	95	106	estate	estate	NOUN
faba-246	95	107	0	0	NUM
faba-246	95	108	bonds	bond	NOUN
faba-246	95	109	20%-100	20%-100	NUM
faba-246	95	110	%	%	NOUN
faba-246	95	111	collective	collective	ADJ
faba-246	95	112	investment	investment	NOUN
faba-246	95	113	schemes	scheme	NOUN
faba-246	95	114	15%-80	15%-80	NUM
faba-246	95	115	%	%	NOUN
faba-246	95	116	bank	bank	NOUN
faba-246	95	117	deposits	deposit	NOUN
faba-246	95	118	20%-100	20%-100	NUM
faba-246	95	119	%	%	NOUN
faba-246	95	120	source	source	NOUN
faba-246	95	121	:	:	PUNCT
faba-246	95	122	act	act	VERB
faba-246	95	123	on	on	ADP
faba-246	95	124	employee	employee	NOUN
faba-246	95	125	capital	capital	NOUN
faba-246	95	126	plans	plan	NOUN
faba-246	95	127	(	(	PUNCT
faba-246	95	128	2018	2018	NUM
faba-246	95	129	)	)	PUNCT
faba-246	95	130	and	and	CCONJ
faba-246	95	131	own	own	ADJ
faba-246	95	132	research	research	NOUN
faba-246	95	133	baltic	baltic	ADJ
faba-246	95	134	states	state	NOUN
faba-246	95	135	at	at	ADP
faba-246	95	136	the	the	DET
faba-246	95	137	beginning	beginning	NOUN
faba-246	95	138	of	of	ADP
faba-246	95	139	the	the	DET
faba-246	95	140	21st	21st	ADJ
faba-246	95	141	century	century	NOUN
faba-246	95	142	,	,	PUNCT
faba-246	95	143	the	the	DET
faba-246	95	144	baltic	baltic	PROPN
faba-246	95	145	trio	trio	PROPN
faba-246	95	146	lithuania	lithuania	PROPN
faba-246	95	147	,	,	PUNCT
faba-246	95	148	latvia	latvia	PROPN
faba-246	95	149	and	and	CCONJ
faba-246	95	150	estonia	estonia	PROPN
faba-246	95	151	undertook	undertake	VERB
faba-246	95	152	intensive	intensive	ADJ
faba-246	95	153	structural	structural	ADJ
faba-246	95	154	reforms	reform	NOUN
faba-246	95	155	of	of	ADP
faba-246	95	156	the	the	DET
faba-246	95	157	existing	exist	VERB
faba-246	95	158	pension	pension	NOUN
faba-246	95	159	model	model	NOUN
faba-246	95	160	based	base	VERB
faba-246	95	161	solely	solely	ADV
faba-246	95	162	at	at	ADP
faba-246	95	163	that	that	DET
faba-246	95	164	time	time	NOUN
faba-246	95	165	on	on	ADP
faba-246	95	166	the	the	DET
faba-246	95	167	public	public	ADJ
faba-246	95	168	pay	pay	NOUN
faba-246	95	169	-	-	PUNCT
faba-246	95	170	as	as	ADP
faba-246	95	171	-	-	PUNCT
faba-246	95	172	yougo	yougo	ADJ
faba-246	95	173	principle	principle	NOUN
faba-246	95	174	.	.	PUNCT
faba-246	96	1	all	all	PRON
faba-246	96	2	of	of	ADP
faba-246	96	3	them	they	PRON
faba-246	96	4	established	establish	VERB
faba-246	96	5	complementary	complementary	ADJ
faba-246	96	6	elements	element	NOUN
faba-246	96	7	based	base	VERB
faba-246	96	8	on	on	ADP
faba-246	96	9	individual	individual	ADJ
faba-246	96	10	pension	pension	NOUN
faba-246	96	11	accounts	account	NOUN
faba-246	96	12	within	within	ADP
faba-246	96	13	two	two	NUM
faba-246	96	14	new	new	ADJ
faba-246	96	15	pillars	pillar	NOUN
faba-246	96	16	a	a	DET
faba-246	96	17	supplementary	supplementary	ADJ
faba-246	96	18	mandatory	mandatory	ADJ
faba-246	96	19	pillar	pillar	NOUN
faba-246	96	20	(	(	PUNCT
faba-246	96	21	second	second	ADJ
faba-246	96	22	pillar	pillar	NOUN
faba-246	96	23	)	)	PUNCT
faba-246	96	24	and	and	CCONJ
faba-246	96	25	a	a	DET
faba-246	96	26	supplementary	supplementary	ADJ
faba-246	96	27	voluntary	voluntary	ADJ
faba-246	96	28	pillar	pillar	NOUN
faba-246	96	29	(	(	PUNCT
faba-246	96	30	third	third	ADJ
faba-246	96	31	pillar	pillar	NOUN
faba-246	96	32	)	)	PUNCT
faba-246	96	33	.	.	PUNCT
faba-246	97	1	over	over	ADP
faba-246	97	2	the	the	DET
faba-246	97	3	years	year	NOUN
faba-246	97	4	,	,	PUNCT
faba-246	97	5	the	the	DET
faba-246	97	6	model	model	NOUN
faba-246	97	7	in	in	ADP
faba-246	97	8	each	each	PRON
faba-246	97	9	of	of	ADP
faba-246	97	10	the	the	DET
faba-246	97	11	countries	country	NOUN
faba-246	97	12	has	have	AUX
faba-246	97	13	undergone	undergo	VERB
faba-246	97	14	various	various	ADJ
faba-246	97	15	modifications	modification	NOUN
faba-246	97	16	in	in	ADP
faba-246	97	17	line	line	NOUN
faba-246	97	18	with	with	ADP
faba-246	97	19	the	the	DET
faba-246	97	20	realities	reality	NOUN
faba-246	97	21	of	of	ADP
faba-246	97	22	the	the	DET
faba-246	97	23	general	general	ADJ
faba-246	97	24	economic	economic	ADJ
faba-246	97	25	and	and	CCONJ
faba-246	97	26	political	political	ADJ
faba-246	97	27	developments	development	NOUN
faba-246	97	28	.	.	PUNCT
faba-246	98	1	lithuania	lithuania	PROPN
faba-246	98	2	has	have	AUX
faba-246	98	3	introduced	introduce	VERB
faba-246	98	4	two	two	NUM
faba-246	98	5	main	main	ADJ
faba-246	98	6	types	type	NOUN
faba-246	98	7	of	of	ADP
faba-246	98	8	investment	investment	NOUN
faba-246	98	9	schemes	scheme	NOUN
faba-246	98	10	(	(	PUNCT
faba-246	98	11	funds	fund	NOUN
faba-246	98	12	)	)	PUNCT
faba-246	98	13	in	in	ADP
faba-246	98	14	the	the	DET
faba-246	98	15	second	second	ADJ
faba-246	98	16	pillar	pillar	NOUN
faba-246	98	17	an	an	DET
faba-246	98	18	asset	asset	NOUN
faba-246	98	19	preservation	preservation	NOUN
faba-246	98	20	pension	pension	NOUN
faba-246	98	21	scheme	scheme	NOUN
faba-246	98	22	and	and	CCONJ
faba-246	98	23	a	a	DET
faba-246	98	24	life	life	NOUN
faba-246	98	25	-	-	PUNCT
faba-246	98	26	cycle	cycle	NOUN
faba-246	98	27	investment	investment	NOUN
faba-246	98	28	scheme	scheme	NOUN
faba-246	98	29	.	.	PUNCT
faba-246	99	1	the	the	DET
faba-246	99	2	main	main	ADJ
faba-246	99	3	objective	objective	NOUN
faba-246	99	4	of	of	ADP
faba-246	99	5	the	the	DET
faba-246	99	6	asset	asset	NOUN
faba-246	99	7	preservation	preservation	NOUN
faba-246	99	8	fund	fund	NOUN
faba-246	99	9	is	be	AUX
faba-246	99	10	to	to	PART
faba-246	99	11	protect	protect	VERB
faba-246	99	12	the	the	DET
faba-246	99	13	value	value	NOUN
faba-246	99	14	of	of	ADP
faba-246	99	15	accumulated	accumulate	VERB
faba-246	99	16	assets	asset	NOUN
faba-246	99	17	and	and	CCONJ
faba-246	99	18	minimize	minimize	VERB
faba-246	99	19	the	the	DET
faba-246	99	20	investment	investment	NOUN
faba-246	99	21	risk	risk	NOUN
faba-246	99	22	.	.	PUNCT
faba-246	100	1	this	this	PRON
faba-246	100	2	requires	require	VERB
faba-246	100	3	a	a	DET
faba-246	100	4	strategy	strategy	NOUN
faba-246	100	5	focused	focus	VERB
faba-246	100	6	on	on	ADP
faba-246	100	7	investments	investment	NOUN
faba-246	100	8	in	in	ADP
faba-246	100	9	low	low	ADJ
faba-246	100	10	-	-	PUNCT
faba-246	100	11	risk	risk	NOUN
faba-246	100	12	instruments	instrument	NOUN
faba-246	100	13	such	such	ADJ
faba-246	100	14	as	as	ADP
faba-246	100	15	bonds	bond	NOUN
faba-246	100	16	,	,	PUNCT
faba-246	100	17	non	non	ADJ
faba-246	100	18	-	-	ADJ
faba-246	100	19	equity	equity	ADJ
faba-246	100	20	securities	security	NOUN
faba-246	100	21	,	,	PUNCT
faba-246	100	22	shares	share	NOUN
faba-246	100	23	of	of	ADP
faba-246	100	24	collective	collective	ADJ
faba-246	100	25	investment	investment	NOUN
faba-246	100	26	undertakings	undertaking	NOUN
faba-246	100	27	,	,	PUNCT
faba-246	100	28	short	short	ADJ
faba-246	100	29	-	-	PUNCT
faba-246	100	30	term	term	NOUN
faba-246	100	31	deposits	deposit	NOUN
faba-246	100	32	.	.	PUNCT
faba-246	101	1	the	the	DET
faba-246	101	2	maximum	maximum	ADJ
faba-246	101	3	allowed	allow	VERB
faba-246	101	4	investment	investment	NOUN
faba-246	101	5	in	in	ADP
faba-246	101	6	equities	equity	NOUN
faba-246	101	7	is	be	AUX
faba-246	101	8	20	20	NUM
faba-246	101	9	%	%	NOUN
faba-246	101	10	.	.	PUNCT
faba-246	102	1	in	in	ADP
faba-246	102	2	case	case	NOUN
faba-246	102	3	of	of	ADP
faba-246	102	4	a	a	DET
faba-246	102	5	life	life	NOUN
faba-246	102	6	-	-	PUNCT
faba-246	102	7	cycle	cycle	NOUN
faba-246	102	8	pension	pension	NOUN
faba-246	102	9	fund	fund	NOUN
faba-246	102	10	,	,	PUNCT
faba-246	102	11	the	the	DET
faba-246	102	12	investment	investment	NOUN
faba-246	102	13	strategy	strategy	NOUN
faba-246	102	14	is	be	AUX
faba-246	102	15	adapted	adapt	VERB
faba-246	102	16	to	to	ADP
faba-246	102	17	the	the	DET
faba-246	102	18	life	life	NOUN
faba-246	102	19	cycle	cycle	NOUN
faba-246	102	20	of	of	ADP
faba-246	102	21	the	the	DET
faba-246	102	22	participants	participant	NOUN
faba-246	102	23	,	,	PUNCT
faba-246	102	24	aiming	aim	VERB
faba-246	102	25	at	at	ADP
faba-246	102	26	an	an	DET
faba-246	102	27	optimal	optimal	ADJ
faba-246	102	28	balance	balance	NOUN
faba-246	102	29	between	between	ADP
faba-246	102	30	risky	risky	ADJ
faba-246	102	31	and	and	CCONJ
faba-246	102	32	less	less	ADV
faba-246	102	33	risky	risky	ADJ
faba-246	102	34	assets	asset	NOUN
faba-246	102	35	,	,	PUNCT
faba-246	102	36	depending	depend	VERB
faba-246	102	37	on	on	ADP
faba-246	102	38	the	the	DET
faba-246	102	39	remaining	remain	VERB
faba-246	102	40	accumulation	accumulation	NOUN
faba-246	102	41	period	period	NOUN
faba-246	102	42	.	.	PUNCT
faba-246	103	1	the	the	DET
faba-246	103	2	allowed	allow	VERB
faba-246	103	3	investment	investment	NOUN
faba-246	103	4	in	in	ADP
faba-246	103	5	variable	variable	ADJ
faba-246	103	6	income	income	NOUN
faba-246	103	7	instruments	instrument	NOUN
faba-246	103	8	is	be	AUX
faba-246	103	9	100	100	NUM
faba-246	103	10	%	%	NOUN
faba-246	103	11	.	.	PUNCT
faba-246	104	1	by	by	ADP
faba-246	104	2	selecting	select	VERB
faba-246	104	3	the	the	DET
faba-246	104	4	second	second	ADJ
faba-246	104	5	type	type	NOUN
faba-246	104	6	of	of	ADP
faba-246	104	7	fund	fund	NOUN
faba-246	104	8	,	,	PUNCT
faba-246	104	9	participants	participant	NOUN
faba-246	104	10	have	have	VERB
faba-246	104	11	an	an	DET
faba-246	104	12	opportunity	opportunity	NOUN
faba-246	104	13	to	to	PART
faba-246	104	14	optimize	optimize	VERB
faba-246	104	15	their	their	PRON
faba-246	104	16	savings	saving	NOUN
faba-246	104	17	.	.	PUNCT
faba-246	105	1	the	the	DET
faba-246	105	2	pension	pension	NOUN
faba-246	105	3	insurance	insurance	NOUN
faba-246	105	4	company	company	NOUN
faba-246	105	5	chooses	choose	VERB
faba-246	105	6	investment	investment	NOUN
faba-246	105	7	strategy	strategy	NOUN
faba-246	105	8	by	by	ADP
faba-246	105	9	taking	take	VERB
faba-246	105	10	into	into	ADP
faba-246	105	11	account	account	NOUN
faba-246	105	12	their	their	PRON
faba-246	105	13	age	age	NOUN
faba-246	105	14	and	and	CCONJ
faba-246	105	15	investment	investment	NOUN
faba-246	105	16	objectives	objective	NOUN
faba-246	105	17	,	,	PUNCT
faba-246	105	18	and	and	CCONJ
faba-246	105	19	applies	apply	VERB
faba-246	105	20	different	different	ADJ
faba-246	105	21	approaches	approach	NOUN
faba-246	105	22	to	to	ADP
faba-246	105	23	retirement	retirement	NOUN
faba-246	105	24	savings	saving	NOUN
faba-246	105	25	depending	depend	VERB
faba-246	105	26	on	on	ADP
faba-246	105	27	individual	individual	ADJ
faba-246	105	28	needs	need	NOUN
faba-246	105	29	and	and	CCONJ
faba-246	105	30	risk	risk	NOUN
faba-246	105	31	preferences	preference	NOUN
faba-246	105	32	.	.	PUNCT
faba-246	106	1	table	table	NOUN
faba-246	106	2	3	3	NUM
faba-246	106	3	.	.	PUNCT
faba-246	107	1	investments	investment	NOUN
faba-246	107	2	of	of	ADP
faba-246	107	3	the	the	DET
faba-246	107	4	second	second	ADJ
faba-246	107	5	pillar	pillar	NOUN
faba-246	107	6	multifunds	multifund	NOUN
faba-246	107	7	in	in	ADP
faba-246	107	8	lithuania	lithuania	PROPN
faba-246	107	9	fund	fund	PROPN
faba-246	107	10	shares	share	NOUN
faba-246	107	11	real	real	ADJ
faba-246	107	12	estate	estate	NOUN
faba-246	107	13	bonds	bond	NOUN
faba-246	107	14	collective	collective	ADJ
faba-246	107	15	investment	investment	NOUN
faba-246	107	16	funds	fund	NOUN
faba-246	107	17	bank	bank	NOUN
faba-246	107	18	deposits	deposit	VERB
faba-246	107	19	other	other	ADJ
faba-246	107	20	asset	asset	NOUN
faba-246	107	21	preservation	preservation	NOUN
faba-246	107	22	pension	pension	NOUN
faba-246	107	23	fund	fund	NOUN
faba-246	107	24	20	20	NUM
faba-246	107	25	%	%	NOUN
faba-246	107	26	0	0	NUM
faba-246	107	27	%	%	NOUN
faba-246	107	28	100	100	NUM
faba-246	107	29	%	%	NOUN
faba-246	107	30	10	10	NUM
faba-246	107	31	%	%	NOUN
faba-246	107	32	in	in	ADP
faba-246	107	33	funds	fund	NOUN
faba-246	107	34	investing	invest	VERB
faba-246	107	35	in	in	ADP
faba-246	107	36	shares	share	NOUN
faba-246	107	37	;	;	PUNCT
faba-246	107	38	20	20	NUM
faba-246	107	39	%	%	NOUN
faba-246	107	40	in	in	ADP
faba-246	107	41	funds	fund	NOUN
faba-246	107	42	investing	invest	VERB
faba-246	107	43	in	in	ADP
faba-246	107	44	corporate	corporate	ADJ
faba-246	107	45	bonds	bond	NOUN
faba-246	107	46	100	100	NUM
faba-246	107	47	%	%	NOUN
faba-246	107	48	in	in	ADP
faba-246	107	49	funds	fund	NOUN
faba-246	107	50	investing	invest	VERB
faba-246	107	51	in	in	ADP
faba-246	107	52	government	government	NOUN
faba-246	107	53	securities	security	NOUN
faba-246	107	54	100	100	NUM
faba-246	107	55	%	%	NOUN
faba-246	107	56	life	life	NOUN
faba-246	107	57	-	-	PUNCT
faba-246	107	58	cycle	cycle	NOUN
faba-246	107	59	fund	fund	NOUN
faba-246	107	60	100	100	NUM
faba-246	107	61	%	%	NOUN
faba-246	107	62	0	0	NUM
faba-246	107	63	%	%	NOUN
faba-246	107	64	100	100	NUM
faba-246	107	65	%	%	NOUN
faba-246	107	66	100	100	NUM
faba-246	107	67	%	%	NOUN
faba-246	107	68	100	100	NUM
faba-246	107	69	%	%	NOUN
faba-246	107	70	20	20	NUM
faba-246	107	71	%	%	NOUN
faba-246	107	72	in	in	ADP
faba-246	107	73	funds	fund	NOUN
faba-246	107	74	other	other	ADJ
faba-246	107	75	than	than	ADP
faba-246	107	76	collective	collective	ADJ
faba-246	107	77	investment	investment	NOUN
faba-246	107	78	funds	fund	NOUN
faba-246	107	79	source	source	NOUN
faba-246	107	80	:	:	PUNCT
faba-246	107	81	pension	pension	NOUN
faba-246	107	82	accumulation	accumulation	NOUN
faba-246	107	83	law	law	NOUN
faba-246	107	84	(	(	PUNCT
faba-246	107	85	2019	2019	NUM
faba-246	107	86	)	)	PUNCT
faba-246	107	87	and	and	CCONJ
faba-246	107	88	own	own	ADJ
faba-246	107	89	research	research	NOUN
faba-246	107	90	latvia	latvia	PROPN
faba-246	107	91	is	be	AUX
faba-246	107	92	no	no	DET
faba-246	107	93	exception	exception	NOUN
faba-246	107	94	in	in	ADP
faba-246	107	95	terms	term	NOUN
faba-246	107	96	of	of	ADP
faba-246	107	97	the	the	DET
faba-246	107	98	path	path	NOUN
faba-246	107	99	chosen	choose	VERB
faba-246	107	100	to	to	PART
faba-246	107	101	reform	reform	VERB
faba-246	107	102	its	its	PRON
faba-246	107	103	pension	pension	NOUN
faba-246	107	104	system	system	NOUN
faba-246	107	105	in	in	ADP
faba-246	107	106	1998	1998	NUM
faba-246	107	107	-	-	SYM
faba-246	107	108	2001	2001	NUM
faba-246	107	109	it	it	PRON
faba-246	107	110	introduced	introduce	VERB
faba-246	107	111	a	a	DET
faba-246	107	112	three	three	NUM
faba-246	107	113	-	-	PUNCT
faba-246	107	114	pillar	pillar	NOUN
faba-246	107	115	model	model	NOUN
faba-246	107	116	and	and	CCONJ
faba-246	107	117	subsequently	subsequently	ADV
faba-246	107	118	enriched	enrich	VERB
faba-246	107	119	it	it	PRON
faba-246	107	120	with	with	ADP
faba-246	107	121	a	a	DET
faba-246	107	122	multifund	multifund	ADJ
faba-246	107	123	investment	investment	NOUN
faba-246	107	124	principle	principle	NOUN
faba-246	107	125	.	.	PUNCT
faba-246	108	1	pension	pension	NOUN
faba-246	108	2	fund	fund	NOUN
faba-246	108	3	managers	manager	NOUN
faba-246	108	4	have	have	VERB
faba-246	108	5	significant	significant	ADJ
faba-246	108	6	freedom	freedom	NOUN
faba-246	108	7	in	in	ADP
faba-246	108	8	establishing	establish	VERB
faba-246	108	9	different	different	ADJ
faba-246	108	10	types	type	NOUN
faba-246	108	11	of	of	ADP
faba-246	108	12	funds	fund	NOUN
faba-246	108	13	with	with	ADP
faba-246	108	14	different	different	ADJ
faba-246	108	15	risk	risk	NOUN
faba-246	108	16	profile	profile	NOUN
faba-246	108	17	.	.	PUNCT
faba-246	109	1	however	however	ADV
faba-246	109	2	,	,	PUNCT
faba-246	109	3	the	the	DET
faba-246	109	4	practice	practice	NOUN
faba-246	109	5	shows	show	VERB
faba-246	109	6	that	that	SCONJ
faba-246	109	7	three	three	NUM
faba-246	109	8	types	type	NOUN
faba-246	109	9	of	of	ADP
faba-246	109	10	investment	investment	NOUN
faba-246	109	11	funds	fund	NOUN
faba-246	109	12	can	can	AUX
faba-246	109	13	be	be	AUX
faba-246	109	14	distinguished	distinguish	VERB
faba-246	109	15	:	:	PUNCT
faba-246	109	16	conservative	conservative	ADJ
faba-246	109	17	,	,	PUNCT
faba-246	109	18	balanced	balanced	ADJ
faba-246	109	19	and	and	CCONJ
faba-246	109	20	aggressive	aggressive	ADJ
faba-246	109	21	.	.	PUNCT
faba-246	110	1	the	the	DET
faba-246	110	2	conservative	conservative	ADJ
faba-246	110	3	fund	fund	NOUN
faba-246	110	4	is	be	AUX
faba-246	110	5	focused	focus	VERB
faba-246	110	6	on	on	ADP
faba-246	110	7	investments	investment	NOUN
faba-246	110	8	in	in	ADP
faba-246	110	9	bonds	bond	NOUN
faba-246	110	10	and	and	CCONJ
faba-246	110	11	money	money	NOUN
faba-246	110	12	market	market	NOUN
faba-246	110	13	instruments	instrument	NOUN
faba-246	110	14	,	,	PUNCT
faba-246	110	15	the	the	DET
faba-246	110	16	balanced	balanced	ADJ
faba-246	110	17	one	one	NUM
faba-246	110	18	invests	invest	NOUN
faba-246	110	19	up	up	ADP
faba-246	110	20	to	to	PART
faba-246	110	21	15	15	NUM
faba-246	110	22	%	%	NOUN
faba-246	110	23	in	in	ADP
faba-246	110	24	equities	equity	NOUN
faba-246	110	25	and	and	CCONJ
faba-246	110	26	a	a	DET
faba-246	110	27	minimum	minimum	NOUN
faba-246	110	28	of	of	ADP
faba-246	110	29	50	50	NUM
faba-246	110	30	%	%	NOUN
faba-246	110	31	in	in	ADP
faba-246	110	32	bonds	bond	NOUN
faba-246	110	33	and	and	CCONJ
faba-246	110	34	money	money	NOUN
faba-246	110	35	market	market	NOUN
faba-246	110	36	instruments	instrument	NOUN
faba-246	110	37	,	,	PUNCT
faba-246	110	38	while	while	SCONJ
faba-246	110	39	the	the	DET
faba-246	110	40	aggressive	aggressive	ADJ
faba-246	110	41	funds	fund	NOUN
faba-246	110	42	follow	follow	VERB
faba-246	110	43	an	an	DET
faba-246	110	44	investment	investment	NOUN
faba-246	110	45	approach	approach	NOUN
faba-246	110	46	where	where	SCONJ
faba-246	110	47	up	up	ADP
faba-246	110	48	to	to	PART
faba-246	110	49	100	100	NUM
faba-246	110	50	%	%	NOUN
faba-246	110	51	of	of	ADP
faba-246	110	52	their	their	PRON
faba-246	110	53	investments	investment	NOUN
faba-246	110	54	can	can	AUX
faba-246	110	55	be	be	AUX
faba-246	110	56	in	in	ADP
faba-246	110	57	equities	equity	NOUN
faba-246	110	58	.	.	PUNCT
faba-246	111	1	latvian	latvian	ADJ
faba-246	111	2	legislation	legislation	NOUN
faba-246	111	3	does	do	AUX
faba-246	111	4	not	not	PART
faba-246	111	5	prescribe	prescribe	VERB
faba-246	111	6	exact	exact	ADJ
faba-246	111	7	percentage	percentage	NOUN
faba-246	111	8	limits	limit	NOUN
faba-246	111	9	for	for	ADP
faba-246	111	10	each	each	PRON
faba-246	111	11	of	of	ADP
faba-246	111	12	the	the	DET
faba-246	111	13	funds	fund	NOUN
faba-246	111	14	.	.	PUNCT
faba-246	112	1	it	it	PRON
faba-246	112	2	has	have	VERB
faba-246	112	3	just	just	ADV
faba-246	112	4	common	common	ADJ
faba-246	112	5	investment	investment	NOUN
faba-246	112	6	limits	limit	NOUN
faba-246	112	7	that	that	PRON
faba-246	112	8	must	must	AUX
faba-246	112	9	be	be	AUX
faba-246	112	10	followed	follow	VERB
faba-246	112	11	but	but	CCONJ
faba-246	112	12	the	the	DET
faba-246	112	13	exact	exact	ADJ
faba-246	112	14	constraints	constraint	NOUN
faba-246	112	15	must	must	AUX
faba-246	112	16	be	be	AUX
faba-246	112	17	formulated	formulate	VERB
faba-246	112	18	into	into	ADP
faba-246	112	19	the	the	DET
faba-246	112	20	prospectus	prospectus	NOUN
faba-246	112	21	of	of	ADP
faba-246	112	22	each	each	PRON
faba-246	112	23	of	of	ADP
faba-246	112	24	the	the	DET
faba-246	112	25	funds	fund	NOUN
faba-246	112	26	.	.	PUNCT
faba-246	113	1	it	it	PRON
faba-246	113	2	should	should	AUX
faba-246	113	3	be	be	AUX
faba-246	113	4	noted	note	VERB
faba-246	113	5	also	also	ADV
faba-246	113	6	that	that	SCONJ
faba-246	113	7	latvian	latvian	ADJ
faba-246	113	8	legislation	legislation	NOUN
faba-246	113	9	does	do	AUX
faba-246	113	10	not	not	PART
faba-246	113	11	envisage	envisage	VERB
faba-246	113	12	any	any	DET
faba-246	113	13	type	type	NOUN
faba-246	113	14	of	of	ADP
faba-246	113	15	guarantee	guarantee	NOUN
faba-246	113	16	about	about	ADP
faba-246	113	17	minimum	minimum	ADJ
faba-246	113	18	returns	return	NOUN
faba-246	113	19	.	.	PUNCT
faba-246	114	1	this	this	PRON
faba-246	114	2	means	mean	VERB
faba-246	114	3	that	that	SCONJ
faba-246	114	4	insured	insured	ADJ
faba-246	114	5	persons	person	NOUN
faba-246	114	6	and	and	CCONJ
faba-246	114	7	pension	pension	NOUN
faba-246	114	8	administrators	administrator	NOUN
faba-246	114	9	must	must	AUX
faba-246	114	10	be	be	AUX
faba-246	114	11	significantly	significantly	ADV
faba-246	114	12	more	more	ADV
faba-246	114	13	responsible	responsible	ADJ
faba-246	114	14	during	during	ADP
faba-246	114	15	the	the	DET
faba-246	114	16	investment	investment	NOUN
faba-246	114	17	process	process	NOUN
faba-246	114	18	.	.	PUNCT
faba-246	115	1	5	5	NUM
faba-246	116	1	the	the	DET
faba-246	116	2	exact	exact	ADJ
faba-246	116	3	percentage	percentage	NOUN
faba-246	116	4	depends	depend	VERB
faba-246	116	5	on	on	ADP
faba-246	116	6	the	the	DET
faba-246	116	7	number	number	NOUN
faba-246	116	8	of	of	ADP
faba-246	116	9	years	year	NOUN
faba-246	116	10	until	until	ADP
faba-246	116	11	retirement	retirement	NOUN
faba-246	116	12	jeko	jeko	NOUN
faba-246	116	13	milev	milev	NOUN
faba-246	116	14	and	and	CCONJ
faba-246	116	15	kremena	kremena	ADJ
faba-246	116	16	yochkolovska/	yochkolovska/	NUM
faba-246	116	17	finance	finance	NOUN
faba-246	116	18	,	,	PUNCT
faba-246	116	19	accounting	accounting	NOUN
faba-246	116	20	and	and	CCONJ
faba-246	116	21	business	business	NOUN
faba-246	116	22	analysis	analysis	NOUN
faba-246	116	23	,	,	PUNCT
faba-246	116	24	volume	volume	NOUN
faba-246	116	25	6	6	NUM
faba-246	116	26	,	,	PUNCT
faba-246	116	27	issue	issue	NOUN
faba-246	116	28	2	2	NUM
faba-246	116	29	,	,	PUNCT
faba-246	116	30	2024	2024	NUM
faba-246	116	31	211	211	NUM
faba-246	116	32	table	table	NOUN
faba-246	116	33	4	4	NUM
faba-246	116	34	.	.	PUNCT
faba-246	117	1	investments	investment	NOUN
faba-246	117	2	of	of	ADP
faba-246	117	3	the	the	DET
faba-246	117	4	second	second	ADJ
faba-246	117	5	pillar	pillar	NOUN
faba-246	117	6	multifunds	multifund	NOUN
faba-246	117	7	in	in	ADP
faba-246	117	8	latvia	latvia	PROPN
faba-246	117	9	fund	fund	PROPN
faba-246	117	10	instrument	instrument	PROPN
faba-246	117	11	limit	limit	NOUN
faba-246	117	12	conservative	conservative	ADJ
faba-246	117	13	fund	fund	NOUN
faba-246	117	14	shares	share	NOUN
faba-246	117	15	0	0	NUM
faba-246	117	16	%	%	NOUN
faba-246	117	17	fixed	fix	VERB
faba-246	117	18	income	income	NOUN
faba-246	117	19	securities	security	NOUN
faba-246	117	20	100	100	NUM
faba-246	117	21	%	%	NOUN
faba-246	117	22	balanced	balanced	ADJ
faba-246	117	23	funds	fund	NOUN
faba-246	117	24	shares	share	VERB
faba-246	117	25	15	15	NUM
faba-246	117	26	%	%	NOUN
faba-246	117	27	money	money	NOUN
faba-246	117	28	market	market	NOUN
faba-246	117	29	instruments	instrument	NOUN
faba-246	117	30	min.50	min.50	ADP
faba-246	117	31	%	%	NOUN
faba-246	117	32	active	active	ADJ
faba-246	117	33	funds	fund	NOUN
faba-246	117	34	shares	share	VERB
faba-246	117	35	100	100	NUM
faba-246	117	36	%	%	NOUN
faba-246	117	37	bonds	bond	NOUN
faba-246	117	38	100	100	NUM
faba-246	117	39	%	%	NOUN
faba-246	117	40	money	money	NOUN
faba-246	117	41	market	market	NOUN
faba-246	117	42	instruments	instrument	NOUN
faba-246	117	43	100	100	NUM
faba-246	117	44	%	%	NOUN
faba-246	117	45	source	source	NOUN
faba-246	117	46	:	:	PUNCT
faba-246	117	47	own	own	ADJ
faba-246	117	48	research	research	NOUN
faba-246	117	49	the	the	DET
faba-246	117	50	pension	pension	NOUN
faba-246	117	51	insurance	insurance	NOUN
faba-246	117	52	model	model	NOUN
faba-246	117	53	in	in	ADP
faba-246	117	54	estonia	estonia	PROPN
faba-246	117	55	was	be	AUX
faba-246	117	56	transformed	transform	VERB
faba-246	117	57	from	from	ADP
faba-246	117	58	a	a	DET
faba-246	117	59	one	one	NUM
faba-246	117	60	-	-	PUNCT
faba-246	117	61	pillar	pillar	NOUN
faba-246	117	62	into	into	ADP
faba-246	117	63	a	a	DET
faba-246	117	64	three	three	NUM
faba-246	117	65	-	-	PUNCT
faba-246	117	66	pillar	pillar	NOUN
faba-246	117	67	model	model	NOUN
faba-246	117	68	in	in	ADP
faba-246	117	69	the	the	DET
faba-246	117	70	period	period	NOUN
faba-246	117	71	1998	1998	NUM
faba-246	117	72	-	-	SYM
faba-246	117	73	2003	2003	NUM
faba-246	117	74	,	,	PUNCT
faba-246	117	75	when	when	SCONJ
faba-246	117	76	two	two	NUM
faba-246	117	77	additional	additional	ADJ
faba-246	117	78	pillars	pillar	NOUN
faba-246	117	79	based	base	VERB
faba-246	117	80	on	on	ADP
faba-246	117	81	individual	individual	ADJ
faba-246	117	82	accounts	account	NOUN
faba-246	117	83	mandatory	mandatory	ADJ
faba-246	117	84	and	and	CCONJ
faba-246	117	85	voluntary	voluntary	ADJ
faba-246	117	86	were	be	AUX
faba-246	117	87	introduced	introduce	VERB
faba-246	117	88	to	to	PART
faba-246	117	89	support	support	VERB
faba-246	117	90	the	the	DET
faba-246	117	91	pay	pay	VERB
faba-246	117	92	-	-	PUNCT
faba-246	117	93	as	as	ADP
faba-246	117	94	-	-	PUNCT
faba-246	117	95	you	you	PRON
faba-246	117	96	-	-	PUNCT
faba-246	117	97	go	go	VERB
faba-246	117	98	system	system	NOUN
faba-246	117	99	.	.	PUNCT
faba-246	118	1	the	the	DET
faba-246	118	2	multifund	multifund	ADJ
faba-246	118	3	mechanism	mechanism	NOUN
faba-246	118	4	was	be	AUX
faba-246	118	5	introduced	introduce	VERB
faba-246	118	6	by	by	ADP
faba-246	118	7	offering	offer	VERB
faba-246	118	8	investment	investment	NOUN
faba-246	118	9	pension	pension	NOUN
faba-246	118	10	schemes	scheme	NOUN
faba-246	118	11	with	with	ADP
faba-246	118	12	three	three	NUM
faba-246	118	13	different	different	ADJ
faba-246	118	14	risk	risk	NOUN
faba-246	118	15	profiles	profile	NOUN
faba-246	118	16	depending	depend	VERB
faba-246	118	17	on	on	ADP
faba-246	118	18	the	the	DET
faba-246	118	19	structure	structure	NOUN
faba-246	118	20	of	of	ADP
faba-246	118	21	the	the	DET
faba-246	118	22	investment	investment	NOUN
faba-246	118	23	portfolio	portfolio	NOUN
faba-246	118	24	conservative	conservative	ADJ
faba-246	118	25	,	,	PUNCT
faba-246	118	26	balanced	balanced	ADJ
faba-246	118	27	and	and	CCONJ
faba-246	118	28	aggressive	aggressive	ADJ
faba-246	118	29	schemes	scheme	NOUN
faba-246	118	30	.	.	PUNCT
faba-246	119	1	then	then	ADV
faba-246	119	2	the	the	DET
faba-246	119	3	system	system	NOUN
faba-246	119	4	was	be	AUX
faba-246	119	5	transformed	transform	VERB
faba-246	119	6	by	by	ADP
faba-246	119	7	introducing	introduce	VERB
faba-246	119	8	the	the	DET
faba-246	119	9	so	so	ADV
faba-246	119	10	called	call	VERB
faba-246	119	11	conservative	conservative	ADJ
faba-246	119	12	and	and	CCONJ
faba-246	119	13	non	non	ADJ
faba-246	119	14	-	-	ADJ
faba-246	119	15	conservative	conservative	ADJ
faba-246	119	16	funds	fund	NOUN
faba-246	119	17	.	.	PUNCT
faba-246	120	1	the	the	DET
faba-246	120	2	conservative	conservative	ADJ
faba-246	120	3	funds	fund	NOUN
faba-246	120	4	must	must	AUX
faba-246	120	5	have	have	VERB
faba-246	120	6	at	at	ADV
faba-246	120	7	least	least	ADV
faba-246	120	8	80	80	NUM
faba-246	120	9	%	%	NOUN
faba-246	120	10	of	of	ADP
faba-246	120	11	their	their	PRON
faba-246	120	12	assets	asset	NOUN
faba-246	120	13	in	in	ADP
faba-246	120	14	bank	bank	NOUN
faba-246	120	15	deposits	deposit	NOUN
faba-246	120	16	,	,	PUNCT
faba-246	120	17	securities	security	NOUN
faba-246	120	18	with	with	ADP
faba-246	120	19	investment	investment	NOUN
faba-246	120	20	credit	credit	NOUN
faba-246	120	21	rating	rating	NOUN
faba-246	120	22	and	and	CCONJ
faba-246	120	23	money	money	NOUN
faba-246	120	24	market	market	NOUN
faba-246	120	25	instruments	instrument	NOUN
faba-246	120	26	.	.	PUNCT
faba-246	121	1	the	the	DET
faba-246	121	2	so	so	ADV
faba-246	121	3	called	call	VERB
faba-246	121	4	non	non	ADJ
faba-246	121	5	-	-	ADJ
faba-246	121	6	conservative	conservative	ADJ
faba-246	121	7	funds	fund	NOUN
faba-246	121	8	are	be	AUX
faba-246	121	9	allowed	allow	VERB
faba-246	121	10	to	to	PART
faba-246	121	11	invest	invest	VERB
faba-246	121	12	in	in	ADP
faba-246	121	13	variable	variable	ADJ
faba-246	121	14	income	income	NOUN
faba-246	121	15	instruments	instrument	NOUN
faba-246	121	16	as	as	ADV
faba-246	121	17	much	much	ADV
faba-246	121	18	as	as	SCONJ
faba-246	121	19	they	they	PRON
faba-246	121	20	wish	wish	VERB
faba-246	121	21	.	.	PUNCT
faba-246	122	1	in	in	ADP
faba-246	122	2	addition	addition	NOUN
faba-246	122	3	,	,	PUNCT
faba-246	122	4	pension	pension	NOUN
faba-246	122	5	investment	investment	NOUN
faba-246	122	6	accounts	account	NOUN
faba-246	122	7	opened	open	VERB
faba-246	122	8	with	with	ADP
faba-246	122	9	banks	bank	NOUN
faba-246	122	10	were	be	AUX
faba-246	122	11	introduced	introduce	VERB
faba-246	122	12	in	in	ADP
faba-246	122	13	2021	2021	NUM
faba-246	122	14	,	,	PUNCT
faba-246	122	15	where	where	SCONJ
faba-246	122	16	any	any	DET
faba-246	122	17	person	person	NOUN
faba-246	122	18	insured	insure	VERB
faba-246	122	19	in	in	ADP
faba-246	122	20	the	the	DET
faba-246	122	21	second	second	ADJ
faba-246	122	22	pillar	pillar	NOUN
faba-246	122	23	can	can	AUX
faba-246	122	24	transfer	transfer	VERB
faba-246	122	25	his	his	PRON
faba-246	122	26	/	/	SYM
faba-246	122	27	her	her	PRON
faba-246	122	28	funds	fund	NOUN
faba-246	122	29	into	into	ADP
faba-246	122	30	such	such	DET
faba-246	122	31	an	an	DET
faba-246	122	32	account	account	NOUN
faba-246	122	33	and	and	CCONJ
faba-246	122	34	manage	manage	VERB
faba-246	122	35	it	it	PRON
faba-246	122	36	independently	independently	ADV
faba-246	122	37	.	.	PUNCT
faba-246	123	1	table	table	NOUN
faba-246	123	2	5	5	NUM
faba-246	123	3	.	.	PUNCT
faba-246	124	1	investments	investment	NOUN
faba-246	124	2	of	of	ADP
faba-246	124	3	the	the	DET
faba-246	124	4	second	second	ADJ
faba-246	124	5	pillar	pillar	NOUN
faba-246	124	6	multifunds	multifund	NOUN
faba-246	124	7	in	in	ADP
faba-246	124	8	estonia	estonia	PROPN
faba-246	124	9	fund	fund	PROPN
faba-246	124	10	instrument	instrument	PROPN
faba-246	124	11	limit	limit	PROPN
faba-246	124	12	conservative	conservative	ADJ
faba-246	124	13	fund	fund	NOUN
faba-246	124	14	bank	bank	NOUN
faba-246	124	15	deposits	deposit	NOUN
faba-246	124	16	,	,	PUNCT
faba-246	124	17	securities	security	NOUN
faba-246	124	18	with	with	ADP
faba-246	124	19	investment	investment	NOUN
faba-246	124	20	credit	credit	NOUN
faba-246	124	21	rating	rating	NOUN
faba-246	124	22	and	and	CCONJ
faba-246	124	23	money	money	NOUN
faba-246	124	24	market	market	NOUN
faba-246	124	25	instruments	instrument	NOUN
faba-246	124	26	min	min	PROPN
faba-246	124	27	.	.	PROPN
faba-246	124	28	80	80	NUM
faba-246	124	29	%	%	NOUN
faba-246	124	30	non	non	X
faba-246	124	31	conservative	conservative	ADJ
faba-246	124	32	fund	fund	NOUN
faba-246	124	33	shares	share	NOUN
faba-246	124	34	100	100	NUM
faba-246	124	35	%	%	NOUN
faba-246	124	36	real	real	ADJ
faba-246	124	37	estate	estate	NOUN
faba-246	124	38	40	40	NUM
faba-246	124	39	%	%	NOUN
faba-246	124	40	(	(	PUNCT
faba-246	124	41	max	max	PROPN
faba-246	124	42	.	.	PROPN
faba-246	124	43	10	10	NUM
faba-246	124	44	%	%	NOUN
faba-246	124	45	in	in	ADP
faba-246	124	46	1	1	NUM
faba-246	124	47	property	property	NOUN
faba-246	124	48	)	)	PUNCT
faba-246	124	49	bonds	bond	NOUN
faba-246	124	50	100	100	NUM
faba-246	124	51	%	%	NOUN
faba-246	124	52	(	(	PUNCT
faba-246	124	53	max	max	PROPN
faba-246	124	54	.	.	PROPN
faba-246	124	55	10	10	NUM
faba-246	124	56	%	%	NOUN
faba-246	124	57	in	in	ADP
faba-246	124	58	one	one	NUM
faba-246	124	59	state	state	NOUN
faba-246	124	60	)	)	PUNCT
faba-246	124	61	collective	collective	ADJ
faba-246	124	62	investment	investment	NOUN
faba-246	124	63	funds	fund	NOUN
faba-246	124	64	100	100	NUM
faba-246	124	65	%	%	NOUN
faba-246	124	66	bank	bank	NOUN
faba-246	124	67	deposits	deposit	NOUN
faba-246	124	68	100	100	NUM
faba-246	124	69	%	%	NOUN
faba-246	124	70	source	source	NOUN
faba-246	124	71	:	:	PUNCT
faba-246	124	72	investments	investments	PROPN
faba-246	124	73	funds	fund	NOUN
faba-246	124	74	act	act	VERB
faba-246	124	75	(	(	PUNCT
faba-246	124	76	2016	2016	NUM
faba-246	124	77	)	)	PUNCT
faba-246	124	78	and	and	CCONJ
faba-246	124	79	own	own	ADJ
faba-246	124	80	research	research	NOUN
faba-246	124	81	the	the	DET
faba-246	124	82	examined	examine	VERB
faba-246	124	83	countries	country	NOUN
faba-246	124	84	have	have	VERB
faba-246	124	85	some	some	DET
faba-246	124	86	similarities	similarity	NOUN
faba-246	124	87	but	but	CCONJ
faba-246	124	88	also	also	ADV
faba-246	124	89	differences	difference	NOUN
faba-246	124	90	in	in	ADP
faba-246	124	91	their	their	PRON
faba-246	124	92	approaches	approach	NOUN
faba-246	124	93	towards	towards	ADP
faba-246	124	94	the	the	DET
faba-246	124	95	multifund	multifund	NOUN
faba-246	124	96	system	system	NOUN
faba-246	124	97	.	.	PUNCT
faba-246	125	1	the	the	DET
faba-246	125	2	research	research	NOUN
faba-246	125	3	made	make	VERB
faba-246	125	4	shows	show	VERB
faba-246	125	5	that	that	SCONJ
faba-246	125	6	all	all	PRON
faba-246	125	7	of	of	ADP
faba-246	125	8	the	the	DET
faba-246	125	9	countries	country	NOUN
faba-246	125	10	have	have	VERB
faba-246	125	11	at	at	ADV
faba-246	125	12	least	least	ADV
faba-246	125	13	3	3	NUM
faba-246	125	14	different	different	ADJ
faba-246	125	15	types	type	NOUN
faba-246	125	16	of	of	ADP
faba-246	125	17	funds	fund	NOUN
faba-246	125	18	.	.	PUNCT
faba-246	126	1	but	but	CCONJ
faba-246	126	2	the	the	DET
faba-246	126	3	baltic	baltic	ADJ
faba-246	126	4	countries	country	NOUN
faba-246	126	5	and	and	CCONJ
faba-246	126	6	poland	poland	PROPN
faba-246	126	7	have	have	AUX
faba-246	126	8	introduced	introduce	VERB
faba-246	126	9	life	life	NOUN
faba-246	126	10	cycle	cycle	NOUN
faba-246	126	11	funds	fund	NOUN
faba-246	126	12	where	where	SCONJ
faba-246	126	13	insured	insured	ADJ
faba-246	126	14	individuals	individual	NOUN
faba-246	126	15	are	be	AUX
faba-246	126	16	divided	divide	VERB
faba-246	126	17	into	into	ADP
faba-246	126	18	age	age	NOUN
faba-246	126	19	groups	group	NOUN
faba-246	126	20	and	and	CCONJ
faba-246	126	21	for	for	ADP
faba-246	126	22	each	each	DET
faba-246	126	23	age	age	NOUN
faba-246	126	24	group	group	NOUN
faba-246	126	25	there	there	PRON
faba-246	126	26	is	be	VERB
faba-246	126	27	a	a	DET
faba-246	126	28	specific	specific	ADJ
faba-246	126	29	fund	fund	NOUN
faba-246	126	30	.	.	PUNCT
faba-246	127	1	the	the	DET
faba-246	127	2	age	age	NOUN
faba-246	127	3	groups	group	NOUN
faba-246	127	4	are	be	AUX
faba-246	127	5	formed	form	VERB
faba-246	127	6	by	by	ADP
faba-246	127	7	including	include	VERB
faba-246	127	8	individuals	individual	NOUN
faba-246	127	9	born	bear	VERB
faba-246	127	10	in	in	ADP
faba-246	127	11	intervals	interval	NOUN
faba-246	127	12	from	from	ADP
faba-246	127	13	5	5	NUM
faba-246	127	14	to	to	PART
faba-246	127	15	7	7	NUM
faba-246	127	16	years	year	NOUN
faba-246	127	17	.	.	PUNCT
faba-246	128	1	for	for	ADP
faba-246	128	2	example	example	NOUN
faba-246	128	3	in	in	ADP
faba-246	128	4	lithuania	lithuania	PROPN
faba-246	128	5	the	the	DET
faba-246	128	6	age	age	NOUN
faba-246	128	7	groups	group	NOUN
faba-246	128	8	are	be	AUX
faba-246	128	9	the	the	DET
faba-246	128	10	following	following	NOUN
faba-246	128	11	:	:	PUNCT
faba-246	128	12	1996	1996	NUM
faba-246	128	13	-	-	SYM
faba-246	128	14	2002	2002	NUM
faba-246	128	15	;	;	PUNCT
faba-246	128	16	1989	1989	NUM
faba-246	128	17	-	-	SYM
faba-246	128	18	1995	1995	NUM
faba-246	128	19	;	;	PUNCT
faba-246	128	20	1982	1982	NUM
faba-246	128	21	-	-	SYM
faba-246	128	22	1988	1988	NUM
faba-246	128	23	;	;	PUNCT
faba-246	128	24	1975	1975	NUM
faba-246	128	25	-	-	SYM
faba-246	128	26	1981	1981	NUM
faba-246	128	27	;	;	PUNCT
faba-246	128	28	1968	1968	NUM
faba-246	128	29	-	-	SYM
faba-246	128	30	1974	1974	NUM
faba-246	128	31	;	;	PUNCT
faba-246	128	32	1961	1961	NUM
faba-246	128	33	-	-	SYM
faba-246	128	34	1967	1967	NUM
faba-246	128	35	;	;	PUNCT
faba-246	128	36	1954	1954	NUM
faba-246	128	37	-	-	SYM
faba-246	128	38	1960	1960	NUM
faba-246	128	39	.	.	PUNCT
faba-246	129	1	this	this	PRON
faba-246	129	2	makes	make	VERB
faba-246	129	3	7	7	NUM
faba-246	129	4	different	different	ADJ
faba-246	129	5	pension	pension	NOUN
faba-246	129	6	funds	fund	NOUN
faba-246	129	7	with	with	ADP
faba-246	129	8	different	different	ADJ
faba-246	129	9	risk	risk	NOUN
faba-246	129	10	profile	profile	NOUN
faba-246	129	11	,	,	PUNCT
faba-246	129	12	although	although	SCONJ
faba-246	129	13	the	the	DET
faba-246	129	14	funds	fund	NOUN
faba-246	129	15	destined	destine	VERB
faba-246	129	16	for	for	ADP
faba-246	129	17	those	those	PRON
faba-246	129	18	born	bear	VERB
faba-246	129	19	between	between	ADP
faba-246	129	20	1975	1975	NUM
faba-246	129	21	and	and	CCONJ
faba-246	129	22	2002	2002	NUM
faba-246	129	23	have	have	VERB
faba-246	129	24	almost	almost	ADV
faba-246	129	25	identical	identical	ADJ
faba-246	129	26	share	share	NOUN
faba-246	129	27	of	of	ADP
faba-246	129	28	variable	variable	ADJ
faba-246	129	29	income	income	NOUN
faba-246	129	30	instruments	instrument	NOUN
faba-246	129	31	which	which	PRON
faba-246	129	32	makes	make	VERB
faba-246	129	33	them	they	PRON
faba-246	129	34	quite	quite	ADV
faba-246	129	35	similar	similar	ADJ
faba-246	129	36	in	in	ADP
faba-246	129	37	terms	term	NOUN
faba-246	129	38	of	of	ADP
faba-246	129	39	risk	risk	NOUN
faba-246	129	40	level	level	NOUN
faba-246	129	41	.	.	PUNCT
faba-246	130	1	in	in	ADP
faba-246	130	2	croatia	croatia	PROPN
faba-246	130	3	the	the	DET
faba-246	130	4	funds	fund	NOUN
faba-246	130	5	are	be	AUX
faba-246	130	6	just	just	ADV
faba-246	130	7	three	three	NUM
faba-246	130	8	and	and	CCONJ
faba-246	130	9	the	the	DET
faba-246	130	10	normative	normative	ADJ
faba-246	130	11	rules	rule	NOUN
faba-246	130	12	are	be	AUX
faba-246	130	13	clear	clear	ADJ
faba-246	130	14	to	to	ADP
faba-246	130	15	what	what	DET
faba-246	130	16	extent	extent	NOUN
faba-246	130	17	different	different	ADJ
faba-246	130	18	funds	fund	NOUN
faba-246	130	19	may	may	AUX
faba-246	130	20	use	use	VERB
faba-246	130	21	variable	variable	ADJ
faba-246	130	22	income	income	NOUN
faba-246	130	23	instruments	instrument	NOUN
faba-246	130	24	as	as	ADP
faba-246	130	25	investment	investment	NOUN
faba-246	130	26	vehicles	vehicle	NOUN
faba-246	130	27	.	.	PUNCT
faba-246	131	1	the	the	DET
faba-246	131	2	baltic	baltic	ADJ
faba-246	131	3	countries	country	NOUN
faba-246	131	4	used	use	VERB
faba-246	131	5	to	to	PART
faba-246	131	6	have	have	VERB
faba-246	131	7	similar	similar	ADJ
faba-246	131	8	legislation	legislation	NOUN
faba-246	131	9	but	but	CCONJ
faba-246	131	10	after	after	ADP
faba-246	131	11	the	the	DET
faba-246	131	12	reforms	reform	NOUN
faba-246	131	13	implemented	implement	VERB
faba-246	131	14	in	in	ADP
faba-246	131	15	the	the	DET
faba-246	131	16	last	last	ADJ
faba-246	131	17	few	few	ADJ
faba-246	131	18	years	year	NOUN
faba-246	131	19	,	,	PUNCT
faba-246	131	20	they	they	PRON
faba-246	131	21	introduced	introduce	VERB
faba-246	131	22	life	life	NOUN
faba-246	131	23	cycle	cycle	NOUN
faba-246	131	24	funds	fund	NOUN
faba-246	131	25	where	where	SCONJ
faba-246	131	26	insured	insured	ADJ
faba-246	131	27	individuals	individual	NOUN
faba-246	131	28	are	be	AUX
faba-246	131	29	by	by	ADP
faba-246	131	30	default	default	NOUN
faba-246	131	31	transferred	transfer	VERB
faba-246	131	32	into	into	ADP
faba-246	131	33	a	a	DET
faba-246	131	34	fund	fund	NOUN
faba-246	131	35	which	which	PRON
faba-246	131	36	is	be	AUX
faba-246	131	37	considered	consider	VERB
faba-246	131	38	as	as	ADP
faba-246	131	39	the	the	DET
faba-246	131	40	most	most	ADV
faba-246	131	41	appropriate	appropriate	ADJ
faba-246	131	42	for	for	ADP
faba-246	131	43	their	their	PRON
faba-246	131	44	age	age	NOUN
faba-246	131	45	.	.	PUNCT
faba-246	132	1	the	the	DET
faba-246	132	2	reasons	reason	NOUN
faba-246	132	3	behind	behind	ADP
faba-246	132	4	this	this	DET
faba-246	132	5	type	type	NOUN
faba-246	132	6	of	of	ADP
faba-246	132	7	reform	reform	NOUN
faba-246	132	8	lies	lie	VERB
faba-246	132	9	primarily	primarily	ADV
faba-246	132	10	on	on	ADP
faba-246	132	11	the	the	DET
faba-246	132	12	assumption	assumption	NOUN
faba-246	132	13	that	that	SCONJ
faba-246	132	14	insured	insure	VERB
faba-246	132	15	individuals	individual	NOUN
faba-246	132	16	in	in	ADP
faba-246	132	17	most	most	ADJ
faba-246	132	18	of	of	ADP
faba-246	132	19	the	the	DET
faba-246	132	20	cases	case	NOUN
faba-246	132	21	do	do	AUX
faba-246	132	22	not	not	PART
faba-246	132	23	act	act	VERB
faba-246	132	24	rational	rational	ADJ
faba-246	132	25	.	.	PUNCT
faba-246	133	1	they	they	PRON
faba-246	133	2	do	do	VERB
faba-246	133	3	not	not	PART
faba-246	133	4	to	to	PART
faba-246	133	5	choose	choose	VERB
faba-246	133	6	the	the	DET
faba-246	133	7	right	right	ADJ
faba-246	133	8	fund	fund	NOUN
faba-246	133	9	by	by	ADP
faba-246	133	10	taking	take	VERB
faba-246	133	11	into	into	ADP
faba-246	133	12	account	account	NOUN
faba-246	133	13	the	the	DET
faba-246	133	14	investment	investment	NOUN
faba-246	133	15	horizon	horizon	NOUN
faba-246	133	16	ahead	ahead	ADV
faba-246	133	17	and	and	CCONJ
faba-246	133	18	do	do	AUX
faba-246	133	19	not	not	PART
faba-246	133	20	optimize	optimize	VERB
faba-246	133	21	the	the	DET
faba-246	133	22	value	value	NOUN
faba-246	133	23	of	of	ADP
faba-246	133	24	their	their	PRON
faba-246	133	25	savings	saving	NOUN
faba-246	133	26	towards	towards	ADP
faba-246	133	27	the	the	DET
faba-246	133	28	date	date	NOUN
faba-246	133	29	of	of	ADP
faba-246	133	30	retirement	retirement	NOUN
faba-246	133	31	.	.	PUNCT
faba-246	134	1	for	for	ADP
faba-246	134	2	example	example	NOUN
faba-246	134	3	,	,	PUNCT
faba-246	134	4	young	young	ADJ
faba-246	134	5	individuals	individual	NOUN
faba-246	134	6	tend	tend	VERB
faba-246	134	7	to	to	PART
faba-246	134	8	choose	choose	VERB
faba-246	134	9	conservative	conservative	ADJ
faba-246	134	10	portfolio	portfolio	NOUN
faba-246	134	11	types	type	NOUN
faba-246	134	12	thus	thus	ADV
faba-246	134	13	reducing	reduce	VERB
faba-246	134	14	the	the	DET
faba-246	134	15	possibility	possibility	NOUN
faba-246	134	16	to	to	PART
faba-246	134	17	realize	realize	VERB
faba-246	134	18	higher	high	ADJ
faba-246	134	19	return	return	NOUN
faba-246	134	20	in	in	ADP
faba-246	134	21	the	the	DET
faba-246	134	22	long	long	ADJ
faba-246	134	23	term	term	NOUN
faba-246	134	24	and	and	CCONJ
faba-246	134	25	the	the	DET
faba-246	134	26	old	old	ADJ
faba-246	134	27	individuals	individual	NOUN
faba-246	134	28	take	take	VERB
faba-246	134	29	unnecessary	unnecessary	ADJ
faba-246	134	30	high	high	ADJ
faba-246	134	31	risks	risk	NOUN
faba-246	134	32	in	in	ADP
faba-246	134	33	the	the	DET
faba-246	134	34	last	last	ADJ
faba-246	134	35	few	few	ADJ
faba-246	134	36	years	year	NOUN
faba-246	134	37	before	before	ADP
faba-246	134	38	retirement	retirement	NOUN
faba-246	134	39	trying	try	VERB
faba-246	134	40	to	to	PART
faba-246	134	41	increase	increase	VERB
faba-246	134	42	the	the	DET
faba-246	134	43	value	value	NOUN
faba-246	134	44	of	of	ADP
faba-246	134	45	their	their	PRON
faba-246	134	46	funds	fund	NOUN
faba-246	134	47	by	by	ADP
faba-246	134	48	risking	risk	VERB
faba-246	134	49	significant	significant	ADJ
faba-246	134	50	decline	decline	NOUN
faba-246	134	51	of	of	ADP
faba-246	134	52	their	their	PRON
faba-246	134	53	assets	asset	NOUN
faba-246	134	54	without	without	ADP
faba-246	134	55	any	any	DET
faba-246	134	56	good	good	ADJ
faba-246	134	57	reason	reason	NOUN
faba-246	134	58	.	.	PUNCT
faba-246	135	1	so	so	ADV
faba-246	135	2	,	,	PUNCT
faba-246	135	3	the	the	DET
faba-246	135	4	exact	exact	ADJ
faba-246	135	5	design	design	NOUN
faba-246	135	6	and	and	CCONJ
faba-246	135	7	structure	structure	NOUN
faba-246	135	8	of	of	ADP
faba-246	135	9	the	the	DET
faba-246	135	10	multifund	multifund	NOUN
faba-246	135	11	system	system	NOUN
faba-246	135	12	is	be	AUX
faba-246	135	13	quite	quite	ADV
faba-246	135	14	important	important	ADJ
faba-246	135	15	.	.	PUNCT
faba-246	136	1	it	it	PRON
faba-246	136	2	must	must	AUX
faba-246	136	3	serve	serve	VERB
faba-246	136	4	adequately	adequately	ADV
faba-246	136	5	to	to	ADP
faba-246	136	6	the	the	DET
faba-246	136	7	expectations	expectation	NOUN
faba-246	136	8	and	and	CCONJ
faba-246	136	9	the	the	DET
faba-246	136	10	needs	need	NOUN
faba-246	136	11	of	of	ADP
faba-246	136	12	the	the	DET
faba-246	136	13	insured	insure	VERB
faba-246	136	14	individuals	individual	NOUN
faba-246	136	15	but	but	CCONJ
faba-246	136	16	at	at	ADP
faba-246	136	17	the	the	DET
faba-246	136	18	same	same	ADJ
faba-246	136	19	time	time	NOUN
faba-246	136	20	it	it	PRON
faba-246	136	21	must	must	AUX
faba-246	136	22	protect	protect	VERB
faba-246	136	23	them	they	PRON
faba-246	136	24	from	from	ADP
faba-246	136	25	taking	take	VERB
faba-246	136	26	unnecessary	unnecessary	ADJ
faba-246	136	27	risks	risk	NOUN
faba-246	136	28	during	during	ADP
faba-246	136	29	the	the	DET
faba-246	136	30	different	different	ADJ
faba-246	136	31	stages	stage	NOUN
faba-246	136	32	of	of	ADP
faba-246	136	33	their	their	PRON
faba-246	136	34	lives	life	NOUN
faba-246	136	35	.	.	PUNCT
faba-246	137	1	the	the	DET
faba-246	137	2	right	right	ADJ
faba-246	137	3	structure	structure	NOUN
faba-246	137	4	of	of	ADP
faba-246	137	5	the	the	DET
faba-246	137	6	second	second	ADJ
faba-246	137	7	pillar	pillar	NOUN
faba-246	137	8	pension	pension	NOUN
faba-246	137	9	funds	fund	NOUN
faba-246	137	10	must	must	AUX
faba-246	137	11	take	take	VERB
faba-246	137	12	into	into	ADP
faba-246	137	13	account	account	NOUN
faba-246	137	14	the	the	DET
faba-246	137	15	changing	change	VERB
faba-246	137	16	investment	investment	NOUN
faba-246	137	17	horizon	horizon	NOUN
faba-246	137	18	,	,	PUNCT
faba-246	137	19	the	the	DET
faba-246	137	20	expected	expect	VERB
faba-246	137	21	yield	yield	NOUN
faba-246	137	22	from	from	ADP
faba-246	137	23	the	the	DET
faba-246	137	24	different	different	ADJ
faba-246	137	25	asset	asset	NOUN
faba-246	137	26	classes	class	NOUN
faba-246	137	27	,	,	PUNCT
faba-246	137	28	the	the	DET
faba-246	137	29	expected	expect	VERB
faba-246	137	30	inflation	inflation	NOUN
faba-246	137	31	and	and	CCONJ
faba-246	137	32	the	the	DET
faba-246	137	33	possibilities	possibility	NOUN
faba-246	137	34	to	to	PART
faba-246	137	35	introduce	introduce	VERB
faba-246	137	36	specific	specific	ADJ
faba-246	137	37	guarantees	guarantee	NOUN
faba-246	137	38	for	for	ADP
faba-246	137	39	the	the	DET
faba-246	137	40	insured	insure	VERB
faba-246	137	41	individuals	individual	NOUN
faba-246	137	42	who	who	PRON
faba-246	137	43	are	be	AUX
faba-246	137	44	the	the	DET
faba-246	137	45	primary	primary	ADJ
faba-246	137	46	holders	holder	NOUN
faba-246	137	47	of	of	ADP
faba-246	137	48	the	the	DET
faba-246	137	49	investment	investment	NOUN
faba-246	137	50	risk	risk	NOUN
faba-246	137	51	.	.	PUNCT
faba-246	138	1	jeko	jeko	NOUN
faba-246	138	2	milev	milev	NOUN
faba-246	138	3	and	and	CCONJ
faba-246	138	4	kremena	kremena	ADJ
faba-246	138	5	yochkolovska/	yochkolovska/	NUM
faba-246	138	6	finance	finance	NOUN
faba-246	138	7	,	,	PUNCT
faba-246	138	8	accounting	accounting	NOUN
faba-246	138	9	and	and	CCONJ
faba-246	138	10	business	business	NOUN
faba-246	138	11	analysis	analysis	NOUN
faba-246	138	12	,	,	PUNCT
faba-246	138	13	volume	volume	NOUN
faba-246	138	14	6	6	NUM
faba-246	138	15	,	,	PUNCT
faba-246	138	16	issue	issue	NOUN
faba-246	138	17	2	2	NUM
faba-246	138	18	,	,	PUNCT
faba-246	138	19	2024	2024	NUM
faba-246	138	20	212	212	NUM
faba-246	138	21	options	option	NOUN
faba-246	138	22	for	for	ADP
faba-246	138	23	introducing	introduce	VERB
faba-246	138	24	the	the	DET
faba-246	138	25	multifunds	multifund	NOUN
faba-246	138	26	in	in	ADP
faba-246	138	27	bulgaria	bulgaria	PROPN
faba-246	138	28	–	–	PUNCT
faba-246	138	29	the	the	DET
faba-246	138	30	basic	basic	ADJ
faba-246	138	31	challenges	challenge	NOUN
faba-246	138	32	and	and	CCONJ
faba-246	138	33	risks	risk	VERB
faba-246	138	34	bulgarian	bulgarian	ADJ
faba-246	138	35	pension	pension	NOUN
faba-246	138	36	system	system	NOUN
faba-246	138	37	is	be	AUX
faba-246	138	38	a	a	DET
faba-246	138	39	three	three	NUM
faba-246	138	40	pillar	pillar	NOUN
faba-246	138	41	structure	structure	NOUN
faba-246	138	42	with	with	ADP
faba-246	138	43	mandatory	mandatory	ADJ
faba-246	138	44	first	first	ADJ
faba-246	138	45	and	and	CCONJ
faba-246	138	46	second	second	ADJ
faba-246	138	47	pillar	pillar	NOUN
faba-246	138	48	and	and	CCONJ
faba-246	138	49	voluntary	voluntary	ADJ
faba-246	138	50	third	third	ADJ
faba-246	138	51	one	one	NUM
faba-246	138	52	.	.	PUNCT
faba-246	139	1	the	the	DET
faba-246	139	2	second	second	ADJ
faba-246	139	3	pillar	pillar	NOUN
faba-246	139	4	was	be	AUX
faba-246	139	5	introduced	introduce	VERB
faba-246	139	6	in	in	ADP
faba-246	139	7	the	the	DET
faba-246	139	8	early	early	ADJ
faba-246	139	9	2000	2000	NUM
faba-246	139	10	’s	’s	NOUN
faba-246	139	11	as	as	ADP
faba-246	139	12	a	a	DET
faba-246	139	13	fulfillment	fulfillment	NOUN
faba-246	139	14	of	of	ADP
faba-246	139	15	the	the	DET
faba-246	139	16	recommendations	recommendation	NOUN
faba-246	139	17	of	of	ADP
faba-246	139	18	the	the	DET
faba-246	139	19	world	world	NOUN
faba-246	139	20	bank	bank	PROPN
faba-246	139	21	and	and	CCONJ
faba-246	139	22	the	the	DET
faba-246	139	23	third	third	ADJ
faba-246	139	24	pillar	pillar	NOUN
faba-246	139	25	–	–	PUNCT
faba-246	139	26	the	the	DET
faba-246	139	27	voluntary	voluntary	ADJ
faba-246	139	28	pension	pension	NOUN
faba-246	139	29	funds	fund	NOUN
faba-246	139	30	started	start	VERB
faba-246	139	31	a	a	DET
faba-246	139	32	few	few	ADJ
faba-246	139	33	years	year	NOUN
faba-246	139	34	earlier	early	ADV
faba-246	139	35	,	,	PUNCT
faba-246	139	36	but	but	CCONJ
faba-246	139	37	their	their	PRON
faba-246	139	38	detailed	detailed	ADJ
faba-246	139	39	regulations	regulation	NOUN
faba-246	139	40	were	be	AUX
faba-246	139	41	adopted	adopt	VERB
faba-246	139	42	in	in	ADP
faba-246	139	43	the	the	DET
faba-246	139	44	early	early	ADJ
faba-246	139	45	2000	2000	NUM
faba-246	139	46	’s	’	VERB
faba-246	139	47	so	so	SCONJ
faba-246	139	48	that	that	PRON
faba-246	139	49	to	to	PART
faba-246	139	50	supplement	supplement	VERB
faba-246	139	51	efficiently	efficiently	ADV
faba-246	139	52	the	the	DET
faba-246	139	53	first	first	ADJ
faba-246	139	54	two	two	NUM
faba-246	139	55	pillars	pillar	NOUN
faba-246	139	56	of	of	ADP
faba-246	139	57	the	the	DET
faba-246	139	58	system	system	NOUN
faba-246	139	59	.	.	PUNCT
faba-246	140	1	the	the	DET
faba-246	140	2	second	second	ADJ
faba-246	140	3	and	and	CCONJ
faba-246	140	4	third	third	ADJ
faba-246	140	5	pillar	pillar	NOUN
faba-246	140	6	operate	operate	VERB
faba-246	140	7	defined	define	VERB
faba-246	140	8	contribution	contribution	NOUN
faba-246	140	9	schemes	scheme	NOUN
faba-246	140	10	,	,	PUNCT
faba-246	140	11	structured	structure	VERB
faba-246	140	12	on	on	ADP
faba-246	140	13	a	a	DET
faba-246	140	14	fully	fully	ADV
faba-246	140	15	funded	fund	VERB
faba-246	140	16	principle	principle	NOUN
faba-246	140	17	.	.	PUNCT
faba-246	141	1	still	still	ADV
faba-246	141	2	from	from	ADP
faba-246	141	3	the	the	DET
faba-246	141	4	very	very	ADJ
faba-246	141	5	beginning	beginning	NOUN
faba-246	141	6	,	,	PUNCT
faba-246	141	7	the	the	DET
faba-246	141	8	adopted	adopt	VERB
faba-246	141	9	rules	rule	NOUN
faba-246	141	10	allowed	allow	VERB
faba-246	141	11	pension	pension	NOUN
faba-246	141	12	fund	fund	NOUN
faba-246	141	13	managers	manager	NOUN
faba-246	141	14	to	to	PART
faba-246	141	15	construct	construct	VERB
faba-246	141	16	and	and	CCONJ
faba-246	141	17	manage	manage	VERB
faba-246	141	18	only	only	ADV
faba-246	141	19	one	one	NUM
faba-246	141	20	portfolio	portfolio	NOUN
faba-246	141	21	of	of	ADP
faba-246	141	22	assets	asset	NOUN
faba-246	141	23	.	.	PUNCT
faba-246	142	1	the	the	DET
faba-246	142	2	investment	investment	NOUN
faba-246	142	3	regulations	regulation	NOUN
faba-246	142	4	were	be	AUX
faba-246	142	5	very	very	ADV
faba-246	142	6	strict	strict	ADJ
faba-246	142	7	stipulating	stipulate	VERB
faba-246	142	8	not	not	PART
faba-246	142	9	only	only	ADV
faba-246	142	10	the	the	DET
faba-246	142	11	asset	asset	NOUN
faba-246	142	12	classes	class	NOUN
faba-246	142	13	but	but	CCONJ
faba-246	142	14	also	also	ADV
faba-246	142	15	the	the	DET
faba-246	142	16	proportions	proportion	NOUN
faba-246	142	17	of	of	ADP
faba-246	142	18	each	each	DET
faba-246	142	19	asset	asset	NOUN
faba-246	142	20	class	class	NOUN
faba-246	142	21	allowed	allow	VERB
faba-246	142	22	to	to	PART
faba-246	142	23	be	be	AUX
faba-246	142	24	used	use	VERB
faba-246	142	25	as	as	ADP
faba-246	142	26	investment	investment	NOUN
faba-246	142	27	vehicles	vehicle	NOUN
faba-246	142	28	.	.	PUNCT
faba-246	143	1	the	the	DET
faba-246	143	2	pension	pension	NOUN
faba-246	143	3	fund	fund	NOUN
faba-246	143	4	managers	manager	NOUN
faba-246	143	5	were	be	AUX
faba-246	143	6	not	not	PART
faba-246	143	7	only	only	ADV
faba-246	143	8	forbidden	forbid	VERB
faba-246	143	9	to	to	PART
faba-246	143	10	structure	structure	VERB
faba-246	143	11	different	different	ADJ
faba-246	143	12	portfolios	portfolio	NOUN
faba-246	143	13	of	of	ADP
faba-246	143	14	assets	asset	NOUN
faba-246	143	15	but	but	CCONJ
faba-246	143	16	also	also	ADV
faba-246	143	17	,	,	PUNCT
faba-246	143	18	they	they	PRON
faba-246	143	19	were	be	AUX
faba-246	143	20	obliged	oblige	VERB
faba-246	143	21	to	to	PART
faba-246	143	22	keep	keep	VERB
faba-246	143	23	so	so	ADV
faba-246	143	24	conservative	conservative	ADJ
faba-246	143	25	investment	investment	NOUN
faba-246	143	26	strategies	strategy	NOUN
faba-246	143	27	that	that	PRON
faba-246	143	28	in	in	ADP
faba-246	143	29	the	the	DET
faba-246	143	30	beginning	beginning	NOUN
faba-246	143	31	they	they	PRON
faba-246	143	32	used	use	VERB
faba-246	143	33	to	to	PART
faba-246	143	34	invest	invest	VERB
faba-246	143	35	almost	almost	ADV
faba-246	143	36	all	all	DET
faba-246	143	37	their	their	PRON
faba-246	143	38	assets	asset	NOUN
faba-246	143	39	into	into	ADP
faba-246	143	40	government	government	NOUN
faba-246	143	41	securities	security	NOUN
faba-246	143	42	.	.	PUNCT
faba-246	144	1	these	these	DET
faba-246	144	2	very	very	ADV
faba-246	144	3	strict	strict	ADJ
faba-246	144	4	investment	investment	NOUN
faba-246	144	5	rules	rule	NOUN
faba-246	144	6	were	be	AUX
faba-246	144	7	gradually	gradually	ADV
faba-246	144	8	relaxed	relax	VERB
faba-246	144	9	during	during	ADP
faba-246	144	10	the	the	DET
faba-246	144	11	next	next	ADJ
faba-246	144	12	years	year	NOUN
faba-246	144	13	.	.	PUNCT
faba-246	145	1	however	however	ADV
faba-246	145	2	,	,	PUNCT
faba-246	145	3	there	there	PRON
faba-246	145	4	were	be	VERB
faba-246	145	5	at	at	ADV
faba-246	145	6	least	least	ADJ
faba-246	145	7	three	three	NUM
faba-246	145	8	reasons	reason	NOUN
faba-246	145	9	for	for	ADP
faba-246	145	10	such	such	ADJ
faba-246	145	11	conservative	conservative	ADJ
faba-246	145	12	investment	investment	NOUN
faba-246	145	13	regulations	regulation	NOUN
faba-246	145	14	which	which	PRON
faba-246	145	15	were	be	AUX
faba-246	145	16	the	the	DET
faba-246	145	17	basic	basic	ADJ
faba-246	145	18	obstacles	obstacle	NOUN
faba-246	145	19	for	for	ADP
faba-246	145	20	introducing	introduce	VERB
faba-246	145	21	multifund	multifund	NOUN
faba-246	145	22	system	system	NOUN
faba-246	145	23	during	during	ADP
faba-246	145	24	the	the	DET
faba-246	145	25	following	following	ADJ
faba-246	145	26	years	year	NOUN
faba-246	145	27	.	.	PUNCT
faba-246	146	1	first	first	ADV
faba-246	146	2	,	,	PUNCT
faba-246	146	3	the	the	DET
faba-246	146	4	lack	lack	NOUN
faba-246	146	5	of	of	ADP
faba-246	146	6	suitable	suitable	ADJ
faba-246	146	7	domestic	domestic	ADJ
faba-246	146	8	financial	financial	ADJ
faba-246	146	9	assets	asset	NOUN
faba-246	146	10	due	due	ADP
faba-246	146	11	to	to	ADP
faba-246	146	12	the	the	DET
faba-246	146	13	undeveloped	undeveloped	ADJ
faba-246	146	14	stock	stock	NOUN
faba-246	146	15	exchange	exchange	NOUN
faba-246	146	16	.	.	PUNCT
faba-246	147	1	it	it	PRON
faba-246	147	2	is	be	AUX
faba-246	147	3	interesting	interesting	ADJ
faba-246	147	4	to	to	PART
faba-246	147	5	note	note	VERB
faba-246	147	6	that	that	SCONJ
faba-246	147	7	the	the	DET
faba-246	147	8	illiquidity	illiquidity	NOUN
faba-246	147	9	of	of	ADP
faba-246	147	10	the	the	DET
faba-246	147	11	market	market	NOUN
faba-246	147	12	could	could	AUX
faba-246	147	13	lead	lead	VERB
faba-246	147	14	both	both	PRON
faba-246	147	15	to	to	PART
faba-246	147	16	withdrawal	withdrawal	VERB
faba-246	147	17	from	from	ADP
faba-246	147	18	it	it	PRON
faba-246	147	19	and	and	CCONJ
faba-246	147	20	to	to	ADP
faba-246	147	21	entry	entry	NOUN
faba-246	147	22	to	to	ADP
faba-246	147	23	it	it	PRON
faba-246	147	24	.	.	PUNCT
faba-246	148	1	the	the	DET
faba-246	148	2	last	last	ADJ
faba-246	148	3	could	could	AUX
faba-246	148	4	be	be	AUX
faba-246	148	5	motivated	motivate	VERB
faba-246	148	6	by	by	ADP
faba-246	148	7	the	the	DET
faba-246	148	8	possibility	possibility	NOUN
faba-246	148	9	to	to	PART
faba-246	148	10	control	control	VERB
faba-246	148	11	the	the	DET
faba-246	148	12	changes	change	NOUN
faba-246	148	13	in	in	ADP
faba-246	148	14	the	the	DET
faba-246	148	15	asset	asset	NOUN
faba-246	148	16	prices	price	NOUN
faba-246	148	17	especially	especially	ADV
faba-246	148	18	in	in	ADP
faba-246	148	19	periods	period	NOUN
faba-246	148	20	of	of	ADP
faba-246	148	21	strong	strong	ADJ
faba-246	148	22	market	market	NOUN
faba-246	148	23	volatility	volatility	NOUN
faba-246	148	24	at	at	ADP
faba-246	148	25	the	the	DET
faba-246	148	26	external	external	ADJ
faba-246	148	27	stock	stock	NOUN
faba-246	148	28	exchanges	exchange	NOUN
faba-246	148	29	.	.	PUNCT
faba-246	149	1	second	second	ADJ
faba-246	149	2	,	,	PUNCT
faba-246	149	3	regulators	regulator	NOUN
faba-246	149	4	with	with	ADP
faba-246	149	5	no	no	DET
faba-246	149	6	experience	experience	NOUN
faba-246	149	7	of	of	ADP
faba-246	149	8	monitoring	monitoring	NOUN
faba-246	149	9	and	and	CCONJ
faba-246	149	10	controlling	control	VERB
faba-246	149	11	institutions	institution	NOUN
faba-246	149	12	of	of	ADP
faba-246	149	13	such	such	ADJ
faba-246	149	14	type	type	NOUN
faba-246	149	15	.	.	PUNCT
faba-246	150	1	in	in	ADP
faba-246	150	2	many	many	ADJ
faba-246	150	3	cases	case	NOUN
faba-246	150	4	,	,	PUNCT
faba-246	150	5	they	they	PRON
faba-246	150	6	may	may	AUX
faba-246	150	7	,	,	PUNCT
faba-246	150	8	at	at	ADP
faba-246	150	9	least	least	ADJ
faba-246	150	10	,	,	PUNCT
faba-246	150	11	tolerate	tolerate	VERB
faba-246	150	12	investment	investment	NOUN
faba-246	150	13	behavior	behavior	NOUN
faba-246	150	14	not	not	PART
faba-246	150	15	in	in	ADP
faba-246	150	16	the	the	DET
faba-246	150	17	best	good	ADJ
faba-246	150	18	interest	interest	NOUN
faba-246	150	19	of	of	ADP
faba-246	150	20	the	the	DET
faba-246	150	21	insured	insure	VERB
faba-246	150	22	individuals	individual	NOUN
faba-246	150	23	.	.	PUNCT
faba-246	151	1	third	third	ADV
faba-246	151	2	,	,	PUNCT
faba-246	151	3	a	a	DET
faba-246	151	4	society	society	NOUN
faba-246	151	5	accustomed	accustom	VERB
faba-246	151	6	to	to	ADP
faba-246	151	7	receiving	receive	VERB
faba-246	151	8	pension	pension	NOUN
faba-246	151	9	benefits	benefit	NOUN
faba-246	151	10	only	only	ADV
faba-246	151	11	by	by	ADP
faba-246	151	12	the	the	DET
faba-246	151	13	state	state	NOUN
faba-246	151	14	has	have	VERB
faba-246	151	15	no	no	DET
faba-246	151	16	interest	interest	NOUN
faba-246	151	17	in	in	ADP
faba-246	151	18	exerting	exert	VERB
faba-246	151	19	external	external	ADJ
faba-246	151	20	pressure	pressure	NOUN
faba-246	151	21	on	on	ADP
faba-246	151	22	pension	pension	NOUN
faba-246	151	23	fund	fund	NOUN
faba-246	151	24	managers	manager	NOUN
faba-246	151	25	to	to	PART
faba-246	151	26	keep	keep	VERB
faba-246	151	27	best	good	ADJ
faba-246	151	28	management	management	NOUN
faba-246	151	29	practices	practice	NOUN
faba-246	151	30	.	.	PUNCT
faba-246	152	1	all	all	DET
faba-246	152	2	these	these	DET
faba-246	152	3	three	three	NUM
faba-246	152	4	arguments	argument	NOUN
faba-246	152	5	must	must	AUX
faba-246	152	6	be	be	AUX
faba-246	152	7	taken	take	VERB
faba-246	152	8	seriously	seriously	ADV
faba-246	152	9	into	into	ADP
faba-246	152	10	consideration	consideration	NOUN
faba-246	152	11	when	when	SCONJ
faba-246	152	12	elaborating	elaborate	VERB
faba-246	152	13	multifunds	multifund	NOUN
faba-246	152	14	and	and	CCONJ
faba-246	152	15	their	their	PRON
faba-246	152	16	introduction	introduction	NOUN
faba-246	152	17	in	in	ADP
faba-246	152	18	practice	practice	NOUN
faba-246	152	19	.	.	PUNCT
faba-246	153	1	however	however	ADV
faba-246	153	2	,	,	PUNCT
faba-246	153	3	multifund	multifund	ADJ
faba-246	153	4	system	system	NOUN
faba-246	153	5	has	have	AUX
faba-246	153	6	proved	prove	VERB
faba-246	153	7	itself	itself	PRON
faba-246	153	8	as	as	ADP
faba-246	153	9	a	a	DET
faba-246	153	10	good	good	ADJ
faba-246	153	11	option	option	NOUN
faba-246	153	12	when	when	SCONJ
faba-246	153	13	considering	consider	VERB
faba-246	153	14	life	life	NOUN
faba-246	153	15	-	-	PUNCT
faba-246	153	16	cycle	cycle	NOUN
faba-246	153	17	type	type	NOUN
faba-246	153	18	of	of	ADP
faba-246	153	19	investment	investment	NOUN
faba-246	153	20	.	.	PUNCT
faba-246	154	1	the	the	DET
faba-246	154	2	possibility	possibility	NOUN
faba-246	154	3	to	to	PART
faba-246	154	4	structure	structure	VERB
faba-246	154	5	portfolios	portfolio	NOUN
faba-246	154	6	with	with	ADP
faba-246	154	7	different	different	ADJ
faba-246	154	8	risk	risk	NOUN
faba-246	154	9	profile	profile	NOUN
faba-246	154	10	assumes	assume	VERB
faba-246	154	11	and	and	CCONJ
faba-246	154	12	addresses	address	NOUN
faba-246	154	13	the	the	DET
faba-246	154	14	simple	simple	ADJ
faba-246	154	15	fact	fact	NOUN
faba-246	154	16	that	that	SCONJ
faba-246	154	17	insured	insure	VERB
faba-246	154	18	individuals	individual	NOUN
faba-246	154	19	face	face	VERB
faba-246	154	20	different	different	ADJ
faba-246	154	21	types	type	NOUN
faba-246	154	22	of	of	ADP
faba-246	154	23	risk	risk	NOUN
faba-246	154	24	during	during	ADP
faba-246	154	25	their	their	PRON
faba-246	154	26	lives	life	NOUN
faba-246	154	27	.	.	PUNCT
faba-246	155	1	the	the	DET
faba-246	155	2	young	young	ADJ
faba-246	155	3	people	people	NOUN
faba-246	155	4	who	who	PRON
faba-246	155	5	enter	enter	VERB
faba-246	155	6	for	for	ADP
faba-246	155	7	the	the	DET
faba-246	155	8	first	first	ADJ
faba-246	155	9	time	time	NOUN
faba-246	155	10	the	the	DET
faba-246	155	11	labor	labor	NOUN
faba-246	155	12	market	market	NOUN
faba-246	155	13	and	and	CCONJ
faba-246	155	14	have	have	VERB
faba-246	155	15	an	an	DET
faba-246	155	16	investment	investment	NOUN
faba-246	155	17	period	period	NOUN
faba-246	155	18	of	of	ADP
faba-246	155	19	around	around	ADV
faba-246	155	20	40	40	NUM
faba-246	155	21	years	year	NOUN
faba-246	155	22	are	be	AUX
faba-246	155	23	exposed	expose	VERB
faba-246	155	24	to	to	ADP
faba-246	155	25	very	very	ADV
faba-246	155	26	different	different	ADJ
faba-246	155	27	type	type	NOUN
faba-246	155	28	of	of	ADP
faba-246	155	29	risk	risk	NOUN
faba-246	155	30	from	from	ADP
faba-246	155	31	those	those	PRON
faba-246	155	32	who	who	PRON
faba-246	155	33	are	be	AUX
faba-246	155	34	in	in	ADP
faba-246	155	35	their	their	PRON
faba-246	155	36	60	60	NUM
faba-246	155	37	’s	’s	NOUN
faba-246	155	38	and	and	CCONJ
faba-246	155	39	have	have	VERB
faba-246	155	40	just	just	ADV
faba-246	155	41	few	few	ADJ
faba-246	155	42	years	year	NOUN
faba-246	155	43	until	until	ADP
faba-246	155	44	retirement	retirement	NOUN
faba-246	155	45	.	.	PUNCT
faba-246	156	1	when	when	SCONJ
faba-246	156	2	investment	investment	NOUN
faba-246	156	3	risk	risk	NOUN
faba-246	156	4	almost	almost	ADV
faba-246	156	5	entirely	entirely	ADV
faba-246	156	6	falls	fall	VERB
faba-246	156	7	on	on	ADP
faba-246	156	8	the	the	DET
faba-246	156	9	insured	insured	ADJ
faba-246	156	10	individual	individual	NOUN
faba-246	156	11	,	,	PUNCT
faba-246	156	12	he	he	PRON
faba-246	156	13	/	/	SYM
faba-246	156	14	she	she	PRON
faba-246	156	15	should	should	AUX
faba-246	156	16	have	have	VERB
faba-246	156	17	investment	investment	NOUN
faba-246	156	18	behavior	behavior	NOUN
faba-246	156	19	that	that	PRON
faba-246	156	20	raises	raise	VERB
faba-246	156	21	the	the	DET
faba-246	156	22	possibility	possibility	NOUN
faba-246	156	23	of	of	ADP
faba-246	156	24	accumulating	accumulate	VERB
faba-246	156	25	the	the	DET
faba-246	156	26	greatest	great	ADJ
faba-246	156	27	possible	possible	ADJ
faba-246	156	28	amount	amount	NOUN
faba-246	156	29	of	of	ADP
faba-246	156	30	assets	asset	NOUN
faba-246	156	31	at	at	ADP
faba-246	156	32	the	the	DET
faba-246	156	33	end	end	NOUN
faba-246	156	34	of	of	ADP
faba-246	156	35	the	the	DET
faba-246	156	36	investment	investment	NOUN
faba-246	156	37	period	period	NOUN
faba-246	156	38	,	,	PUNCT
faba-246	156	39	i.e.	i.e.	X
faba-246	156	40	towards	towards	ADP
faba-246	156	41	the	the	DET
faba-246	156	42	date	date	NOUN
faba-246	156	43	of	of	ADP
faba-246	156	44	retirement	retirement	NOUN
faba-246	156	45	.	.	PUNCT
faba-246	157	1	it	it	PRON
faba-246	157	2	must	must	AUX
faba-246	157	3	be	be	AUX
faba-246	157	4	admitted	admit	VERB
faba-246	157	5	that	that	SCONJ
faba-246	157	6	there	there	PRON
faba-246	157	7	is	be	VERB
faba-246	157	8	no	no	DET
faba-246	157	9	guarantee	guarantee	NOUN
faba-246	157	10	that	that	SCONJ
faba-246	157	11	even	even	ADV
faba-246	157	12	if	if	SCONJ
faba-246	157	13	an	an	DET
faba-246	157	14	individual	individual	NOUN
faba-246	157	15	has	have	VERB
faba-246	157	16	such	such	ADJ
faba-246	157	17	behavior	behavior	NOUN
faba-246	157	18	during	during	ADP
faba-246	157	19	the	the	DET
faba-246	157	20	whole	whole	ADJ
faba-246	157	21	accumulation	accumulation	NOUN
faba-246	157	22	period	period	NOUN
faba-246	157	23	,	,	PUNCT
faba-246	157	24	he	he	PRON
faba-246	157	25	/	/	SYM
faba-246	157	26	she	she	PRON
faba-246	157	27	would	would	AUX
faba-246	157	28	achieve	achieve	VERB
faba-246	157	29	such	such	ADJ
faba-246	157	30	maximization	maximization	NOUN
faba-246	157	31	.	.	PUNCT
faba-246	158	1	in	in	ADP
faba-246	158	2	reality	reality	NOUN
faba-246	158	3	,	,	PUNCT
faba-246	158	4	there	there	PRON
faba-246	158	5	are	be	VERB
faba-246	158	6	many	many	ADJ
faba-246	158	7	external	external	ADJ
faba-246	158	8	factors	factor	NOUN
faba-246	158	9	that	that	PRON
faba-246	158	10	may	may	AUX
faba-246	158	11	influence	influence	VERB
faba-246	158	12	asset	asset	NOUN
faba-246	158	13	prices	price	NOUN
faba-246	158	14	in	in	ADP
faba-246	158	15	an	an	DET
faba-246	158	16	adverse	adverse	ADJ
faba-246	158	17	direction	direction	NOUN
faba-246	158	18	without	without	ADP
faba-246	158	19	any	any	DET
faba-246	158	20	opportunity	opportunity	NOUN
faba-246	158	21	to	to	PART
faba-246	158	22	react	react	VERB
faba-246	158	23	effectively	effectively	ADV
faba-246	158	24	.	.	PUNCT
faba-246	159	1	so	so	ADV
faba-246	159	2	,	,	PUNCT
faba-246	159	3	when	when	SCONJ
faba-246	159	4	deciding	decide	VERB
faba-246	159	5	to	to	PART
faba-246	159	6	implement	implement	VERB
faba-246	159	7	multifund	multifund	NOUN
faba-246	159	8	system	system	NOUN
faba-246	159	9	,	,	PUNCT
faba-246	159	10	the	the	DET
faba-246	159	11	policymakers	policymaker	NOUN
faba-246	159	12	must	must	AUX
faba-246	159	13	address	address	VERB
faba-246	159	14	effectively	effectively	ADV
faba-246	159	15	the	the	DET
faba-246	159	16	exact	exact	ADJ
faba-246	159	17	number	number	NOUN
faba-246	159	18	of	of	ADP
faba-246	159	19	the	the	DET
faba-246	159	20	different	different	ADJ
faba-246	159	21	asset	asset	NOUN
faba-246	159	22	portfolios	portfolio	NOUN
faba-246	159	23	and	and	CCONJ
faba-246	159	24	their	their	PRON
faba-246	159	25	exposure	exposure	NOUN
faba-246	159	26	to	to	ADP
faba-246	159	27	the	the	DET
faba-246	159	28	different	different	ADJ
faba-246	159	29	asset	asset	NOUN
faba-246	159	30	classes	class	NOUN
faba-246	159	31	.	.	PUNCT
faba-246	160	1	the	the	DET
faba-246	160	2	practice	practice	NOUN
faba-246	160	3	of	of	ADP
faba-246	160	4	the	the	DET
faba-246	160	5	different	different	ADJ
faba-246	160	6	countries	country	NOUN
faba-246	160	7	shows	show	VERB
faba-246	160	8	that	that	SCONJ
faba-246	160	9	portfolios	portfolio	NOUN
faba-246	160	10	may	may	AUX
faba-246	160	11	vary	vary	VERB
faba-246	160	12	from	from	ADP
faba-246	160	13	just	just	ADV
faba-246	160	14	two	two	NUM
faba-246	160	15	(	(	PUNCT
faba-246	160	16	as	as	SCONJ
faba-246	160	17	is	be	AUX
faba-246	160	18	the	the	DET
faba-246	160	19	case	case	NOUN
faba-246	160	20	in	in	ADP
faba-246	160	21	slovakia6	slovakia6	NOUN
faba-246	160	22	)	)	PUNCT
faba-246	160	23	to	to	ADP
faba-246	160	24	seven	seven	NUM
faba-246	160	25	and	and	CCONJ
faba-246	160	26	more	more	ADJ
faba-246	160	27	(	(	PUNCT
faba-246	160	28	in	in	ADP
faba-246	160	29	baltic	baltic	ADJ
faba-246	160	30	countries	country	NOUN
faba-246	160	31	)	)	PUNCT
faba-246	160	32	.	.	PUNCT
faba-246	161	1	their	their	PRON
faba-246	161	2	most	most	ADV
faba-246	161	3	important	important	ADJ
faba-246	161	4	distinguishing	distinguish	VERB
faba-246	161	5	feature	feature	NOUN
faba-246	161	6	among	among	ADP
faba-246	161	7	the	the	DET
faba-246	161	8	different	different	ADJ
faba-246	161	9	portfolio	portfolio	NOUN
faba-246	161	10	types	type	NOUN
faba-246	161	11	is	be	AUX
faba-246	161	12	the	the	DET
faba-246	161	13	share	share	NOUN
faba-246	161	14	of	of	ADP
faba-246	161	15	variable	variable	ADJ
faba-246	161	16	income	income	NOUN
faba-246	161	17	instruments	instrument	NOUN
faba-246	161	18	allowed	allow	VERB
faba-246	161	19	for	for	ADP
faba-246	161	20	investment	investment	NOUN
faba-246	161	21	.	.	PUNCT
faba-246	162	1	variable	variable	ADJ
faba-246	162	2	income	income	NOUN
faba-246	162	3	instruments	instrument	NOUN
faba-246	162	4	could	could	AUX
faba-246	162	5	be	be	AUX
faba-246	162	6	corporate	corporate	ADJ
faba-246	162	7	equities	equity	NOUN
faba-246	162	8	,	,	PUNCT
faba-246	162	9	units	unit	NOUN
faba-246	162	10	into	into	ADP
faba-246	162	11	mutual	mutual	ADJ
faba-246	162	12	funds	fund	NOUN
faba-246	162	13	or	or	CCONJ
faba-246	162	14	some	some	DET
faba-246	162	15	other	other	ADJ
faba-246	162	16	type	type	NOUN
faba-246	162	17	of	of	ADP
faba-246	162	18	collective	collective	ADJ
faba-246	162	19	investment	investment	NOUN
faba-246	162	20	schemes	scheme	NOUN
faba-246	162	21	.	.	PUNCT
faba-246	163	1	the	the	DET
faba-246	163	2	basic	basic	ADJ
faba-246	163	3	characteristic	characteristic	NOUN
faba-246	163	4	here	here	ADV
faba-246	163	5	is	be	AUX
faba-246	163	6	that	that	SCONJ
faba-246	163	7	income	income	NOUN
faba-246	163	8	is	be	AUX
faba-246	163	9	not	not	PART
faba-246	163	10	fixed	fix	VERB
faba-246	163	11	,	,	PUNCT
faba-246	163	12	and	and	CCONJ
faba-246	163	13	it	it	PRON
faba-246	163	14	depends	depend	VERB
faba-246	163	15	on	on	ADP
faba-246	163	16	the	the	DET
faba-246	163	17	financial	financial	ADJ
faba-246	163	18	performance	performance	NOUN
faba-246	163	19	of	of	ADP
faba-246	163	20	the	the	DET
faba-246	163	21	company	company	NOUN
faba-246	163	22	or	or	CCONJ
faba-246	163	23	the	the	DET
faba-246	163	24	scheme	scheme	NOUN
faba-246	163	25	.	.	PUNCT
faba-246	164	1	so	so	ADV
faba-246	164	2	,	,	PUNCT
faba-246	164	3	in	in	ADP
faba-246	164	4	bulgarian	bulgarian	ADJ
faba-246	164	5	case	case	NOUN
faba-246	164	6	,	,	PUNCT
faba-246	164	7	a	a	DET
faba-246	164	8	variant	variant	NOUN
faba-246	164	9	with	with	ADP
faba-246	164	10	three	three	NUM
faba-246	164	11	different	different	ADJ
faba-246	164	12	portfolios	portfolio	NOUN
faba-246	164	13	of	of	ADP
faba-246	164	14	assets	asset	NOUN
faba-246	164	15	can	can	AUX
faba-246	164	16	be	be	AUX
faba-246	164	17	considered	consider	VERB
faba-246	164	18	as	as	ADP
faba-246	164	19	optimal	optimal	ADJ
faba-246	164	20	.	.	PUNCT
faba-246	165	1	the	the	DET
faba-246	165	2	reasons	reason	NOUN
faba-246	165	3	for	for	ADP
faba-246	165	4	this	this	PRON
faba-246	165	5	are	be	AUX
faba-246	165	6	the	the	DET
faba-246	165	7	following	following	NOUN
faba-246	165	8	:	:	PUNCT
faba-246	165	9	first	first	ADV
faba-246	165	10	,	,	PUNCT
faba-246	165	11	if	if	SCONJ
faba-246	165	12	an	an	DET
faba-246	165	13	option	option	NOUN
faba-246	165	14	of	of	ADP
faba-246	165	15	just	just	ADV
faba-246	165	16	two	two	NUM
faba-246	165	17	portfolios	portfolio	NOUN
faba-246	165	18	is	be	AUX
faba-246	165	19	assumed	assume	VERB
faba-246	165	20	,	,	PUNCT
faba-246	165	21	it	it	PRON
faba-246	165	22	would	would	AUX
faba-246	165	23	not	not	PART
faba-246	165	24	suit	suit	VERB
faba-246	165	25	adequately	adequately	ADV
faba-246	165	26	all	all	PRON
faba-246	165	27	insured	insured	ADJ
faba-246	165	28	individuals	individual	NOUN
faba-246	165	29	.	.	PUNCT
faba-246	166	1	for	for	ADP
faba-246	166	2	example	example	NOUN
faba-246	166	3	,	,	PUNCT
faba-246	166	4	if	if	SCONJ
faba-246	166	5	structured	structured	ADJ
faba-246	166	6	portfolios	portfolio	NOUN
faba-246	166	7	are	be	AUX
faba-246	166	8	conservative	conservative	ADJ
faba-246	166	9	and	and	CCONJ
faba-246	166	10	aggressive	aggressive	ADJ
faba-246	166	11	,	,	PUNCT
faba-246	166	12	the	the	DET
faba-246	166	13	system	system	NOUN
faba-246	166	14	will	will	AUX
faba-246	166	15	miss	miss	VERB
faba-246	166	16	the	the	DET
faba-246	166	17	balanced	balanced	ADJ
faba-246	166	18	portfolio	portfolio	NOUN
faba-246	166	19	in	in	ADP
faba-246	166	20	which	which	PRON
faba-246	166	21	many	many	ADJ
faba-246	166	22	individuals	individual	NOUN
faba-246	166	23	may	may	AUX
faba-246	166	24	feel	feel	VERB
faba-246	166	25	comfortable	comfortable	ADJ
faba-246	166	26	.	.	PUNCT
faba-246	167	1	if	if	SCONJ
faba-246	167	2	the	the	DET
faba-246	167	3	system	system	NOUN
faba-246	167	4	has	have	AUX
faba-246	167	5	just	just	ADV
faba-246	167	6	balanced	balanced	ADJ
faba-246	167	7	and	and	CCONJ
faba-246	167	8	conservative	conservative	ADJ
faba-246	167	9	portfolio	portfolio	NOUN
faba-246	167	10	types	type	NOUN
faba-246	167	11	,	,	PUNCT
faba-246	167	12	then	then	ADV
faba-246	167	13	the	the	DET
faba-246	167	14	aggressive	aggressive	ADJ
faba-246	167	15	type	type	NOUN
faba-246	167	16	will	will	AUX
faba-246	167	17	be	be	AUX
faba-246	167	18	out	out	ADP
faba-246	167	19	of	of	ADP
faba-246	167	20	choice	choice	NOUN
faba-246	167	21	,	,	PUNCT
faba-246	167	22	although	although	SCONJ
faba-246	167	23	this	this	PRON
faba-246	167	24	may	may	AUX
faba-246	167	25	be	be	AUX
faba-246	167	26	the	the	DET
faba-246	167	27	best	good	ADJ
faba-246	167	28	variant	variant	NOUN
faba-246	167	29	for	for	ADP
faba-246	167	30	those	those	PRON
faba-246	167	31	with	with	ADP
faba-246	167	32	the	the	DET
faba-246	167	33	longest	long	ADJ
faba-246	167	34	investment	investment	NOUN
faba-246	167	35	horizon	horizon	NOUN
faba-246	167	36	.	.	PUNCT
faba-246	168	1	in	in	ADP
faba-246	168	2	case	case	NOUN
faba-246	168	3	of	of	ADP
faba-246	168	4	scenario	scenario	NOUN
faba-246	168	5	without	without	ADP
faba-246	168	6	conservative	conservative	ADJ
faba-246	168	7	portfolio	portfolio	NOUN
faba-246	168	8	those	those	DET
faba-246	168	9	individuals	individual	NOUN
faba-246	168	10	who	who	PRON
faba-246	168	11	are	be	AUX
faba-246	168	12	close	close	ADJ
faba-246	168	13	to	to	ADP
faba-246	168	14	retirement	retirement	NOUN
faba-246	168	15	would	would	AUX
faba-246	168	16	be	be	AUX
faba-246	168	17	exposed	expose	VERB
faba-246	168	18	to	to	ADP
faba-246	168	19	unnecessary	unnecessary	ADJ
faba-246	168	20	high	high	ADJ
faba-246	168	21	risk	risk	NOUN
faba-246	168	22	.	.	PUNCT
faba-246	169	1	on	on	ADP
faba-246	169	2	the	the	DET
faba-246	169	3	other	other	ADJ
faba-246	169	4	hand	hand	NOUN
faba-246	169	5	,	,	PUNCT
faba-246	169	6	if	if	SCONJ
faba-246	169	7	portfolio	portfolio	NOUN
faba-246	169	8	types	type	NOUN
faba-246	169	9	are	be	AUX
faba-246	169	10	more	more	ADJ
faba-246	169	11	than	than	ADP
faba-246	169	12	three	three	NUM
faba-246	169	13	,	,	PUNCT
faba-246	169	14	the	the	DET
faba-246	169	15	management	management	NOUN
faba-246	169	16	costs	cost	NOUN
faba-246	169	17	are	be	AUX
faba-246	169	18	expected	expect	VERB
faba-246	169	19	to	to	PART
faba-246	169	20	increase	increase	VERB
faba-246	169	21	without	without	ADP
faba-246	169	22	any	any	DET
faba-246	169	23	meaningful	meaningful	ADJ
faba-246	169	24	benefits	benefit	NOUN
faba-246	169	25	for	for	ADP
faba-246	169	26	the	the	DET
faba-246	169	27	insured	insure	VERB
faba-246	169	28	individuals	individual	NOUN
faba-246	169	29	.	.	PUNCT
faba-246	170	1	the	the	DET
faba-246	170	2	three	three	NUM
faba-246	170	3	portfolio	portfolio	NOUN
faba-246	170	4	types	type	NOUN
faba-246	170	5	are	be	AUX
faba-246	170	6	also	also	ADV
faba-246	170	7	easy	easy	ADJ
faba-246	170	8	to	to	PART
faba-246	170	9	explain	explain	VERB
faba-246	170	10	by	by	ADP
faba-246	170	11	revealing	reveal	VERB
faba-246	170	12	their	their	PRON
faba-246	170	13	most	most	ADV
faba-246	170	14	significant	significant	ADJ
faba-246	170	15	advantages	advantage	NOUN
faba-246	170	16	and	and	CCONJ
faba-246	170	17	disadvantages	disadvantage	NOUN
faba-246	170	18	to	to	ADP
faba-246	170	19	the	the	DET
faba-246	170	20	insured	insure	VERB
faba-246	170	21	.	.	PUNCT
faba-246	171	1	some	some	PRON
faba-246	171	2	of	of	ADP
faba-246	171	3	the	the	DET
faba-246	171	4	analyzed	analyze	VERB
faba-246	171	5	countries	country	NOUN
faba-246	171	6	in	in	ADP
faba-246	171	7	the	the	DET
faba-246	171	8	previous	previous	ADJ
faba-246	171	9	chapter	chapter	NOUN
faba-246	171	10	of	of	ADP
faba-246	171	11	the	the	DET
faba-246	171	12	study	study	NOUN
faba-246	171	13	,	,	PUNCT
faba-246	171	14	although	although	SCONJ
faba-246	171	15	having	having	AUX
faba-246	171	16	chosen	choose	VERB
faba-246	171	17	the	the	DET
faba-246	171	18	structure	structure	NOUN
faba-246	171	19	of	of	ADP
faba-246	171	20	more	more	ADJ
faba-246	171	21	than	than	ADP
faba-246	171	22	three	three	NUM
faba-246	171	23	portfolio	portfolio	NOUN
faba-246	171	24	of	of	ADP
faba-246	171	25	assets	asset	NOUN
faba-246	171	26	,	,	PUNCT
faba-246	171	27	the	the	DET
faba-246	171	28	actual	actual	ADJ
faba-246	171	29	investment	investment	NOUN
faba-246	171	30	strategies	strategy	NOUN
faba-246	171	31	followed	follow	VERB
faba-246	171	32	can	can	AUX
faba-246	171	33	also	also	ADV
faba-246	171	34	be	be	AUX
faba-246	171	35	grouped	group	VERB
faba-246	171	36	into	into	ADP
faba-246	171	37	three	three	NUM
faba-246	171	38	–	–	PUNCT
faba-246	171	39	conservative	conservative	ADJ
faba-246	171	40	,	,	PUNCT
faba-246	171	41	balanced	balanced	ADJ
faba-246	171	42	and	and	CCONJ
faba-246	171	43	aggressive	aggressive	ADJ
faba-246	171	44	as	as	SCONJ
faba-246	171	45	some	some	PRON
faba-246	171	46	of	of	ADP
faba-246	171	47	the	the	DET
faba-246	171	48	established	establish	VERB
faba-246	171	49	portfolios	portfolio	NOUN
faba-246	171	50	have	have	VERB
faba-246	171	51	quite	quite	ADV
faba-246	171	52	identical	identical	ADJ
faba-246	171	53	share	share	NOUN
faba-246	171	54	of	of	ADP
faba-246	171	55	variable	variable	ADJ
faba-246	171	56	income	income	NOUN
faba-246	171	57	instruments	instrument	NOUN
faba-246	171	58	.	.	PUNCT
faba-246	172	1	the	the	DET
faba-246	172	2	second	second	ADJ
faba-246	172	3	important	important	ADJ
faba-246	172	4	issue	issue	NOUN
faba-246	172	5	that	that	PRON
faba-246	172	6	must	must	AUX
faba-246	172	7	be	be	AUX
faba-246	172	8	sorted	sort	VERB
faba-246	172	9	out	out	ADP
faba-246	172	10	concerns	concern	NOUN
faba-246	172	11	the	the	DET
faba-246	172	12	exact	exact	ADJ
faba-246	172	13	construction	construction	NOUN
faba-246	172	14	of	of	ADP
faba-246	172	15	the	the	DET
faba-246	172	16	different	different	ADJ
faba-246	172	17	6	6	NUM
faba-246	172	18	since	since	SCONJ
faba-246	172	19	2012	2012	NUM
faba-246	172	20	pension	pension	NOUN
faba-246	172	21	companies	company	NOUN
faba-246	172	22	in	in	ADP
faba-246	172	23	slovakia	slovakia	PROPN
faba-246	172	24	have	have	AUX
faba-246	172	25	been	be	AUX
faba-246	172	26	obliged	oblige	VERB
faba-246	172	27	to	to	PART
faba-246	172	28	structure	structure	VERB
faba-246	172	29	conservative	conservative	ADJ
faba-246	172	30	and	and	CCONJ
faba-246	172	31	aggressive	aggressive	ADJ
faba-246	172	32	portfolios	portfolio	NOUN
faba-246	172	33	but	but	CCONJ
faba-246	172	34	with	with	ADP
faba-246	172	35	the	the	DET
faba-246	172	36	option	option	NOUN
faba-246	172	37	to	to	PART
faba-246	172	38	structure	structure	VERB
faba-246	172	39	as	as	ADP
faba-246	172	40	many	many	ADJ
faba-246	172	41	other	other	ADJ
faba-246	172	42	different	different	ADJ
faba-246	172	43	portfolios	portfolio	NOUN
faba-246	172	44	as	as	SCONJ
faba-246	172	45	they	they	PRON
faba-246	172	46	wish	wish	VERB
faba-246	172	47	.	.	PUNCT
faba-246	173	1	jeko	jeko	NOUN
faba-246	173	2	milev	milev	NOUN
faba-246	173	3	and	and	CCONJ
faba-246	173	4	kremena	kremena	ADJ
faba-246	173	5	yochkolovska/	yochkolovska/	NUM
faba-246	173	6	finance	finance	NOUN
faba-246	173	7	,	,	PUNCT
faba-246	173	8	accounting	accounting	NOUN
faba-246	173	9	and	and	CCONJ
faba-246	173	10	business	business	NOUN
faba-246	173	11	analysis	analysis	NOUN
faba-246	173	12	,	,	PUNCT
faba-246	173	13	volume	volume	NOUN
faba-246	173	14	6	6	NUM
faba-246	173	15	,	,	PUNCT
faba-246	173	16	issue	issue	NOUN
faba-246	173	17	2	2	NUM
faba-246	173	18	,	,	PUNCT
faba-246	173	19	2024	2024	NUM
faba-246	173	20	213	213	NUM
faba-246	173	21	portfolio	portfolio	NOUN
faba-246	173	22	types	type	NOUN
faba-246	173	23	and	and	CCONJ
faba-246	173	24	their	their	PRON
faba-246	173	25	exposure	exposure	NOUN
faba-246	173	26	towards	towards	ADP
faba-246	173	27	variable	variable	ADJ
faba-246	173	28	income	income	NOUN
faba-246	173	29	instruments	instrument	NOUN
faba-246	173	30	.	.	PUNCT
faba-246	174	1	what	what	PRON
faba-246	174	2	should	should	AUX
faba-246	174	3	be	be	AUX
faba-246	174	4	the	the	DET
faba-246	174	5	maximum	maximum	ADJ
faba-246	174	6	limit	limit	NOUN
faba-246	174	7	and	and	CCONJ
faba-246	174	8	whether	whether	SCONJ
faba-246	174	9	to	to	PART
faba-246	174	10	have	have	VERB
faba-246	174	11	minimum	minimum	ADJ
faba-246	174	12	threshold	threshold	NOUN
faba-246	174	13	for	for	ADP
faba-246	174	14	this	this	DET
faba-246	174	15	type	type	NOUN
faba-246	174	16	of	of	ADP
faba-246	174	17	assets	asset	NOUN
faba-246	174	18	in	in	ADP
faba-246	174	19	the	the	DET
faba-246	174	20	different	different	ADJ
faba-246	174	21	portfolios	portfolio	NOUN
faba-246	174	22	?	?	PUNCT
faba-246	175	1	the	the	DET
faba-246	175	2	practice	practice	NOUN
faba-246	175	3	in	in	ADP
faba-246	175	4	different	different	ADJ
faba-246	175	5	countries	country	NOUN
faba-246	175	6	is	be	AUX
faba-246	175	7	different	different	ADJ
faba-246	175	8	and	and	CCONJ
faba-246	175	9	each	each	PRON
faba-246	175	10	of	of	ADP
faba-246	175	11	the	the	DET
faba-246	175	12	variants	variant	NOUN
faba-246	175	13	has	have	VERB
faba-246	175	14	positive	positive	ADJ
faba-246	175	15	and	and	CCONJ
faba-246	175	16	negative	negative	ADJ
faba-246	175	17	features	feature	NOUN
faba-246	175	18	.	.	PUNCT
faba-246	176	1	the	the	DET
faba-246	176	2	maximum	maximum	ADJ
faba-246	176	3	limit	limit	NOUN
faba-246	176	4	is	be	AUX
faba-246	176	5	worth	worth	ADJ
faba-246	176	6	being	be	AUX
faba-246	176	7	high	high	ADJ
faba-246	176	8	enough	enough	ADV
faba-246	176	9	(	(	PUNCT
faba-246	176	10	between	between	ADP
faba-246	176	11	80	80	NUM
faba-246	176	12	%	%	NOUN
faba-246	176	13	and	and	CCONJ
faba-246	176	14	100	100	NUM
faba-246	176	15	%	%	NOUN
faba-246	176	16	)	)	PUNCT
faba-246	176	17	for	for	ADP
faba-246	176	18	the	the	DET
faba-246	176	19	aggressive	aggressive	ADJ
faba-246	176	20	portfolio	portfolio	NOUN
faba-246	176	21	type	type	NOUN
faba-246	176	22	since	since	SCONJ
faba-246	176	23	it	it	PRON
faba-246	176	24	is	be	AUX
faba-246	176	25	supposed	suppose	VERB
faba-246	176	26	to	to	PART
faba-246	176	27	be	be	AUX
faba-246	176	28	the	the	DET
faba-246	176	29	investment	investment	NOUN
faba-246	176	30	vehicle	vehicle	NOUN
faba-246	176	31	for	for	ADP
faba-246	176	32	those	those	PRON
faba-246	176	33	insured	insure	VERB
faba-246	176	34	with	with	ADP
faba-246	176	35	the	the	DET
faba-246	176	36	longest	long	ADJ
faba-246	176	37	investment	investment	NOUN
faba-246	176	38	horizon	horizon	NOUN
faba-246	176	39	.	.	PUNCT
faba-246	177	1	the	the	DET
faba-246	177	2	historical	historical	ADJ
faba-246	177	3	performance	performance	NOUN
faba-246	177	4	of	of	ADP
faba-246	177	5	equity	equity	NOUN
faba-246	177	6	markets	market	NOUN
faba-246	177	7	shows	show	VERB
faba-246	177	8	that	that	SCONJ
faba-246	177	9	yield	yield	NOUN
faba-246	177	10	realized	realize	VERB
faba-246	177	11	on	on	ADP
faba-246	177	12	them	they	PRON
faba-246	177	13	is	be	AUX
faba-246	177	14	higher	high	ADJ
faba-246	177	15	than	than	ADP
faba-246	177	16	the	the	DET
faba-246	177	17	one	one	NOUN
faba-246	177	18	achieved	achieve	VERB
faba-246	177	19	on	on	ADP
faba-246	177	20	bond	bond	NOUN
faba-246	177	21	markets	market	NOUN
faba-246	177	22	but	but	CCONJ
faba-246	177	23	at	at	ADP
faba-246	177	24	the	the	DET
faba-246	177	25	same	same	ADJ
faba-246	177	26	time	time	NOUN
faba-246	177	27	the	the	DET
faba-246	177	28	volatility	volatility	NOUN
faba-246	177	29	may	may	AUX
faba-246	177	30	also	also	ADV
faba-246	177	31	be	be	AUX
faba-246	177	32	significant	significant	ADJ
faba-246	177	33	(	(	PUNCT
faba-246	177	34	brealey	brealey	NOUN
faba-246	177	35	et	et	PROPN
faba-246	177	36	al	al	PROPN
faba-246	177	37	.	.	PROPN
faba-246	177	38	2007	2007	NUM
faba-246	177	39	)	)	PUNCT
faba-246	177	40	.	.	PUNCT
faba-246	178	1	however	however	ADV
faba-246	178	2	,	,	PUNCT
faba-246	178	3	in	in	ADP
faba-246	178	4	the	the	DET
faba-246	178	5	long	long	ADJ
faba-246	178	6	term	term	NOUN
faba-246	178	7	it	it	PRON
faba-246	178	8	is	be	AUX
faba-246	178	9	important	important	ADJ
faba-246	178	10	for	for	SCONJ
faba-246	178	11	the	the	DET
faba-246	178	12	insured	insure	VERB
faba-246	178	13	individuals	individual	NOUN
faba-246	178	14	to	to	PART
faba-246	178	15	have	have	VERB
faba-246	178	16	this	this	DET
faba-246	178	17	option	option	NOUN
faba-246	178	18	thus	thus	ADV
faba-246	178	19	raising	raise	VERB
faba-246	178	20	the	the	DET
faba-246	178	21	probability	probability	NOUN
faba-246	178	22	of	of	ADP
faba-246	178	23	realizing	realize	VERB
faba-246	178	24	yield	yield	NOUN
faba-246	178	25	that	that	PRON
faba-246	178	26	exceeds	exceed	VERB
faba-246	178	27	the	the	DET
faba-246	178	28	inflation	inflation	NOUN
faba-246	178	29	rate	rate	NOUN
faba-246	178	30	.	.	PUNCT
faba-246	179	1	the	the	DET
faba-246	179	2	next	next	ADJ
faba-246	179	3	important	important	ADJ
faba-246	179	4	issue	issue	NOUN
faba-246	179	5	concerns	concern	VERB
faba-246	179	6	the	the	DET
faba-246	179	7	minimum	minimum	NOUN
faba-246	179	8	amount	amount	NOUN
faba-246	179	9	of	of	ADP
faba-246	179	10	investments	investment	NOUN
faba-246	179	11	in	in	ADP
faba-246	179	12	variable	variable	ADJ
faba-246	179	13	income	income	NOUN
faba-246	179	14	instruments	instrument	NOUN
faba-246	179	15	.	.	PUNCT
faba-246	180	1	the	the	DET
faba-246	180	2	adoption	adoption	NOUN
faba-246	180	3	of	of	ADP
faba-246	180	4	minimum	minimum	ADJ
faba-246	180	5	threshold	threshold	NOUN
faba-246	180	6	aims	aim	VERB
faba-246	180	7	to	to	PART
faba-246	180	8	make	make	VERB
faba-246	180	9	clear	clear	ADJ
faba-246	180	10	difference	difference	NOUN
faba-246	180	11	between	between	ADP
faba-246	180	12	the	the	DET
faba-246	180	13	portfolio	portfolio	NOUN
faba-246	180	14	types	type	NOUN
faba-246	180	15	.	.	PUNCT
faba-246	181	1	for	for	ADP
faba-246	181	2	example	example	NOUN
faba-246	181	3	,	,	PUNCT
faba-246	181	4	the	the	DET
faba-246	181	5	conservative	conservative	ADJ
faba-246	181	6	portfolios	portfolio	NOUN
faba-246	181	7	may	may	AUX
faba-246	181	8	include	include	VERB
faba-246	181	9	no	no	DET
faba-246	181	10	investments	investment	NOUN
faba-246	181	11	in	in	ADP
faba-246	181	12	equities	equity	NOUN
faba-246	181	13	,	,	PUNCT
faba-246	181	14	but	but	CCONJ
faba-246	181	15	all	all	DET
faba-246	181	16	other	other	ADJ
faba-246	181	17	portfolios	portfolio	NOUN
faba-246	181	18	should	should	AUX
faba-246	181	19	have	have	VERB
faba-246	181	20	at	at	ADP
faba-246	181	21	least	least	ADJ
faba-246	181	22	some	some	PRON
faba-246	181	23	minimum	minimum	ADJ
faba-246	181	24	percentage	percentage	NOUN
faba-246	181	25	in	in	ADP
faba-246	181	26	them	they	PRON
faba-246	181	27	that	that	PRON
faba-246	181	28	must	must	AUX
faba-246	181	29	be	be	AUX
faba-246	181	30	observed	observe	VERB
faba-246	181	31	by	by	ADP
faba-246	181	32	all	all	DET
faba-246	181	33	market	market	NOUN
faba-246	181	34	participants	participant	NOUN
faba-246	181	35	.	.	PUNCT
faba-246	182	1	the	the	DET
faba-246	182	2	balanced	balanced	ADJ
faba-246	182	3	portfolios	portfolio	NOUN
faba-246	182	4	may	may	AUX
faba-246	182	5	have	have	VERB
faba-246	182	6	20%-30	20%-30	NUM
faba-246	182	7	%	%	NOUN
faba-246	182	8	minimum	minimum	NOUN
faba-246	182	9	and	and	CCONJ
faba-246	182	10	the	the	DET
faba-246	182	11	aggressive	aggressive	ADJ
faba-246	182	12	ones	one	NOUN
faba-246	182	13	may	may	AUX
faba-246	182	14	have	have	VERB
faba-246	182	15	50%-60	50%-60	NUM
faba-246	182	16	%	%	NOUN
faba-246	182	17	at	at	ADP
faba-246	182	18	the	the	DET
faba-246	182	19	lowest	low	ADJ
faba-246	182	20	level	level	NOUN
faba-246	182	21	.	.	PUNCT
faba-246	183	1	the	the	DET
faba-246	183	2	idea	idea	NOUN
faba-246	183	3	here	here	ADV
faba-246	183	4	is	be	AUX
faba-246	183	5	straightforward	straightforward	ADJ
faba-246	183	6	–	–	PUNCT
faba-246	183	7	the	the	DET
faba-246	183	8	level	level	NOUN
faba-246	183	9	of	of	ADP
faba-246	183	10	risk	risk	NOUN
faba-246	183	11	in	in	ADP
faba-246	183	12	portfolios	portfolio	NOUN
faba-246	183	13	of	of	ADP
faba-246	183	14	one	one	NUM
faba-246	183	15	and	and	CCONJ
faba-246	183	16	the	the	DET
faba-246	183	17	same	same	ADJ
faba-246	183	18	type	type	NOUN
faba-246	183	19	,	,	PUNCT
faba-246	183	20	managed	manage	VERB
faba-246	183	21	by	by	ADP
faba-246	183	22	different	different	ADJ
faba-246	183	23	pension	pension	NOUN
faba-246	183	24	funds	fund	NOUN
faba-246	183	25	should	should	AUX
faba-246	183	26	be	be	AUX
faba-246	183	27	approximately	approximately	ADV
faba-246	183	28	equal	equal	ADJ
faba-246	183	29	.	.	PUNCT
faba-246	184	1	if	if	SCONJ
faba-246	184	2	pension	pension	NOUN
faba-246	184	3	funds	fund	NOUN
faba-246	184	4	are	be	AUX
faba-246	184	5	allowed	allow	VERB
faba-246	184	6	to	to	PART
faba-246	184	7	structure	structure	VERB
faba-246	184	8	three	three	NUM
faba-246	184	9	portfolio	portfolio	NOUN
faba-246	184	10	types	type	NOUN
faba-246	184	11	,	,	PUNCT
faba-246	184	12	they	they	PRON
faba-246	184	13	must	must	AUX
faba-246	184	14	make	make	VERB
faba-246	184	15	a	a	DET
faba-246	184	16	clear	clear	ADJ
faba-246	184	17	difference	difference	NOUN
faba-246	184	18	among	among	ADP
faba-246	184	19	them	they	PRON
faba-246	184	20	so	so	SCONJ
faba-246	184	21	that	that	SCONJ
faba-246	184	22	the	the	DET
faba-246	184	23	insured	insure	VERB
faba-246	184	24	individuals	individual	NOUN
faba-246	184	25	understand	understand	VERB
faba-246	184	26	unambiguously	unambiguously	ADV
faba-246	184	27	where	where	SCONJ
faba-246	184	28	their	their	PRON
faba-246	184	29	savings	saving	NOUN
faba-246	184	30	are	be	AUX
faba-246	184	31	going	go	VERB
faba-246	184	32	.	.	PUNCT
faba-246	185	1	if	if	SCONJ
faba-246	185	2	there	there	PRON
faba-246	185	3	is	be	VERB
faba-246	185	4	no	no	DET
faba-246	185	5	such	such	ADJ
faba-246	185	6	rule	rule	NOUN
faba-246	185	7	the	the	DET
faba-246	185	8	people	people	NOUN
faba-246	185	9	in	in	ADP
faba-246	185	10	one	one	NUM
faba-246	185	11	pension	pension	NOUN
faba-246	185	12	scheme	scheme	NOUN
faba-246	185	13	that	that	PRON
faba-246	185	14	have	have	AUX
faba-246	185	15	chosen	choose	VERB
faba-246	185	16	balanced	balanced	ADJ
faba-246	185	17	level	level	NOUN
faba-246	185	18	of	of	ADP
faba-246	185	19	risk	risk	NOUN
faba-246	185	20	may	may	AUX
faba-246	185	21	find	find	VERB
faba-246	185	22	themselves	themselves	PRON
faba-246	185	23	in	in	ADP
faba-246	185	24	more	more	ADV
faba-246	185	25	volatile	volatile	ADJ
faba-246	185	26	environment	environment	NOUN
faba-246	185	27	than	than	ADP
faba-246	185	28	some	some	DET
faba-246	185	29	other	other	ADJ
faba-246	185	30	persons	person	NOUN
faba-246	185	31	that	that	PRON
faba-246	185	32	have	have	AUX
faba-246	185	33	preferred	prefer	VERB
faba-246	185	34	an	an	DET
faba-246	185	35	aggressive	aggressive	ADJ
faba-246	185	36	portfolio	portfolio	NOUN
faba-246	185	37	type	type	NOUN
faba-246	185	38	but	but	CCONJ
faba-246	185	39	managed	manage	VERB
faba-246	185	40	by	by	ADP
faba-246	185	41	another	another	DET
faba-246	185	42	pension	pension	NOUN
faba-246	185	43	company	company	NOUN
faba-246	185	44	.	.	PUNCT
faba-246	186	1	the	the	DET
faba-246	186	2	adoption	adoption	NOUN
faba-246	186	3	of	of	ADP
faba-246	186	4	a	a	DET
faba-246	186	5	minimum	minimum	ADJ
faba-246	186	6	level	level	NOUN
faba-246	186	7	of	of	ADP
faba-246	186	8	equity	equity	NOUN
faba-246	186	9	investments	investment	NOUN
faba-246	186	10	would	would	AUX
faba-246	186	11	guarantee	guarantee	VERB
faba-246	186	12	that	that	SCONJ
faba-246	186	13	there	there	PRON
faba-246	186	14	would	would	AUX
faba-246	186	15	be	be	AUX
faba-246	186	16	no	no	DET
faba-246	186	17	pension	pension	NOUN
faba-246	186	18	company	company	NOUN
faba-246	186	19	that	that	PRON
faba-246	186	20	misleads	mislead	VERB
faba-246	186	21	insured	insure	VERB
faba-246	186	22	individuals	individual	NOUN
faba-246	186	23	by	by	ADP
faba-246	186	24	structuring	structure	VERB
faba-246	186	25	portfolios	portfolio	NOUN
faba-246	186	26	whose	whose	DET
faba-246	186	27	exposure	exposure	NOUN
faba-246	186	28	to	to	ADP
faba-246	186	29	that	that	DET
faba-246	186	30	asset	asset	NOUN
faba-246	186	31	type	type	NOUN
faba-246	186	32	is	be	AUX
faba-246	186	33	lower	low	ADJ
faba-246	186	34	than	than	SCONJ
faba-246	186	35	expected	expect	VERB
faba-246	186	36	.	.	PUNCT
faba-246	187	1	thus	thus	ADV
faba-246	187	2	,	,	PUNCT
faba-246	187	3	seriously	seriously	ADV
faba-246	187	4	damaging	damage	VERB
faba-246	187	5	the	the	DET
faba-246	187	6	yield	yield	NOUN
faba-246	187	7	in	in	ADP
faba-246	187	8	the	the	DET
faba-246	187	9	long	long	ADJ
faba-246	187	10	term	term	NOUN
faba-246	187	11	.	.	PUNCT
faba-246	188	1	on	on	ADP
faba-246	188	2	the	the	DET
faba-246	188	3	other	other	ADJ
faba-246	188	4	hand	hand	NOUN
faba-246	188	5	,	,	PUNCT
faba-246	188	6	regulation	regulation	NOUN
faba-246	188	7	without	without	ADP
faba-246	188	8	minimum	minimum	NOUN
faba-246	188	9	threshold	threshold	NOUN
faba-246	188	10	for	for	ADP
faba-246	188	11	variable	variable	ADJ
faba-246	188	12	income	income	NOUN
faba-246	188	13	instruments	instrument	NOUN
faba-246	188	14	would	would	AUX
faba-246	188	15	allow	allow	VERB
faba-246	188	16	pension	pension	NOUN
faba-246	188	17	managers	manager	NOUN
faba-246	188	18	to	to	PART
faba-246	188	19	be	be	AUX
faba-246	188	20	more	more	ADV
faba-246	188	21	flexible	flexible	ADJ
faba-246	188	22	in	in	ADP
faba-246	188	23	their	their	PRON
faba-246	188	24	investment	investment	NOUN
faba-246	188	25	decisions	decision	NOUN
faba-246	188	26	.	.	PUNCT
faba-246	189	1	this	this	PRON
faba-246	189	2	could	could	AUX
faba-246	189	3	be	be	AUX
faba-246	189	4	important	important	ADJ
faba-246	189	5	in	in	ADP
faba-246	189	6	volatile	volatile	ADJ
faba-246	189	7	environment	environment	NOUN
faba-246	189	8	in	in	ADP
faba-246	189	9	which	which	PRON
faba-246	189	10	an	an	DET
faba-246	189	11	obvious	obvious	ADJ
faba-246	189	12	crisis	crisis	NOUN
faba-246	189	13	is	be	AUX
faba-246	189	14	coming	come	VERB
faba-246	189	15	.	.	PUNCT
faba-246	190	1	under	under	ADP
faba-246	190	2	this	this	DET
faba-246	190	3	scenario	scenario	NOUN
faba-246	190	4	it	it	PRON
faba-246	190	5	would	would	AUX
faba-246	190	6	not	not	PART
faba-246	190	7	be	be	AUX
faba-246	190	8	reasonable	reasonable	ADJ
faba-246	190	9	to	to	PART
faba-246	190	10	stick	stick	VERB
faba-246	190	11	to	to	ADP
faba-246	190	12	a	a	DET
faba-246	190	13	high	high	ADJ
faba-246	190	14	portion	portion	NOUN
faba-246	190	15	of	of	ADP
faba-246	190	16	equities	equity	NOUN
faba-246	190	17	when	when	SCONJ
faba-246	190	18	their	their	PRON
faba-246	190	19	values	value	NOUN
faba-246	190	20	are	be	AUX
faba-246	190	21	expected	expect	VERB
faba-246	190	22	to	to	PART
faba-246	190	23	significantly	significantly	ADV
faba-246	190	24	drop	drop	VERB
faba-246	190	25	in	in	ADP
faba-246	190	26	the	the	DET
faba-246	190	27	near	near	ADJ
faba-246	190	28	future	future	NOUN
faba-246	190	29	.	.	PUNCT
faba-246	191	1	however	however	ADV
faba-246	191	2	,	,	PUNCT
faba-246	191	3	when	when	SCONJ
faba-246	191	4	it	it	PRON
faba-246	191	5	comes	come	VERB
faba-246	191	6	to	to	ADP
faba-246	191	7	bulgarian	bulgarian	ADJ
faba-246	191	8	reality	reality	NOUN
faba-246	191	9	it	it	PRON
faba-246	191	10	is	be	AUX
faba-246	191	11	worth	worth	ADJ
faba-246	191	12	having	have	VERB
faba-246	191	13	rules	rule	NOUN
faba-246	191	14	with	with	ADP
faba-246	191	15	lower	low	ADJ
faba-246	191	16	limit	limit	NOUN
faba-246	191	17	of	of	ADP
faba-246	191	18	equity	equity	NOUN
faba-246	191	19	investments	investment	NOUN
faba-246	191	20	thus	thus	ADV
faba-246	191	21	preventing	prevent	VERB
faba-246	191	22	fund	fund	NOUN
faba-246	191	23	managers	manager	NOUN
faba-246	191	24	from	from	ADP
faba-246	191	25	constantly	constantly	ADV
faba-246	191	26	neglecting	neglect	VERB
faba-246	191	27	the	the	DET
faba-246	191	28	opportunities	opportunity	NOUN
faba-246	191	29	inherent	inherent	ADJ
faba-246	191	30	to	to	ADP
faba-246	191	31	variable	variable	ADJ
faba-246	191	32	income	income	NOUN
faba-246	191	33	assets	asset	NOUN
faba-246	191	34	.	.	PUNCT
faba-246	192	1	for	for	ADP
faba-246	192	2	the	the	DET
faba-246	192	3	past	past	ADJ
faba-246	192	4	20	20	NUM
faba-246	192	5	years	year	NOUN
faba-246	192	6	pension	pension	NOUN
faba-246	192	7	fund	fund	NOUN
faba-246	192	8	managers	manager	NOUN
faba-246	192	9	in	in	ADP
faba-246	192	10	the	the	DET
faba-246	192	11	country	country	NOUN
faba-246	192	12	seemed	seem	VERB
faba-246	192	13	to	to	PART
faba-246	192	14	be	be	AUX
faba-246	192	15	quite	quite	ADV
faba-246	192	16	conservative	conservative	ADJ
faba-246	192	17	relying	rely	VERB
faba-246	192	18	primarily	primarily	ADV
faba-246	192	19	on	on	ADP
faba-246	192	20	government	government	NOUN
faba-246	192	21	securities	security	NOUN
faba-246	192	22	whose	whose	DET
faba-246	192	23	yield	yield	NOUN
faba-246	192	24	is	be	AUX
faba-246	192	25	secure	secure	ADJ
faba-246	192	26	but	but	CCONJ
faba-246	192	27	low	low	ADJ
faba-246	192	28	enough	enough	ADV
faba-246	192	29	to	to	PART
faba-246	192	30	compensate	compensate	VERB
faba-246	192	31	insured	insured	ADJ
faba-246	192	32	individuals	individual	NOUN
faba-246	192	33	for	for	ADP
faba-246	192	34	the	the	DET
faba-246	192	35	inflation	inflation	NOUN
faba-246	192	36	rate	rate	NOUN
faba-246	192	37	.	.	PUNCT
faba-246	193	1	table	table	NOUN
faba-246	193	2	6	6	NUM
faba-246	193	3	.	.	PUNCT
faba-246	194	1	portfolio	portfolio	NOUN
faba-246	194	2	share	share	NOUN
faba-246	194	3	in	in	ADP
faba-246	194	4	fixed	fix	VERB
faba-246	194	5	and	and	CCONJ
faba-246	194	6	variable	variable	ADJ
faba-246	194	7	income	income	NOUN
faba-246	194	8	instruments	instrument	NOUN
faba-246	194	9	in	in	ADP
faba-246	194	10	universal	universal	ADJ
faba-246	194	11	pension	pension	NOUN
faba-246	194	12	funds	fund	NOUN
faba-246	194	13	in	in	ADP
faba-246	194	14	bulgaria7	bulgaria7	PROPN
faba-246	194	15	2010	2010	NUM
faba-246	194	16	2015	2015	NUM
faba-246	194	17	2020	2020	NUM
faba-246	194	18	2024	2024	NUM
faba-246	194	19	government	government	NOUN
faba-246	194	20	bonds	bond	VERB
faba-246	194	21	23.22	23.22	NUM
faba-246	194	22	%	%	NOUN
faba-246	194	23	49.52	49.52	NUM
faba-246	194	24	%	%	NOUN
faba-246	194	25	57.61	57.61	NUM
faba-246	194	26	%	%	NOUN
faba-246	194	27	59.52	59.52	NUM
faba-246	194	28	%	%	NOUN
faba-246	194	29	corporate	corporate	ADJ
faba-246	194	30	bonds	bond	NOUN
faba-246	194	31	21.17	21.17	NUM
faba-246	194	32	%	%	NOUN
faba-246	194	33	13.52	13.52	NUM
faba-246	194	34	%	%	NOUN
faba-246	194	35	9.51	9.51	NUM
faba-246	194	36	%	%	NOUN
faba-246	194	37	8.01	8.01	NUM
faba-246	194	38	%	%	NOUN
faba-246	194	39	mortgage	mortgage	NOUN
faba-246	194	40	bonds	bond	NOUN
faba-246	194	41	1.40	1.40	NUM
faba-246	194	42	%	%	NOUN
faba-246	194	43	0.09	0.09	NUM
faba-246	194	44	%	%	NOUN
faba-246	194	45	municipal	municipal	ADJ
faba-246	194	46	bonds	bond	NOUN
faba-246	194	47	2.60	2.60	NUM
faba-246	194	48	%	%	NOUN
faba-246	194	49	0.10	0.10	NUM
faba-246	194	50	%	%	NOUN
faba-246	194	51	0.01	0.01	NUM
faba-246	194	52	%	%	NOUN
faba-246	194	53	0.01	0.01	NUM
faba-246	194	54	%	%	NOUN
faba-246	194	55	bank	bank	NOUN
faba-246	194	56	deposits	deposit	VERB
faba-246	194	57	21.52	21.52	NUM
faba-246	194	58	%	%	NOUN
faba-246	194	59	3.31	3.31	NUM
faba-246	194	60	%	%	NOUN
faba-246	194	61	0.85	0.85	NUM
faba-246	194	62	%	%	NOUN
faba-246	194	63	0.76	0.76	NUM
faba-246	194	64	%	%	NOUN
faba-246	194	65	other	other	ADJ
faba-246	194	66	fixed	fix	VERB
faba-246	194	67	income	income	NOUN
faba-246	194	68	instruments	instrument	NOUN
faba-246	194	69	3.02	3.02	NUM
faba-246	194	70	%	%	NOUN
faba-246	194	71	2.39	2.39	NUM
faba-246	194	72	%	%	NOUN
faba-246	194	73	1.66	1.66	NUM
faba-246	194	74	%	%	NOUN
faba-246	194	75	1.07	1.07	NUM
faba-246	194	76	%	%	NOUN
faba-246	194	77	total	total	ADJ
faba-246	194	78	fixed	fix	VERB
faba-246	194	79	income	income	NOUN
faba-246	194	80	instruments	instrument	NOUN
faba-246	194	81	72.93	72.93	NUM
faba-246	194	82	%	%	NOUN
faba-246	194	83	68.93	68.93	NUM
faba-246	194	84	%	%	NOUN
faba-246	194	85	69.64	69.64	NUM
faba-246	194	86	%	%	NOUN
faba-246	194	87	69.37	69.37	NUM
faba-246	194	88	%	%	NOUN
faba-246	194	89	shares	share	NOUN
faba-246	194	90	in	in	ADP
faba-246	194	91	special	special	ADJ
faba-246	194	92	investment	investment	NOUN
faba-246	194	93	purpose	purpose	NOUN
faba-246	194	94	companies	company	NOUN
faba-246	194	95	1.79	1.79	NUM
faba-246	194	96	%	%	NOUN
faba-246	194	97	0.91	0.91	NUM
faba-246	194	98	%	%	NOUN
faba-246	194	99	0.87	0.87	NUM
faba-246	194	100	%	%	NOUN
faba-246	194	101	units	unit	NOUN
faba-246	194	102	in	in	ADP
faba-246	194	103	collective	collective	ADJ
faba-246	194	104	investment	investment	NOUN
faba-246	194	105	schemes	scheme	NOUN
faba-246	194	106	11.85	11.85	NUM
faba-246	194	107	%	%	NOUN
faba-246	194	108	13.91	13.91	NUM
faba-246	194	109	%	%	NOUN
faba-246	194	110	17.86	17.86	NUM
faba-246	194	111	%	%	NOUN
faba-246	194	112	14.62	14.62	NUM
faba-246	194	113	%	%	NOUN
faba-246	194	114	other	other	ADJ
faba-246	194	115	shares	share	NOUN
faba-246	194	116	13.43	13.43	NUM
faba-246	194	117	%	%	NOUN
faba-246	194	118	16.25	16.25	NUM
faba-246	194	119	%	%	NOUN
faba-246	194	120	11.63	11.63	NUM
faba-246	194	121	%	%	NOUN
faba-246	194	122	16.01	16.01	NUM
faba-246	194	123	%	%	NOUN
faba-246	194	124	total	total	ADJ
faba-246	194	125	variable	variable	ADJ
faba-246	194	126	income	income	NOUN
faba-246	194	127	instruments	instrument	NOUN
faba-246	194	128	27.07	27.07	NUM
faba-246	194	129	%	%	NOUN
faba-246	194	130	31.07	31.07	NUM
faba-246	194	131	%	%	NOUN
faba-246	194	132	30.36	30.36	NUM
faba-246	194	133	%	%	NOUN
faba-246	194	134	30.63	30.63	NUM
faba-246	194	135	%	%	NOUN
faba-246	194	136	source	source	NOUN
faba-246	194	137	:	:	PUNCT
faba-246	194	138	www.fsc.bg	www.fsc.bg	ADP
faba-246	194	139	the	the	DET
faba-246	194	140	next	next	ADJ
faba-246	194	141	crucial	crucial	ADJ
faba-246	194	142	issue	issue	NOUN
faba-246	194	143	in	in	ADP
faba-246	194	144	the	the	DET
faba-246	194	145	process	process	NOUN
faba-246	194	146	of	of	ADP
faba-246	194	147	establishment	establishment	NOUN
faba-246	194	148	of	of	ADP
faba-246	194	149	a	a	DET
faba-246	194	150	multifund	multifund	NOUN
faba-246	194	151	system	system	NOUN
faba-246	194	152	is	be	AUX
faba-246	194	153	how	how	SCONJ
faba-246	194	154	to	to	PART
faba-246	194	155	distribute	distribute	VERB
faba-246	194	156	insured	insured	ADJ
faba-246	194	157	individuals	individual	NOUN
faba-246	194	158	within	within	ADP
faba-246	194	159	the	the	DET
faba-246	194	160	different	different	ADJ
faba-246	194	161	portfolio	portfolio	NOUN
faba-246	194	162	structures	structure	NOUN
faba-246	194	163	.	.	PUNCT
faba-246	195	1	the	the	DET
faba-246	195	2	primary	primary	ADJ
faba-246	195	3	option	option	NOUN
faba-246	195	4	should	should	AUX
faba-246	195	5	be	be	AUX
faba-246	195	6	the	the	DET
faba-246	195	7	people	people	NOUN
faba-246	195	8	themselves	themselves	PRON
faba-246	195	9	to	to	PART
faba-246	195	10	make	make	VERB
faba-246	195	11	informative	informative	ADJ
faba-246	195	12	choice	choice	NOUN
faba-246	195	13	which	which	DET
faba-246	195	14	portfolio	portfolio	NOUN
faba-246	195	15	type	type	NOUN
faba-246	195	16	would	would	AUX
faba-246	195	17	suit	suit	VERB
faba-246	195	18	their	their	PRON
faba-246	195	19	interests	interest	NOUN
faba-246	195	20	in	in	ADP
faba-246	195	21	the	the	DET
faba-246	195	22	most	most	ADV
faba-246	195	23	appropriate	appropriate	ADJ
faba-246	195	24	way	way	NOUN
faba-246	195	25	.	.	PUNCT
faba-246	196	1	however	however	ADV
faba-246	196	2	,	,	PUNCT
faba-246	196	3	the	the	DET
faba-246	196	4	historical	historical	ADJ
faba-246	196	5	experience	experience	NOUN
faba-246	196	6	not	not	PART
faba-246	196	7	only	only	ADV
faba-246	196	8	in	in	ADP
faba-246	196	9	bulgaria	bulgaria	PROPN
faba-246	196	10	but	but	CCONJ
faba-246	196	11	in	in	ADP
faba-246	196	12	many	many	ADJ
faba-246	196	13	other	other	ADJ
faba-246	196	14	countries	country	NOUN
faba-246	196	15	with	with	ADP
faba-246	196	16	mandatory	mandatory	ADJ
faba-246	196	17	fully	fully	ADV
faba-246	196	18	funded	fund	VERB
faba-246	196	19	pillars	pillar	NOUN
faba-246	196	20	,	,	PUNCT
faba-246	196	21	shows	show	VERB
faba-246	196	22	that	that	SCONJ
faba-246	196	23	insured	insure	VERB
faba-246	196	24	individuals	individual	NOUN
faba-246	196	25	are	be	AUX
faba-246	196	26	not	not	PART
faba-246	196	27	quite	quite	ADV
faba-246	196	28	interested	interested	ADJ
faba-246	196	29	in	in	ADP
faba-246	196	30	their	their	PRON
faba-246	196	31	insurance	insurance	NOUN
faba-246	196	32	within	within	ADP
faba-246	196	33	the	the	DET
faba-246	196	34	second	second	ADJ
faba-246	196	35	pillar	pillar	NOUN
faba-246	196	36	pension	pension	NOUN
faba-246	196	37	funds	fund	NOUN
faba-246	196	38	.	.	PUNCT
faba-246	197	1	a	a	DET
faba-246	197	2	significant	significant	ADJ
faba-246	197	3	share	share	NOUN
faba-246	197	4	of	of	ADP
faba-246	197	5	them	they	PRON
faba-246	197	6	does	do	AUX
faba-246	197	7	n’t	not	PART
faba-246	197	8	even	even	ADV
faba-246	197	9	know	know	VERB
faba-246	197	10	the	the	DET
faba-246	197	11	pension	pension	NOUN
faba-246	197	12	fund	fund	NOUN
faba-246	197	13	they	they	PRON
faba-246	197	14	have	have	AUX
faba-246	197	15	been	be	AUX
faba-246	197	16	saving	save	VERB
faba-246	197	17	for	for	ADP
faba-246	197	18	years	year	NOUN
faba-246	197	19	,	,	PUNCT
faba-246	197	20	let	let	VERB
faba-246	197	21	alone	alone	ADV
faba-246	197	22	the	the	DET
faba-246	197	23	level	level	NOUN
faba-246	197	24	of	of	ADP
faba-246	197	25	risk	risk	NOUN
faba-246	197	26	to	to	PART
faba-246	197	27	which	which	PRON
faba-246	197	28	they	they	PRON
faba-246	197	29	have	have	AUX
faba-246	197	30	been	be	AUX
faba-246	197	31	exposed	expose	VERB
faba-246	197	32	to	to	ADP
faba-246	197	33	.	.	PUNCT
faba-246	198	1	under	under	ADP
faba-246	198	2	such	such	DET
faba-246	198	3	a	a	DET
faba-246	198	4	scenario	scenario	NOUN
faba-246	198	5	,	,	PUNCT
faba-246	198	6	it	it	PRON
faba-246	198	7	is	be	AUX
faba-246	198	8	worth	worth	ADJ
faba-246	198	9	having	have	VERB
faba-246	198	10	a	a	DET
faba-246	198	11	default	default	NOUN
faba-246	198	12	option	option	NOUN
faba-246	198	13	for	for	ADP
faba-246	198	14	those	those	DET
faba-246	198	15	individuals	individual	NOUN
faba-246	198	16	who	who	PRON
faba-246	198	17	refuse	refuse	VERB
faba-246	198	18	to	to	PART
faba-246	198	19	make	make	VERB
faba-246	198	20	an	an	DET
faba-246	198	21	active	active	ADJ
faba-246	198	22	choice	choice	NOUN
faba-246	198	23	.	.	PUNCT
faba-246	199	1	the	the	DET
faba-246	199	2	experience	experience	NOUN
faba-246	199	3	of	of	ADP
faba-246	199	4	the	the	DET
faba-246	199	5	various	various	ADJ
faba-246	199	6	countries	country	NOUN
faba-246	199	7	is	be	AUX
faba-246	199	8	different	different	ADJ
faba-246	199	9	as	as	SCONJ
faba-246	199	10	some	some	PRON
faba-246	199	11	of	of	ADP
faba-246	199	12	them	they	PRON
faba-246	199	13	have	have	AUX
faba-246	199	14	preferred	prefer	VERB
faba-246	199	15	the	the	DET
faba-246	199	16	most	most	ADV
faba-246	199	17	conservative	conservative	ADJ
faba-246	199	18	portfolios	portfolio	NOUN
faba-246	199	19	as	as	ADP
faba-246	199	20	a	a	DET
faba-246	199	21	choice	choice	NOUN
faba-246	199	22	number	number	NOUN
faba-246	199	23	one	one	NUM
faba-246	199	24	,	,	PUNCT
faba-246	199	25	others	other	NOUN
faba-246	199	26	have	have	AUX
faba-246	199	27	made	make	VERB
faba-246	199	28	balanced	balanced	ADJ
faba-246	199	29	or	or	CCONJ
faba-246	199	30	aggressive	aggressive	ADJ
faba-246	199	31	portfolios	portfolio	NOUN
faba-246	199	32	as	as	ADP
faba-246	199	33	their	their	PRON
faba-246	199	34	primary	primary	ADJ
faba-246	199	35	option	option	NOUN
faba-246	199	36	.	.	PUNCT
faba-246	200	1	the	the	DET
faba-246	200	2	arguments	argument	NOUN
faba-246	200	3	for	for	ADP
faba-246	200	4	7	7	NUM
faba-246	200	5	the	the	DET
faba-246	200	6	data	datum	NOUN
faba-246	200	7	shown	show	VERB
faba-246	200	8	for	for	ADP
faba-246	200	9	2010	2010	NUM
faba-246	200	10	,	,	PUNCT
faba-246	200	11	2015	2015	NUM
faba-246	200	12	and	and	CCONJ
faba-246	200	13	2020	2020	NUM
faba-246	200	14	is	be	AUX
faba-246	200	15	towards	towards	ADP
faba-246	200	16	the	the	DET
faba-246	200	17	end	end	NOUN
faba-246	200	18	of	of	ADP
faba-246	200	19	the	the	DET
faba-246	200	20	year	year	NOUN
faba-246	200	21	.	.	PUNCT
faba-246	201	1	the	the	DET
faba-246	201	2	data	datum	NOUN
faba-246	201	3	for	for	ADP
faba-246	201	4	2024	2024	NUM
faba-246	201	5	is	be	AUX
faba-246	201	6	towards	towards	ADP
faba-246	201	7	30.09.2024	30.09.2024	NUM
faba-246	201	8	http://www.fsc.bg/	http://www.fsc.bg/	NOUN
faba-246	201	9	jeko	jeko	NOUN
faba-246	201	10	milev	milev	NOUN
faba-246	201	11	and	and	CCONJ
faba-246	201	12	kremena	kremena	ADJ
faba-246	201	13	yochkolovska/	yochkolovska/	NUM
faba-246	201	14	finance	finance	NOUN
faba-246	201	15	,	,	PUNCT
faba-246	201	16	accounting	accounting	NOUN
faba-246	201	17	and	and	CCONJ
faba-246	201	18	business	business	NOUN
faba-246	201	19	analysis	analysis	NOUN
faba-246	201	20	,	,	PUNCT
faba-246	201	21	volume	volume	NOUN
faba-246	201	22	6	6	NUM
faba-246	201	23	,	,	PUNCT
faba-246	201	24	issue	issue	NOUN
faba-246	201	25	2	2	NUM
faba-246	201	26	,	,	PUNCT
faba-246	201	27	2024	2024	NUM
faba-246	201	28	214	214	NUM
faba-246	201	29	the	the	DET
faba-246	201	30	various	various	ADJ
faba-246	201	31	default	default	NOUN
faba-246	201	32	variants	variant	NOUN
faba-246	201	33	are	be	AUX
faba-246	201	34	different	different	ADJ
faba-246	201	35	.	.	PUNCT
faba-246	202	1	however	however	ADV
faba-246	202	2	,	,	PUNCT
faba-246	202	3	maybe	maybe	ADV
faba-246	202	4	the	the	DET
faba-246	202	5	most	most	ADV
faba-246	202	6	appropriate	appropriate	ADJ
faba-246	202	7	regulation	regulation	NOUN
faba-246	202	8	is	be	AUX
faba-246	202	9	to	to	PART
faba-246	202	10	transfer	transfer	VERB
faba-246	202	11	individuals	individual	NOUN
faba-246	202	12	’	'	PUNCT
faba-246	202	13	savings	saving	NOUN
faba-246	202	14	within	within	ADP
faba-246	202	15	the	the	DET
faba-246	202	16	different	different	ADJ
faba-246	202	17	portfolios	portfolio	NOUN
faba-246	202	18	in	in	ADP
faba-246	202	19	accordance	accordance	NOUN
faba-246	202	20	with	with	ADP
faba-246	202	21	the	the	DET
faba-246	202	22	age	age	NOUN
faba-246	202	23	of	of	ADP
faba-246	202	24	the	the	DET
faba-246	202	25	insured	insure	VERB
faba-246	202	26	persons	person	NOUN
faba-246	202	27	.	.	PUNCT
faba-246	203	1	hence	hence	ADV
faba-246	203	2	,	,	PUNCT
faba-246	203	3	those	those	DET
faba-246	203	4	individuals	individual	NOUN
faba-246	203	5	with	with	ADP
faba-246	203	6	the	the	DET
faba-246	203	7	longest	long	ADJ
faba-246	203	8	period	period	NOUN
faba-246	203	9	of	of	ADP
faba-246	203	10	investment	investment	NOUN
faba-246	203	11	(	(	PUNCT
faba-246	203	12	young	young	ADJ
faba-246	203	13	individuals	individual	NOUN
faba-246	203	14	who	who	PRON
faba-246	203	15	have	have	AUX
faba-246	203	16	just	just	ADV
faba-246	203	17	entered	enter	VERB
faba-246	203	18	the	the	DET
faba-246	203	19	labor	labor	NOUN
faba-246	203	20	market	market	NOUN
faba-246	203	21	)	)	PUNCT
faba-246	203	22	must	must	AUX
faba-246	203	23	go	go	VERB
faba-246	203	24	into	into	ADP
faba-246	203	25	the	the	DET
faba-246	203	26	riskiest	risky	ADJ
faba-246	203	27	portfolio	portfolio	NOUN
faba-246	203	28	structure	structure	NOUN
faba-246	203	29	.	.	PUNCT
faba-246	204	1	this	this	PRON
faba-246	204	2	is	be	AUX
faba-246	204	3	the	the	DET
faba-246	204	4	portfolio	portfolio	NOUN
faba-246	204	5	with	with	ADP
faba-246	204	6	the	the	DET
faba-246	204	7	highest	high	ADJ
faba-246	204	8	share	share	NOUN
faba-246	204	9	of	of	ADP
faba-246	204	10	variable	variable	ADJ
faba-246	204	11	income	income	NOUN
faba-246	204	12	instruments	instrument	NOUN
faba-246	204	13	.	.	PUNCT
faba-246	205	1	then	then	ADV
faba-246	205	2	gradually	gradually	ADV
faba-246	205	3	when	when	SCONJ
faba-246	205	4	a	a	DET
faba-246	205	5	certain	certain	ADJ
faba-246	205	6	predefined	predefine	VERB
faba-246	205	7	age	age	NOUN
faba-246	205	8	is	be	AUX
faba-246	205	9	reached	reach	VERB
faba-246	205	10	,	,	PUNCT
faba-246	205	11	the	the	DET
faba-246	205	12	individuals	individual	NOUN
faba-246	205	13	’	'	PUNCT
faba-246	205	14	savings	saving	NOUN
faba-246	205	15	go	go	VERB
faba-246	205	16	into	into	ADP
faba-246	205	17	less	less	ADV
faba-246	205	18	riskier	risky	ADJ
faba-246	205	19	portfolios	portfolio	NOUN
faba-246	205	20	.	.	PUNCT
faba-246	206	1	surely	surely	ADV
faba-246	206	2	,	,	PUNCT
faba-246	206	3	those	those	DET
faba-246	206	4	individuals	individual	NOUN
faba-246	206	5	whose	whose	DET
faba-246	206	6	retirement	retirement	NOUN
faba-246	206	7	is	be	AUX
faba-246	206	8	coming	come	VERB
faba-246	206	9	close	close	ADV
faba-246	206	10	should	should	AUX
faba-246	206	11	be	be	AUX
faba-246	206	12	directed	direct	VERB
faba-246	206	13	into	into	ADP
faba-246	206	14	the	the	DET
faba-246	206	15	conservative	conservative	ADJ
faba-246	206	16	portfolio	portfolio	NOUN
faba-246	206	17	type	type	NOUN
faba-246	206	18	,	,	PUNCT
faba-246	206	19	thus	thus	ADV
faba-246	206	20	stabilizing	stabilize	VERB
faba-246	206	21	the	the	DET
faba-246	206	22	value	value	NOUN
faba-246	206	23	of	of	ADP
faba-246	206	24	their	their	PRON
faba-246	206	25	investments	investment	NOUN
faba-246	206	26	some	some	DET
faba-246	206	27	years	year	NOUN
faba-246	206	28	before	before	ADP
faba-246	206	29	reaching	reach	VERB
faba-246	206	30	pension	pension	NOUN
faba-246	206	31	age	age	NOUN
faba-246	206	32	.	.	PUNCT
faba-246	207	1	the	the	DET
faba-246	207	2	assumption	assumption	NOUN
faba-246	207	3	here	here	ADV
faba-246	207	4	is	be	AUX
faba-246	207	5	that	that	SCONJ
faba-246	207	6	the	the	DET
faba-246	207	7	most	most	ADV
faba-246	207	8	serious	serious	ADJ
faba-246	207	9	type	type	NOUN
faba-246	207	10	of	of	ADP
faba-246	207	11	risk	risk	NOUN
faba-246	207	12	to	to	PART
faba-246	207	13	which	which	PRON
faba-246	207	14	are	be	AUX
faba-246	207	15	exposed	expose	VERB
faba-246	207	16	young	young	ADJ
faba-246	207	17	individuals	individual	NOUN
faba-246	207	18	is	be	AUX
faba-246	207	19	the	the	DET
faba-246	207	20	inflation	inflation	NOUN
faba-246	207	21	risk	risk	NOUN
faba-246	207	22	.	.	PUNCT
faba-246	208	1	for	for	ADP
faba-246	208	2	a	a	DET
faba-246	208	3	long	long	ADJ
faba-246	208	4	period	period	NOUN
faba-246	208	5	of	of	ADP
faba-246	208	6	time	time	NOUN
faba-246	208	7	the	the	DET
faba-246	208	8	lost	lost	ADJ
faba-246	208	9	purchasing	purchasing	NOUN
faba-246	208	10	power	power	NOUN
faba-246	208	11	of	of	ADP
faba-246	208	12	money	money	NOUN
faba-246	208	13	could	could	AUX
faba-246	208	14	significantly	significantly	ADV
faba-246	208	15	destroy	destroy	VERB
faba-246	208	16	the	the	DET
faba-246	208	17	value	value	NOUN
faba-246	208	18	of	of	ADP
faba-246	208	19	accumulated	accumulate	VERB
faba-246	208	20	savings	saving	NOUN
faba-246	208	21	.	.	PUNCT
faba-246	209	1	although	although	SCONJ
faba-246	209	2	volatile	volatile	ADJ
faba-246	209	3	in	in	ADP
faba-246	209	4	the	the	DET
faba-246	209	5	short	short	ADJ
faba-246	209	6	period	period	NOUN
faba-246	209	7	,	,	PUNCT
faba-246	209	8	investments	investment	NOUN
faba-246	209	9	in	in	ADP
faba-246	209	10	equities	equity	NOUN
faba-246	209	11	or	or	CCONJ
faba-246	209	12	units	unit	NOUN
faba-246	209	13	in	in	ADP
faba-246	209	14	collective	collective	ADJ
faba-246	209	15	investment	investment	NOUN
faba-246	209	16	schemes	scheme	NOUN
faba-246	209	17	have	have	VERB
faba-246	209	18	a	a	DET
faba-246	209	19	higher	high	ADJ
faba-246	209	20	expected	expect	VERB
faba-246	209	21	return	return	NOUN
faba-246	209	22	than	than	ADP
faba-246	209	23	instruments	instrument	NOUN
faba-246	209	24	such	such	ADJ
faba-246	209	25	as	as	ADP
faba-246	209	26	government	government	NOUN
faba-246	209	27	securities	security	NOUN
faba-246	209	28	,	,	PUNCT
faba-246	209	29	corporate	corporate	ADJ
faba-246	209	30	bonds	bond	NOUN
faba-246	209	31	or	or	CCONJ
faba-246	209	32	bank	bank	NOUN
faba-246	209	33	deposits	deposit	NOUN
faba-246	209	34	.	.	PUNCT
faba-246	210	1	at	at	ADP
faba-246	210	2	the	the	DET
faba-246	210	3	same	same	ADJ
faba-246	210	4	time	time	NOUN
faba-246	210	5	for	for	ADP
faba-246	210	6	individuals	individual	NOUN
faba-246	210	7	whose	whose	DET
faba-246	210	8	retirement	retirement	NOUN
faba-246	210	9	is	be	AUX
faba-246	210	10	expected	expect	VERB
faba-246	210	11	to	to	PART
faba-246	210	12	be	be	AUX
faba-246	210	13	in	in	ADP
faba-246	210	14	the	the	DET
faba-246	210	15	next	next	ADJ
faba-246	210	16	4	4	NUM
faba-246	210	17	-	-	SYM
faba-246	210	18	5	5	NUM
faba-246	210	19	years	year	NOUN
faba-246	210	20	it	it	PRON
faba-246	210	21	is	be	AUX
faba-246	210	22	reasonable	reasonable	ADJ
faba-246	210	23	to	to	PART
faba-246	210	24	reduce	reduce	VERB
faba-246	210	25	the	the	DET
faba-246	210	26	share	share	NOUN
faba-246	210	27	of	of	ADP
faba-246	210	28	such	such	ADJ
faba-246	210	29	investments	investment	NOUN
faba-246	210	30	and	and	CCONJ
faba-246	210	31	to	to	PART
faba-246	210	32	rely	rely	VERB
faba-246	210	33	more	more	ADV
faba-246	210	34	heavily	heavily	ADV
faba-246	210	35	on	on	ADP
faba-246	210	36	fixed	fix	VERB
faba-246	210	37	income	income	NOUN
faba-246	210	38	assets	asset	NOUN
faba-246	210	39	.	.	PUNCT
faba-246	211	1	there	there	PRON
faba-246	211	2	are	be	VERB
faba-246	211	3	variety	variety	NOUN
faba-246	211	4	of	of	ADP
faba-246	211	5	options	option	NOUN
faba-246	211	6	how	how	SCONJ
faba-246	211	7	to	to	PART
faba-246	211	8	transfer	transfer	VERB
faba-246	211	9	the	the	DET
faba-246	211	10	resources	resource	NOUN
faba-246	211	11	among	among	ADP
faba-246	211	12	the	the	DET
faba-246	211	13	different	different	ADJ
faba-246	211	14	portfolios	portfolio	NOUN
faba-246	211	15	but	but	CCONJ
faba-246	211	16	maybe	maybe	ADV
faba-246	211	17	the	the	DET
faba-246	211	18	most	most	ADV
faba-246	211	19	practical	practical	ADJ
faba-246	211	20	one	one	NOUN
faba-246	211	21	and	and	CCONJ
faba-246	211	22	at	at	ADP
faba-246	211	23	the	the	DET
faba-246	211	24	same	same	ADJ
faba-246	211	25	time	time	NOUN
faba-246	211	26	easiest	easy	ADJ
faba-246	211	27	to	to	PART
faba-246	211	28	implement	implement	VERB
faba-246	211	29	is	be	AUX
faba-246	211	30	to	to	PART
faba-246	211	31	fix	fix	VERB
faba-246	211	32	certain	certain	ADJ
faba-246	211	33	age	age	NOUN
faba-246	211	34	and	and	CCONJ
faba-246	211	35	the	the	DET
faba-246	211	36	whole	whole	ADJ
faba-246	211	37	amount	amount	NOUN
faba-246	211	38	of	of	ADP
faba-246	211	39	accumulated	accumulate	VERB
faba-246	211	40	resources	resource	NOUN
faba-246	211	41	into	into	ADP
faba-246	211	42	one	one	NUM
faba-246	211	43	’s	’s	PART
faba-246	211	44	individual	individual	ADJ
faba-246	211	45	account	account	NOUN
faba-246	211	46	to	to	PART
faba-246	211	47	be	be	AUX
faba-246	211	48	transferred	transfer	VERB
faba-246	211	49	into	into	ADP
faba-246	211	50	less	less	ADV
faba-246	211	51	risky	risky	ADJ
faba-246	211	52	portfolio	portfolio	NOUN
faba-246	211	53	.	.	PUNCT
faba-246	212	1	a	a	DET
faba-246	212	2	variant	variant	NOUN
faba-246	212	3	,	,	PUNCT
faba-246	212	4	in	in	ADP
faba-246	212	5	which	which	PRON
faba-246	212	6	part	part	NOUN
faba-246	212	7	of	of	ADP
faba-246	212	8	the	the	DET
faba-246	212	9	resources	resource	NOUN
faba-246	212	10	is	be	AUX
faba-246	212	11	transferred	transfer	VERB
faba-246	212	12	and	and	CCONJ
faba-246	212	13	some	some	DET
faba-246	212	14	other	other	ADJ
faba-246	212	15	is	be	AUX
faba-246	212	16	left	leave	VERB
faba-246	212	17	into	into	ADP
faba-246	212	18	the	the	DET
faba-246	212	19	current	current	ADJ
faba-246	212	20	portfolio	portfolio	NOUN
faba-246	212	21	is	be	AUX
faba-246	212	22	also	also	ADV
faba-246	212	23	reasonable	reasonable	ADJ
faba-246	212	24	but	but	CCONJ
faba-246	212	25	could	could	AUX
faba-246	212	26	lead	lead	VERB
faba-246	212	27	to	to	ADP
faba-246	212	28	confusion	confusion	NOUN
faba-246	212	29	among	among	ADP
faba-246	212	30	the	the	DET
faba-246	212	31	insured	insure	VERB
faba-246	212	32	and	and	CCONJ
faba-246	212	33	unnecessary	unnecessary	ADJ
faba-246	212	34	high	high	ADJ
faba-246	212	35	costs	cost	NOUN
faba-246	212	36	for	for	ADP
faba-246	212	37	the	the	DET
faba-246	212	38	pension	pension	NOUN
faba-246	212	39	companies8	companies8	NOUN
faba-246	212	40	.	.	PUNCT
faba-246	213	1	by	by	ADP
faba-246	213	2	structuring	structure	VERB
faba-246	213	3	aggressive	aggressive	ADJ
faba-246	213	4	portfolios	portfolio	NOUN
faba-246	213	5	,	,	PUNCT
faba-246	213	6	pension	pension	NOUN
faba-246	213	7	managers	manager	NOUN
faba-246	213	8	would	would	AUX
faba-246	213	9	raise	raise	VERB
faba-246	213	10	the	the	DET
faba-246	213	11	expected	expect	VERB
faba-246	213	12	return	return	NOUN
faba-246	213	13	but	but	CCONJ
faba-246	213	14	at	at	ADP
faba-246	213	15	the	the	DET
faba-246	213	16	expense	expense	NOUN
faba-246	213	17	of	of	ADP
faba-246	213	18	a	a	DET
faba-246	213	19	higher	high	ADJ
faba-246	213	20	level	level	NOUN
faba-246	213	21	of	of	ADP
faba-246	213	22	risk	risk	NOUN
faba-246	213	23	.	.	PUNCT
faba-246	214	1	in	in	ADP
faba-246	214	2	order	order	NOUN
faba-246	214	3	to	to	PART
faba-246	214	4	protect	protect	VERB
faba-246	214	5	the	the	DET
faba-246	214	6	savings	saving	NOUN
faba-246	214	7	of	of	ADP
faba-246	214	8	the	the	DET
faba-246	214	9	insured	insure	VERB
faba-246	214	10	it	it	PRON
faba-246	214	11	is	be	AUX
faba-246	214	12	crucial	crucial	ADJ
faba-246	214	13	to	to	PART
faba-246	214	14	transfer	transfer	VERB
faba-246	214	15	them	they	PRON
faba-246	214	16	to	to	PART
faba-246	214	17	lower	low	ADJ
faba-246	214	18	risk	risk	NOUN
faba-246	214	19	portfolios	portfolio	NOUN
faba-246	214	20	some	some	DET
faba-246	214	21	years	year	NOUN
faba-246	214	22	before	before	ADP
faba-246	214	23	retirement	retirement	NOUN
faba-246	214	24	.	.	PUNCT
faba-246	215	1	it	it	PRON
faba-246	215	2	is	be	AUX
faba-246	215	3	quite	quite	DET
faba-246	215	4	a	a	DET
faba-246	215	5	discussive	discussive	ADJ
faba-246	215	6	issue	issue	NOUN
faba-246	215	7	at	at	ADP
faba-246	215	8	which	which	DET
faba-246	215	9	point	point	NOUN
faba-246	215	10	(	(	PUNCT
faba-246	215	11	how	how	SCONJ
faba-246	215	12	many	many	ADJ
faba-246	215	13	years	year	NOUN
faba-246	215	14	prior	prior	ADV
faba-246	215	15	to	to	ADP
faba-246	215	16	pension	pension	NOUN
faba-246	215	17	)	)	PUNCT
faba-246	215	18	that	that	PRON
faba-246	215	19	may	may	AUX
faba-246	215	20	happen	happen	VERB
faba-246	215	21	.	.	PUNCT
faba-246	216	1	the	the	DET
faba-246	216	2	experience	experience	NOUN
faba-246	216	3	of	of	ADP
faba-246	216	4	bulgarian	bulgarian	ADJ
faba-246	216	5	pension	pension	NOUN
faba-246	216	6	funds	fund	NOUN
faba-246	216	7	shows	show	VERB
faba-246	216	8	that	that	SCONJ
faba-246	216	9	for	for	ADP
faba-246	216	10	the	the	DET
faba-246	216	11	past	past	ADJ
faba-246	216	12	22	22	NUM
faba-246	216	13	years	year	NOUN
faba-246	216	14	they	they	PRON
faba-246	216	15	faced	face	VERB
faba-246	216	16	two	two	NUM
faba-246	216	17	major	major	ADJ
faba-246	216	18	crises	crisis	NOUN
faba-246	216	19	.	.	PUNCT
faba-246	217	1	the	the	DET
faba-246	217	2	first	first	ADJ
faba-246	217	3	one	one	NUM
faba-246	217	4	was	be	AUX
faba-246	217	5	in	in	ADP
faba-246	217	6	2008	2008	NUM
faba-246	217	7	after	after	ADP
faba-246	217	8	the	the	DET
faba-246	217	9	global	global	ADJ
faba-246	217	10	financial	financial	ADJ
faba-246	217	11	crisis	crisis	NOUN
faba-246	217	12	and	and	CCONJ
faba-246	217	13	the	the	DET
faba-246	217	14	second	second	ADJ
faba-246	217	15	one	one	NOUN
faba-246	217	16	was	be	AUX
faba-246	217	17	in	in	ADP
faba-246	217	18	2022	2022	NUM
faba-246	217	19	,	,	PUNCT
faba-246	217	20	after	after	ADP
faba-246	217	21	the	the	DET
faba-246	217	22	start	start	NOUN
faba-246	217	23	of	of	ADP
faba-246	217	24	the	the	DET
faba-246	217	25	interest	interest	NOUN
faba-246	217	26	rate	rate	NOUN
faba-246	217	27	increases	increase	NOUN
faba-246	217	28	undertaken	undertake	VERB
faba-246	217	29	by	by	ADP
faba-246	217	30	fed	fed	PROPN
faba-246	217	31	and	and	CCONJ
faba-246	217	32	ecb	ecb	PROPN
faba-246	217	33	.	.	PUNCT
faba-246	218	1	the	the	DET
faba-246	218	2	number	number	NOUN
faba-246	218	3	of	of	ADP
faba-246	218	4	years	year	NOUN
faba-246	218	5	needed	need	VERB
faba-246	218	6	to	to	PART
faba-246	218	7	restore	restore	VERB
faba-246	218	8	the	the	DET
faba-246	218	9	value	value	NOUN
faba-246	218	10	of	of	ADP
faba-246	218	11	one	one	NUM
faba-246	218	12	pension	pension	NOUN
faba-246	218	13	unit	unit	NOUN
faba-246	218	14	after	after	SCONJ
faba-246	218	15	the	the	DET
faba-246	218	16	first	first	ADJ
faba-246	218	17	crisis	crisis	NOUN
faba-246	218	18	was	be	AUX
faba-246	218	19	almost	almost	ADV
faba-246	218	20	5	5	NUM
faba-246	218	21	.	.	PUNCT
faba-246	219	1	the	the	DET
faba-246	219	2	years	year	NOUN
faba-246	219	3	needed	need	VERB
faba-246	219	4	to	to	PART
faba-246	219	5	recover	recover	VERB
faba-246	219	6	from	from	ADP
faba-246	219	7	the	the	DET
faba-246	219	8	second	second	ADJ
faba-246	219	9	crisis	crisis	NOUN
faba-246	219	10	were	be	AUX
faba-246	219	11	expected	expect	VERB
faba-246	219	12	to	to	PART
faba-246	219	13	be	be	AUX
faba-246	219	14	between	between	ADP
faba-246	219	15	two	two	NUM
faba-246	219	16	and	and	CCONJ
faba-246	219	17	three9	three9	ADJ
faba-246	219	18	,	,	PUNCT
faba-246	219	19	depending	depend	VERB
faba-246	219	20	on	on	ADP
faba-246	219	21	the	the	DET
faba-246	219	22	structure	structure	NOUN
faba-246	219	23	of	of	ADP
faba-246	219	24	the	the	DET
faba-246	219	25	investment	investment	NOUN
faba-246	219	26	portfolio	portfolio	NOUN
faba-246	219	27	of	of	ADP
faba-246	219	28	the	the	DET
faba-246	219	29	fund	fund	NOUN
faba-246	219	30	.	.	PUNCT
faba-246	220	1	hence	hence	ADV
faba-246	220	2	,	,	PUNCT
faba-246	220	3	the	the	DET
faba-246	220	4	experience	experience	NOUN
faba-246	220	5	so	so	ADV
faba-246	220	6	far	far	ADV
faba-246	220	7	shows	show	VERB
faba-246	220	8	that	that	SCONJ
faba-246	220	9	the	the	DET
faba-246	220	10	date	date	NOUN
faba-246	220	11	of	of	ADP
faba-246	220	12	transferring	transfer	VERB
faba-246	220	13	resources	resource	NOUN
faba-246	220	14	into	into	ADP
faba-246	220	15	the	the	DET
faba-246	220	16	conservative	conservative	ADJ
faba-246	220	17	portfolio	portfolio	NOUN
faba-246	220	18	must	must	AUX
faba-246	220	19	be	be	AUX
faba-246	220	20	between	between	ADP
faba-246	220	21	3	3	NUM
faba-246	220	22	and	and	CCONJ
faba-246	220	23	5	5	NUM
faba-246	220	24	years	year	NOUN
faba-246	220	25	.	.	PUNCT
faba-246	221	1	any	any	DET
faba-246	221	2	shorter	short	ADJ
faba-246	221	3	period	period	NOUN
faba-246	221	4	prior	prior	ADV
faba-246	221	5	to	to	ADP
faba-246	221	6	retirement	retirement	NOUN
faba-246	221	7	would	would	AUX
faba-246	221	8	significantly	significantly	ADV
faba-246	221	9	reduce	reduce	VERB
faba-246	221	10	the	the	DET
faba-246	221	11	probability	probability	NOUN
faba-246	221	12	to	to	PART
faba-246	221	13	restore	restore	VERB
faba-246	221	14	the	the	DET
faba-246	221	15	incurred	incur	VERB
faba-246	221	16	loss	loss	NOUN
faba-246	221	17	.	.	PUNCT
faba-246	222	1	surely	surely	ADV
faba-246	222	2	the	the	DET
faba-246	222	3	issue	issue	NOUN
faba-246	222	4	of	of	ADP
faba-246	222	5	losing	lose	VERB
faba-246	222	6	money	money	NOUN
faba-246	222	7	just	just	ADV
faba-246	222	8	before	before	ADP
faba-246	222	9	the	the	DET
faba-246	222	10	period	period	NOUN
faba-246	222	11	of	of	ADP
faba-246	222	12	transferring	transfer	VERB
faba-246	222	13	resources	resource	NOUN
faba-246	222	14	into	into	ADP
faba-246	222	15	the	the	DET
faba-246	222	16	conservative	conservative	ADJ
faba-246	222	17	portfolio	portfolio	NOUN
faba-246	222	18	type	type	NOUN
faba-246	222	19	is	be	AUX
faba-246	222	20	a	a	DET
faba-246	222	21	tricky	tricky	ADJ
faba-246	222	22	one	one	NOUN
faba-246	222	23	.	.	PUNCT
faba-246	223	1	in	in	ADP
faba-246	223	2	this	this	DET
faba-246	223	3	worst	bad	ADJ
faba-246	223	4	-	-	PUNCT
faba-246	223	5	case	case	NOUN
faba-246	223	6	scenario	scenario	NOUN
faba-246	223	7	,	,	PUNCT
faba-246	223	8	the	the	DET
faba-246	223	9	individuals	individual	NOUN
faba-246	223	10	could	could	AUX
faba-246	223	11	be	be	AUX
faba-246	223	12	allowed	allow	VERB
faba-246	223	13	to	to	PART
faba-246	223	14	stay	stay	VERB
faba-246	223	15	within	within	ADP
faba-246	223	16	the	the	DET
faba-246	223	17	aggressive	aggressive	ADJ
faba-246	223	18	portfolio	portfolio	NOUN
faba-246	223	19	type	type	NOUN
faba-246	223	20	some	some	DET
faba-246	223	21	extra	extra	ADJ
faba-246	223	22	time	time	NOUN
faba-246	223	23	to	to	PART
faba-246	223	24	restore	restore	VERB
faba-246	223	25	some	some	PRON
faba-246	223	26	of	of	ADP
faba-246	223	27	the	the	DET
faba-246	223	28	lost	lost	ADJ
faba-246	223	29	resources	resource	NOUN
faba-246	223	30	,	,	PUNCT
faba-246	223	31	but	but	CCONJ
faba-246	223	32	that	that	PRON
faba-246	223	33	must	must	AUX
faba-246	223	34	be	be	AUX
faba-246	223	35	their	their	PRON
faba-246	223	36	own	own	ADJ
faba-246	223	37	well	well	ADV
faba-246	223	38	-	-	PUNCT
faba-246	223	39	informed	inform	VERB
faba-246	223	40	choice	choice	NOUN
faba-246	223	41	.	.	PUNCT
faba-246	224	1	whatever	whatever	DET
faba-246	224	2	regulation	regulation	NOUN
faba-246	224	3	in	in	ADP
faba-246	224	4	this	this	DET
faba-246	224	5	aspect	aspect	NOUN
faba-246	224	6	be	be	AUX
faba-246	224	7	adopted	adopt	VERB
faba-246	224	8	it	it	PRON
faba-246	224	9	could	could	AUX
faba-246	224	10	hardly	hardly	ADV
faba-246	224	11	eliminate	eliminate	VERB
faba-246	224	12	all	all	DET
faba-246	224	13	the	the	DET
faba-246	224	14	risks	risk	NOUN
faba-246	224	15	to	to	PART
faba-246	224	16	which	which	PRON
faba-246	224	17	are	be	AUX
faba-246	224	18	exposed	expose	VERB
faba-246	224	19	insured	insured	ADJ
faba-246	224	20	individuals	individual	NOUN
faba-246	224	21	.	.	PUNCT
faba-246	225	1	within	within	ADP
faba-246	225	2	the	the	DET
faba-246	225	3	defined	define	VERB
faba-246	225	4	contribution	contribution	NOUN
faba-246	225	5	pension	pension	NOUN
faba-246	225	6	schemes	scheme	NOUN
faba-246	225	7	,	,	PUNCT
faba-246	225	8	they	they	PRON
faba-246	225	9	bear	bear	VERB
faba-246	225	10	the	the	DET
faba-246	225	11	investment	investment	NOUN
faba-246	225	12	risk	risk	NOUN
faba-246	225	13	and	and	CCONJ
faba-246	225	14	the	the	DET
faba-246	225	15	adopted	adopt	VERB
faba-246	225	16	rules	rule	NOUN
faba-246	225	17	can	can	AUX
faba-246	225	18	only	only	ADV
faba-246	225	19	mitigate	mitigate	VERB
faba-246	225	20	it	it	PRON
faba-246	225	21	.	.	PUNCT
faba-246	226	1	so	so	ADV
faba-246	226	2	,	,	PUNCT
faba-246	226	3	in	in	ADP
faba-246	226	4	bulgarian	bulgarian	ADJ
faba-246	226	5	case	case	NOUN
faba-246	226	6	it	it	PRON
faba-246	226	7	seems	seem	VERB
faba-246	226	8	reasonable	reasonable	ADJ
faba-246	226	9	to	to	PART
faba-246	226	10	have	have	VERB
faba-246	226	11	regulation	regulation	NOUN
faba-246	226	12	that	that	PRON
faba-246	226	13	obliges	oblige	VERB
faba-246	226	14	individuals	individual	NOUN
faba-246	226	15	to	to	PART
faba-246	226	16	transfer	transfer	VERB
faba-246	226	17	their	their	PRON
faba-246	226	18	resources	resource	NOUN
faba-246	226	19	from	from	ADP
faba-246	226	20	the	the	DET
faba-246	226	21	most	most	ADV
faba-246	226	22	aggressive	aggressive	ADJ
faba-246	226	23	portfolio	portfolio	NOUN
faba-246	226	24	type	type	NOUN
faba-246	226	25	into	into	ADP
faba-246	226	26	the	the	DET
faba-246	226	27	balanced	balanced	ADJ
faba-246	226	28	one	one	NUM
faba-246	226	29	between	between	ADP
faba-246	226	30	7	7	NUM
faba-246	226	31	and	and	CCONJ
faba-246	226	32	10	10	NUM
faba-246	226	33	years	year	NOUN
faba-246	226	34	prior	prior	ADV
faba-246	226	35	to	to	ADP
faba-246	226	36	retirement	retirement	NOUN
faba-246	226	37	and	and	CCONJ
faba-246	226	38	from	from	ADP
faba-246	226	39	the	the	DET
faba-246	226	40	balanced	balanced	ADJ
faba-246	226	41	portfolio	portfolio	NOUN
faba-246	226	42	type	type	NOUN
faba-246	226	43	into	into	ADP
faba-246	226	44	the	the	DET
faba-246	226	45	conservative	conservative	NOUN
faba-246	226	46	some	some	DET
faba-246	226	47	3	3	NUM
faba-246	226	48	to	to	PART
faba-246	226	49	5	5	NUM
faba-246	226	50	years	year	NOUN
faba-246	226	51	before	before	ADP
faba-246	226	52	retirement	retirement	NOUN
faba-246	226	53	.	.	PUNCT
faba-246	227	1	in	in	ADP
faba-246	227	2	any	any	DET
faba-246	227	3	case	case	NOUN
faba-246	227	4	,	,	PUNCT
faba-246	227	5	insured	insure	VERB
faba-246	227	6	individuals	individual	NOUN
faba-246	227	7	must	must	AUX
faba-246	227	8	have	have	VERB
faba-246	227	9	the	the	DET
faba-246	227	10	option	option	NOUN
faba-246	227	11	to	to	PART
faba-246	227	12	stay	stay	VERB
faba-246	227	13	within	within	ADP
faba-246	227	14	the	the	DET
faba-246	227	15	portfolio	portfolio	NOUN
faba-246	227	16	of	of	ADP
faba-246	227	17	their	their	PRON
faba-246	227	18	own	own	ADJ
faba-246	227	19	choice	choice	NOUN
faba-246	227	20	,	,	PUNCT
faba-246	227	21	but	but	CCONJ
faba-246	227	22	when	when	SCONJ
faba-246	227	23	a	a	DET
faba-246	227	24	riskier	risky	ADJ
faba-246	227	25	option	option	NOUN
faba-246	227	26	is	be	AUX
faba-246	227	27	preferred	prefer	VERB
faba-246	227	28	,	,	PUNCT
faba-246	227	29	there	there	PRON
faba-246	227	30	must	must	AUX
faba-246	227	31	be	be	AUX
faba-246	227	32	a	a	DET
faba-246	227	33	specific	specific	ADJ
faba-246	227	34	procedure	procedure	NOUN
faba-246	227	35	to	to	PART
faba-246	227	36	follow	follow	VERB
faba-246	227	37	so	so	SCONJ
faba-246	227	38	that	that	SCONJ
faba-246	227	39	pension	pension	NOUN
faba-246	227	40	companies	company	NOUN
faba-246	227	41	are	be	AUX
faba-246	227	42	convinced	convince	VERB
faba-246	227	43	that	that	SCONJ
faba-246	227	44	insured	insure	VERB
faba-246	227	45	individual	individual	NOUN
faba-246	227	46	realizes	realize	VERB
faba-246	227	47	the	the	DET
faba-246	227	48	risk	risk	NOUN
faba-246	227	49	to	to	PART
faba-246	227	50	which	which	PRON
faba-246	227	51	he	he	PRON
faba-246	227	52	or	or	CCONJ
faba-246	227	53	she	she	PRON
faba-246	227	54	is	be	AUX
faba-246	227	55	exposed	expose	VERB
faba-246	227	56	to	to	ADP
faba-246	227	57	.	.	PUNCT
faba-246	228	1	the	the	DET
faba-246	228	2	last	last	ADJ
faba-246	228	3	important	important	ADJ
faba-246	228	4	issue	issue	NOUN
faba-246	228	5	that	that	PRON
faba-246	228	6	must	must	AUX
faba-246	228	7	be	be	AUX
faba-246	228	8	addressed	address	VERB
faba-246	228	9	when	when	SCONJ
faba-246	228	10	introducing	introduce	VERB
faba-246	228	11	a	a	DET
faba-246	228	12	multifund	multifund	NOUN
faba-246	228	13	system	system	NOUN
faba-246	228	14	is	be	AUX
faba-246	228	15	related	relate	VERB
faba-246	228	16	to	to	ADP
faba-246	228	17	the	the	DET
faba-246	228	18	type	type	NOUN
faba-246	228	19	of	of	ADP
faba-246	228	20	guarantees	guarantee	NOUN
faba-246	228	21	that	that	SCONJ
faba-246	228	22	insured	insure	VERB
faba-246	228	23	individuals	individual	NOUN
faba-246	228	24	must	must	AUX
faba-246	228	25	have	have	VERB
faba-246	228	26	for	for	ADP
faba-246	228	27	the	the	DET
faba-246	228	28	accumulated	accumulate	VERB
faba-246	228	29	resources	resource	NOUN
faba-246	228	30	.	.	PUNCT
faba-246	229	1	bulgarian	bulgarian	ADJ
faba-246	229	2	legislation	legislation	NOUN
faba-246	229	3	has	have	AUX
faba-246	229	4	adopted	adopt	VERB
faba-246	229	5	two	two	NUM
faba-246	229	6	types	type	NOUN
faba-246	229	7	of	of	ADP
faba-246	229	8	guarantees	guarantee	NOUN
faba-246	229	9	–	–	PUNCT
faba-246	229	10	the	the	DET
faba-246	229	11	first	first	ADJ
faba-246	229	12	one	one	NUM
faba-246	229	13	concerns	concern	NOUN
faba-246	229	14	the	the	DET
faba-246	229	15	value	value	NOUN
faba-246	229	16	of	of	ADP
faba-246	229	17	the	the	DET
faba-246	229	18	gross	gross	ADJ
faba-246	229	19	contributions	contribution	NOUN
faba-246	229	20	paid	pay	VERB
faba-246	229	21	by	by	ADP
faba-246	229	22	the	the	DET
faba-246	229	23	insured	insure	VERB
faba-246	229	24	individuals	individual	NOUN
faba-246	229	25	throughout	throughout	ADP
faba-246	229	26	their	their	PRON
faba-246	229	27	insurance	insurance	NOUN
faba-246	229	28	period	period	NOUN
faba-246	229	29	.	.	PUNCT
faba-246	230	1	the	the	DET
faba-246	230	2	estimated	estimate	VERB
faba-246	230	3	pension	pension	NOUN
faba-246	230	4	benefit	benefit	NOUN
faba-246	230	5	can	can	AUX
faba-246	230	6	not	not	PART
faba-246	230	7	be	be	AUX
faba-246	230	8	less	less	ADJ
faba-246	230	9	than	than	ADP
faba-246	230	10	the	the	DET
faba-246	230	11	one	one	NOUN
faba-246	230	12	calculated	calculate	VERB
faba-246	230	13	from	from	ADP
faba-246	230	14	the	the	DET
faba-246	230	15	total	total	ADJ
faba-246	230	16	amount	amount	NOUN
faba-246	230	17	of	of	ADP
faba-246	230	18	the	the	DET
faba-246	230	19	gross	gross	ADJ
faba-246	230	20	contributions	contribution	NOUN
faba-246	230	21	paid	pay	VERB
faba-246	230	22	by	by	ADP
faba-246	230	23	the	the	DET
faba-246	230	24	insured	insure	VERB
faba-246	230	25	individual	individual	NOUN
faba-246	230	26	throughout	throughout	ADP
faba-246	230	27	his	his	PRON
faba-246	230	28	/	/	SYM
faba-246	230	29	her	her	PRON
faba-246	230	30	working	working	NOUN
faba-246	230	31	years	year	NOUN
faba-246	230	32	.	.	PUNCT
faba-246	231	1	the	the	DET
faba-246	231	2	second	second	ADJ
faba-246	231	3	type	type	NOUN
faba-246	231	4	of	of	ADP
faba-246	231	5	guarantee	guarantee	NOUN
faba-246	231	6	concerns	concern	NOUN
faba-246	231	7	the	the	DET
faba-246	231	8	minimum	minimum	ADJ
faba-246	231	9	yield	yield	NOUN
faba-246	231	10	realized	realize	VERB
faba-246	231	11	by	by	ADP
faba-246	231	12	the	the	DET
faba-246	231	13	pension	pension	NOUN
faba-246	231	14	fund	fund	NOUN
faba-246	231	15	,	,	PUNCT
faba-246	231	16	estimated	estimate	VERB
faba-246	231	17	by	by	ADP
faba-246	231	18	taking	take	VERB
faba-246	231	19	into	into	ADP
faba-246	231	20	account	account	NOUN
faba-246	231	21	the	the	DET
faba-246	231	22	weighted	weighted	ADJ
faba-246	231	23	average	average	ADJ
faba-246	231	24	return	return	NOUN
faba-246	231	25	realized	realize	VERB
faba-246	231	26	by	by	ADP
faba-246	231	27	all	all	PRON
faba-246	231	28	of	of	ADP
faba-246	231	29	the	the	DET
faba-246	231	30	funds	fund	NOUN
faba-246	231	31	at	at	ADP
faba-246	231	32	the	the	DET
faba-246	231	33	end	end	NOUN
faba-246	231	34	of	of	ADP
faba-246	231	35	each	each	DET
faba-246	231	36	quarter	quarter	NOUN
faba-246	231	37	for	for	ADP
faba-246	231	38	the	the	DET
faba-246	231	39	last	last	ADJ
faba-246	231	40	24	24	NUM
faba-246	231	41	-	-	PUNCT
faba-246	231	42	month	month	NOUN
faba-246	231	43	period	period	NOUN
faba-246	231	44	.	.	PUNCT
faba-246	232	1	both	both	DET
faba-246	232	2	types	type	NOUN
faba-246	232	3	of	of	ADP
faba-246	232	4	guarantees	guarantee	NOUN
faba-246	232	5	try	try	VERB
faba-246	232	6	to	to	PART
faba-246	232	7	minimize	minimize	VERB
faba-246	232	8	the	the	DET
faba-246	232	9	investment	investment	NOUN
faba-246	232	10	risk	risk	NOUN
faba-246	232	11	insured	insure	VERB
faba-246	232	12	individuals	individual	NOUN
faba-246	232	13	are	be	AUX
faba-246	232	14	exposed	expose	VERB
faba-246	232	15	to	to	ADP
faba-246	232	16	.	.	PUNCT
faba-246	233	1	within	within	ADP
faba-246	233	2	the	the	DET
faba-246	233	3	defined	define	VERB
faba-246	233	4	contribution	contribution	NOUN
faba-246	233	5	pension	pension	NOUN
faba-246	233	6	schemes	scheme	NOUN
faba-246	233	7	the	the	DET
faba-246	233	8	amount	amount	NOUN
faba-246	233	9	of	of	ADP
faba-246	233	10	the	the	DET
faba-246	233	11	future	future	ADJ
faba-246	233	12	pension	pension	NOUN
faba-246	233	13	benefit	benefit	NOUN
faba-246	233	14	strongly	strongly	ADV
faba-246	233	15	depends	depend	VERB
faba-246	233	16	on	on	ADP
faba-246	233	17	the	the	DET
faba-246	233	18	accumulated	accumulate	VERB
faba-246	233	19	amount	amount	NOUN
faba-246	233	20	towards	towards	ADP
faba-246	233	21	the	the	DET
faba-246	233	22	date	date	NOUN
faba-246	233	23	of	of	ADP
faba-246	233	24	retirement	retirement	NOUN
faba-246	233	25	.	.	PUNCT
faba-246	234	1	so	so	ADV
faba-246	234	2	the	the	DET
faba-246	234	3	first	first	ADJ
faba-246	234	4	type	type	NOUN
faba-246	234	5	of	of	ADP
faba-246	234	6	guarantee	guarantee	NOUN
faba-246	234	7	aims	aim	VERB
faba-246	234	8	to	to	PART
faba-246	234	9	protect	protect	VERB
faba-246	234	10	the	the	DET
faba-246	234	11	sum	sum	NOUN
faba-246	234	12	of	of	ADP
faba-246	234	13	the	the	DET
faba-246	234	14	paid	pay	VERB
faba-246	234	15	contributions	contribution	NOUN
faba-246	234	16	in	in	ADP
faba-246	234	17	the	the	DET
faba-246	234	18	course	course	NOUN
faba-246	234	19	of	of	ADP
faba-246	234	20	one	one	NUM
faba-246	234	21	’s	’s	PART
faba-246	234	22	working	working	NOUN
faba-246	234	23	career	career	NOUN
faba-246	234	24	.	.	PUNCT
faba-246	235	1	however	however	ADV
faba-246	235	2	,	,	PUNCT
faba-246	235	3	the	the	DET
faba-246	235	4	amount	amount	NOUN
faba-246	235	5	is	be	AUX
faba-246	235	6	guaranteed	guarantee	VERB
faba-246	235	7	only	only	ADV
faba-246	235	8	in	in	ADP
faba-246	235	9	nominal	nominal	ADJ
faba-246	235	10	terms	term	NOUN
faba-246	235	11	and	and	CCONJ
faba-246	235	12	that	that	PRON
faba-246	235	13	is	be	AUX
faba-246	235	14	a	a	DET
faba-246	235	15	kind	kind	NOUN
faba-246	235	16	of	of	ADP
faba-246	235	17	an	an	DET
faba-246	235	18	absolute	absolute	ADJ
faba-246	235	19	minimum	minimum	NOUN
faba-246	235	20	without	without	ADP
faba-246	235	21	which	which	PRON
faba-246	235	22	the	the	DET
faba-246	235	23	pension	pension	NOUN
faba-246	235	24	insurance	insurance	NOUN
faba-246	235	25	of	of	ADP
faba-246	235	26	this	this	DET
faba-246	235	27	type	type	NOUN
faba-246	235	28	could	could	AUX
faba-246	235	29	hardly	hardly	ADV
faba-246	235	30	be	be	AUX
faba-246	235	31	justified	justify	VERB
faba-246	235	32	.	.	PUNCT
faba-246	236	1	the	the	DET
faba-246	236	2	second	second	ADJ
faba-246	236	3	type	type	NOUN
faba-246	236	4	of	of	ADP
faba-246	236	5	guarantee	guarantee	NOUN
faba-246	236	6	is	be	AUX
faba-246	236	7	much	much	ADV
faba-246	236	8	more	more	ADV
faba-246	236	9	controversial	controversial	ADJ
faba-246	236	10	.	.	PUNCT
faba-246	237	1	it	it	PRON
faba-246	237	2	aims	aim	VERB
faba-246	237	3	to	to	PART
faba-246	237	4	provide	provide	VERB
faba-246	237	5	a	a	DET
faba-246	237	6	certain	certain	ADJ
faba-246	237	7	minimum	minimum	ADJ
faba-246	237	8	level	level	NOUN
faba-246	237	9	of	of	ADP
faba-246	237	10	yield	yield	NOUN
faba-246	237	11	by	by	ADP
faba-246	237	12	taking	take	VERB
faba-246	237	13	into	into	ADP
faba-246	237	14	account	account	NOUN
faba-246	237	15	the	the	DET
faba-246	237	16	8	8	NUM
faba-246	237	17	such	such	ADJ
faba-246	237	18	transfer	transfer	NOUN
faba-246	237	19	of	of	ADP
faba-246	237	20	resources	resource	NOUN
faba-246	237	21	is	be	AUX
faba-246	237	22	applied	apply	VERB
faba-246	237	23	in	in	ADP
faba-246	237	24	columbian	columbian	ADJ
faba-246	237	25	pension	pension	NOUN
faba-246	237	26	funds	fund	NOUN
faba-246	237	27	where	where	SCONJ
faba-246	237	28	20	20	NUM
faba-246	237	29	%	%	NOUN
faba-246	237	30	of	of	ADP
faba-246	237	31	the	the	DET
faba-246	237	32	resources	resource	NOUN
faba-246	237	33	are	be	AUX
faba-246	237	34	transferred	transfer	VERB
faba-246	237	35	each	each	DET
faba-246	237	36	year	year	NOUN
faba-246	237	37	into	into	ADP
faba-246	237	38	less	less	ADV
faba-246	237	39	risky	risky	ADJ
faba-246	237	40	portfolio	portfolio	NOUN
faba-246	237	41	during	during	ADP
faba-246	237	42	the	the	DET
faba-246	237	43	last	last	ADJ
faba-246	237	44	5	5	NUM
faba-246	237	45	years	year	NOUN
faba-246	237	46	before	before	ADP
faba-246	237	47	retirement	retirement	NOUN
faba-246	237	48	.	.	PUNCT
faba-246	238	1	9	9	NUM
faba-246	238	2	at	at	ADP
faba-246	238	3	the	the	DET
faba-246	238	4	time	time	NOUN
faba-246	238	5	of	of	ADP
faba-246	238	6	writing	write	VERB
faba-246	238	7	the	the	DET
faba-246	238	8	article	article	NOUN
faba-246	238	9	some	some	PRON
faba-246	238	10	of	of	ADP
faba-246	238	11	the	the	DET
faba-246	238	12	funds	fund	NOUN
faba-246	238	13	have	have	AUX
faba-246	238	14	already	already	ADV
faba-246	238	15	restored	restore	VERB
faba-246	238	16	the	the	DET
faba-246	238	17	value	value	NOUN
faba-246	238	18	of	of	ADP
faba-246	238	19	one	one	NUM
faba-246	238	20	pension	pension	NOUN
faba-246	238	21	unit	unit	NOUN
faba-246	238	22	but	but	CCONJ
faba-246	238	23	some	some	DET
faba-246	238	24	others	other	NOUN
faba-246	238	25	have	have	VERB
faba-246	238	26	n’t	not	PART
faba-246	238	27	.	.	PUNCT
faba-246	239	1	jeko	jeko	NOUN
faba-246	239	2	milev	milev	NOUN
faba-246	239	3	and	and	CCONJ
faba-246	239	4	kremena	kremena	ADJ
faba-246	239	5	yochkolovska/	yochkolovska/	NUM
faba-246	239	6	finance	finance	NOUN
faba-246	239	7	,	,	PUNCT
faba-246	239	8	accounting	accounting	NOUN
faba-246	239	9	and	and	CCONJ
faba-246	239	10	business	business	NOUN
faba-246	239	11	analysis	analysis	NOUN
faba-246	239	12	,	,	PUNCT
faba-246	239	13	volume	volume	NOUN
faba-246	239	14	6	6	NUM
faba-246	239	15	,	,	PUNCT
faba-246	239	16	issue	issue	NOUN
faba-246	239	17	2	2	NUM
faba-246	239	18	,	,	PUNCT
faba-246	239	19	2024	2024	NUM
faba-246	239	20	215	215	NUM
faba-246	239	21	average	average	ADJ
faba-246	239	22	performance	performance	NOUN
faba-246	239	23	of	of	ADP
faba-246	239	24	all	all	DET
faba-246	239	25	pension	pension	NOUN
faba-246	239	26	funds	fund	NOUN
faba-246	239	27	of	of	ADP
faba-246	239	28	the	the	DET
faba-246	239	29	same	same	ADJ
faba-246	239	30	type	type	NOUN
faba-246	239	31	for	for	ADP
faba-246	239	32	a	a	DET
faba-246	239	33	specified	specified	ADJ
faba-246	239	34	period	period	NOUN
faba-246	239	35	of	of	ADP
faba-246	239	36	time	time	NOUN
faba-246	239	37	.	.	PUNCT
faba-246	240	1	the	the	DET
faba-246	240	2	introduction	introduction	NOUN
faba-246	240	3	of	of	ADP
faba-246	240	4	this	this	DET
faba-246	240	5	kind	kind	NOUN
faba-246	240	6	of	of	ADP
faba-246	240	7	guarantee	guarantee	NOUN
faba-246	240	8	stems	stem	VERB
faba-246	240	9	from	from	ADP
faba-246	240	10	the	the	DET
faba-246	240	11	mandatory	mandatory	ADJ
faba-246	240	12	character	character	NOUN
faba-246	240	13	of	of	ADP
faba-246	240	14	the	the	DET
faba-246	240	15	second	second	ADJ
faba-246	240	16	pillar	pillar	NOUN
faba-246	240	17	pension	pension	NOUN
faba-246	240	18	funds	fund	NOUN
faba-246	240	19	.	.	PUNCT
faba-246	241	1	the	the	DET
faba-246	241	2	logic	logic	NOUN
faba-246	241	3	here	here	ADV
faba-246	241	4	is	be	AUX
faba-246	241	5	straightforward	straightforward	ADJ
faba-246	241	6	–	–	PUNCT
faba-246	241	7	the	the	DET
faba-246	241	8	state	state	NOUN
faba-246	241	9	obligates	obligate	VERB
faba-246	241	10	insured	insured	ADJ
faba-246	241	11	individuals	individual	NOUN
faba-246	241	12	to	to	PART
faba-246	241	13	save	save	VERB
faba-246	241	14	,	,	PUNCT
faba-246	241	15	and	and	CCONJ
faba-246	241	16	it	it	PRON
faba-246	241	17	tries	try	VERB
faba-246	241	18	to	to	PART
faba-246	241	19	guarantee	guarantee	VERB
faba-246	241	20	that	that	SCONJ
faba-246	241	21	whatever	whatever	DET
faba-246	241	22	choice	choice	NOUN
faba-246	241	23	they	they	PRON
faba-246	241	24	make	make	VERB
faba-246	241	25	about	about	ADP
faba-246	241	26	the	the	DET
faba-246	241	27	fund	fund	NOUN
faba-246	241	28	,	,	PUNCT
faba-246	241	29	the	the	DET
faba-246	241	30	last	last	ADJ
faba-246	241	31	would	would	AUX
faba-246	241	32	not	not	PART
faba-246	241	33	significantly	significantly	ADV
faba-246	241	34	lag	lag	VERB
faba-246	241	35	behind	behind	ADP
faba-246	241	36	the	the	DET
faba-246	241	37	realized	realize	VERB
faba-246	241	38	average	average	ADJ
faba-246	241	39	yield	yield	NOUN
faba-246	241	40	.	.	PUNCT
faba-246	242	1	there	there	PRON
faba-246	242	2	are	be	VERB
faba-246	242	3	fears	fear	NOUN
faba-246	242	4	that	that	SCONJ
faba-246	242	5	this	this	DET
faba-246	242	6	type	type	NOUN
faba-246	242	7	of	of	ADP
faba-246	242	8	regulation	regulation	NOUN
faba-246	242	9	motivates	motivate	VERB
faba-246	242	10	herding	herd	VERB
faba-246	242	11	behavior	behavior	NOUN
faba-246	242	12	among	among	ADP
faba-246	242	13	pension	pension	NOUN
faba-246	242	14	funds	fund	NOUN
faba-246	242	15	.	.	PUNCT
faba-246	243	1	knowing	know	VERB
faba-246	243	2	that	that	SCONJ
faba-246	243	3	their	their	PRON
faba-246	243	4	performance	performance	NOUN
faba-246	243	5	is	be	AUX
faba-246	243	6	evaluated	evaluate	VERB
faba-246	243	7	on	on	ADP
faba-246	243	8	the	the	DET
faba-246	243	9	basis	basis	NOUN
faba-246	243	10	of	of	ADP
faba-246	243	11	the	the	DET
faba-246	243	12	achieved	achieve	VERB
faba-246	243	13	average	average	ADJ
faba-246	243	14	yield	yield	NOUN
faba-246	243	15	,	,	PUNCT
faba-246	243	16	managers	manager	NOUN
faba-246	243	17	have	have	VERB
faba-246	243	18	serious	serious	ADJ
faba-246	243	19	incentives	incentive	NOUN
faba-246	243	20	to	to	PART
faba-246	243	21	structure	structure	VERB
faba-246	243	22	similar	similar	ADJ
faba-246	243	23	asset	asset	NOUN
faba-246	243	24	portfolios	portfolio	NOUN
faba-246	243	25	.	.	PUNCT
faba-246	244	1	this	this	PRON
faba-246	244	2	is	be	AUX
faba-246	244	3	even	even	ADV
faba-246	244	4	more	more	ADV
faba-246	244	5	true	true	ADJ
faba-246	244	6	when	when	SCONJ
faba-246	244	7	pension	pension	NOUN
faba-246	244	8	market	market	NOUN
faba-246	244	9	is	be	AUX
faba-246	244	10	dominated	dominate	VERB
faba-246	244	11	by	by	ADP
faba-246	244	12	three	three	NUM
faba-246	244	13	pension	pension	NOUN
faba-246	244	14	funds	fund	NOUN
faba-246	244	15	whose	whose	DET
faba-246	244	16	total	total	ADJ
faba-246	244	17	market	market	NOUN
faba-246	244	18	share	share	NOUN
faba-246	244	19	exceeds	exceed	VERB
faba-246	244	20	60%10	60%10	NUM
faba-246	244	21	and	and	CCONJ
faba-246	244	22	pension	pension	NOUN
faba-246	244	23	companies	company	NOUN
faba-246	244	24	compulsory	compulsory	ADJ
faba-246	244	25	reveal	reveal	VERB
faba-246	244	26	their	their	PRON
faba-246	244	27	portfolios	portfolio	NOUN
faba-246	244	28	of	of	ADP
faba-246	244	29	assets	asset	NOUN
faba-246	244	30	every	every	DET
faba-246	244	31	three	three	NUM
faba-246	244	32	months	month	NOUN
faba-246	244	33	.	.	PUNCT
faba-246	245	1	however	however	ADV
faba-246	245	2	,	,	PUNCT
faba-246	245	3	looking	look	VERB
faba-246	245	4	carefully	carefully	ADV
faba-246	245	5	at	at	ADP
faba-246	245	6	the	the	DET
faba-246	245	7	details	detail	NOUN
faba-246	245	8	of	of	ADP
faba-246	245	9	the	the	DET
faba-246	245	10	pension	pension	NOUN
faba-246	245	11	fund	fund	NOUN
faba-246	245	12	market	market	NOUN
faba-246	245	13	in	in	ADP
faba-246	245	14	bulgaria	bulgaria	PROPN
faba-246	245	15	,	,	PUNCT
faba-246	245	16	one	one	PRON
faba-246	245	17	could	could	AUX
faba-246	245	18	easily	easily	ADV
faba-246	245	19	see	see	VERB
faba-246	245	20	that	that	SCONJ
faba-246	245	21	there	there	PRON
faba-246	245	22	are	be	VERB
faba-246	245	23	no	no	DET
faba-246	245	24	signs	sign	NOUN
faba-246	245	25	of	of	ADP
faba-246	245	26	such	such	ADJ
faba-246	245	27	copying	copy	VERB
faba-246	245	28	behavior	behavior	NOUN
faba-246	245	29	among	among	ADP
faba-246	245	30	pension	pension	NOUN
faba-246	245	31	funds	fund	NOUN
faba-246	245	32	regarding	regard	VERB
faba-246	245	33	their	their	PRON
faba-246	245	34	asset	asset	NOUN
faba-246	245	35	portfolios	portfolio	NOUN
faba-246	245	36	.	.	PUNCT
faba-246	246	1	the	the	DET
faba-246	246	2	reason	reason	NOUN
faba-246	246	3	for	for	ADP
faba-246	246	4	this	this	PRON
faba-246	246	5	is	be	AUX
faba-246	246	6	the	the	DET
faba-246	246	7	different	different	ADJ
faba-246	246	8	investment	investment	NOUN
faba-246	246	9	approach	approach	NOUN
faba-246	246	10	assumed	assume	VERB
faba-246	246	11	by	by	ADP
faba-246	246	12	the	the	DET
faba-246	246	13	market	market	NOUN
faba-246	246	14	leaders	leader	NOUN
faba-246	246	15	and	and	CCONJ
faba-246	246	16	the	the	DET
faba-246	246	17	funds	fund	NOUN
faba-246	246	18	with	with	ADP
faba-246	246	19	smaller	small	ADJ
faba-246	246	20	market	market	NOUN
faba-246	246	21	shares	share	NOUN
faba-246	246	22	.	.	PUNCT
faba-246	247	1	the	the	DET
faba-246	247	2	funds	fund	NOUN
faba-246	247	3	with	with	ADP
faba-246	247	4	the	the	DET
faba-246	247	5	dominant	dominant	ADJ
faba-246	247	6	positions	position	NOUN
faba-246	247	7	prefer	prefer	VERB
faba-246	247	8	investments	investment	NOUN
faba-246	247	9	in	in	ADP
faba-246	247	10	assets	asset	NOUN
faba-246	247	11	traded	trade	VERB
faba-246	247	12	on	on	ADP
faba-246	247	13	well	well	ADV
faba-246	247	14	-	-	PUNCT
faba-246	247	15	developed	develop	VERB
faba-246	247	16	foreign	foreign	ADJ
faba-246	247	17	stock	stock	NOUN
faba-246	247	18	markets	market	NOUN
faba-246	247	19	with	with	ADP
faba-246	247	20	significant	significant	ADJ
faba-246	247	21	liquidity	liquidity	NOUN
faba-246	247	22	.	.	PUNCT
faba-246	248	1	the	the	DET
faba-246	248	2	risk	risk	NOUN
faba-246	248	3	they	they	PRON
faba-246	248	4	assume	assume	VERB
faba-246	248	5	is	be	AUX
faba-246	248	6	smaller	small	ADJ
faba-246	248	7	,	,	PUNCT
faba-246	248	8	but	but	CCONJ
faba-246	248	9	all	all	DET
faba-246	248	10	other	other	ADJ
faba-246	248	11	things	thing	NOUN
faba-246	248	12	been	be	AUX
faba-246	248	13	equal	equal	ADJ
faba-246	248	14	,	,	PUNCT
faba-246	248	15	this	this	PRON
faba-246	248	16	means	mean	VERB
faba-246	248	17	also	also	ADV
faba-246	248	18	smaller	small	ADJ
faba-246	248	19	expected	expect	VERB
faba-246	248	20	yield	yield	NOUN
faba-246	248	21	.	.	PUNCT
faba-246	249	1	this	this	DET
faba-246	249	2	type	type	NOUN
faba-246	249	3	of	of	ADP
faba-246	249	4	investment	investment	NOUN
faba-246	249	5	behavior	behavior	NOUN
faba-246	249	6	is	be	AUX
faba-246	249	7	not	not	PART
faba-246	249	8	followed	follow	VERB
faba-246	249	9	by	by	ADP
faba-246	249	10	the	the	DET
faba-246	249	11	smaller	small	ADJ
faba-246	249	12	funds	fund	NOUN
faba-246	249	13	.	.	PUNCT
faba-246	250	1	most	most	ADJ
faba-246	250	2	of	of	ADP
faba-246	250	3	them	they	PRON
faba-246	250	4	are	be	AUX
faba-246	250	5	part	part	NOUN
faba-246	250	6	of	of	ADP
faba-246	250	7	domestic	domestic	ADJ
faba-246	250	8	economic	economic	ADJ
faba-246	250	9	groups	group	NOUN
faba-246	250	10	and	and	CCONJ
faba-246	250	11	prefer	prefer	VERB
faba-246	250	12	investments	investment	NOUN
faba-246	250	13	in	in	ADP
faba-246	250	14	local	local	ADJ
faba-246	250	15	companies	company	NOUN
faba-246	250	16	,	,	PUNCT
faba-246	250	17	traded	trade	VERB
faba-246	250	18	at	at	ADP
faba-246	250	19	the	the	DET
faba-246	250	20	bulgarian	bulgarian	ADJ
faba-246	250	21	stock	stock	NOUN
faba-246	250	22	exchange	exchange	NOUN
faba-246	250	23	.	.	PUNCT
faba-246	251	1	the	the	DET
faba-246	251	2	liquidity	liquidity	NOUN
faba-246	251	3	of	of	ADP
faba-246	251	4	their	their	PRON
faba-246	251	5	investments	investment	NOUN
faba-246	251	6	is	be	AUX
faba-246	251	7	not	not	PART
faba-246	251	8	so	so	ADV
faba-246	251	9	good	good	ADJ
faba-246	251	10	taking	taking	NOUN
faba-246	251	11	into	into	ADP
faba-246	251	12	account	account	NOUN
faba-246	251	13	the	the	DET
faba-246	251	14	characteristics	characteristic	NOUN
faba-246	251	15	of	of	ADP
faba-246	251	16	the	the	DET
faba-246	251	17	local	local	ADJ
faba-246	251	18	market	market	NOUN
faba-246	251	19	,	,	PUNCT
faba-246	251	20	but	but	CCONJ
faba-246	251	21	the	the	DET
faba-246	251	22	expected	expect	VERB
faba-246	251	23	yield	yield	NOUN
faba-246	251	24	is	be	AUX
faba-246	251	25	higher	high	ADJ
faba-246	251	26	for	for	ADP
faba-246	251	27	at	at	ADV
faba-246	251	28	least	least	ADV
faba-246	251	29	two	two	NUM
faba-246	251	30	reasons	reason	NOUN
faba-246	251	31	.	.	PUNCT
faba-246	252	1	first	first	ADV
faba-246	252	2	,	,	PUNCT
faba-246	252	3	emerging	emerge	VERB
faba-246	252	4	economies	economy	NOUN
faba-246	252	5	like	like	ADP
faba-246	252	6	bulgaria	bulgaria	PROPN
faba-246	252	7	's	's	PART
faba-246	252	8	are	be	AUX
faba-246	252	9	expected	expect	VERB
faba-246	252	10	to	to	PART
faba-246	252	11	grow	grow	VERB
faba-246	252	12	faster	fast	ADV
faba-246	252	13	in	in	ADP
faba-246	252	14	the	the	DET
faba-246	252	15	coming	come	VERB
faba-246	252	16	years	year	NOUN
faba-246	252	17	,	,	PUNCT
faba-246	252	18	especially	especially	ADV
faba-246	252	19	compared	compare	VERB
faba-246	252	20	to	to	ADP
faba-246	252	21	economies	economy	NOUN
faba-246	252	22	in	in	ADP
faba-246	252	23	the	the	DET
faba-246	252	24	western	western	ADJ
faba-246	252	25	part	part	NOUN
faba-246	252	26	of	of	ADP
faba-246	252	27	the	the	DET
faba-246	252	28	continent	continent	NOUN
faba-246	252	29	.	.	PUNCT
faba-246	253	1	this	this	PRON
faba-246	253	2	should	should	AUX
faba-246	253	3	be	be	AUX
faba-246	253	4	a	a	DET
faba-246	253	5	result	result	NOUN
faba-246	253	6	of	of	ADP
faba-246	253	7	the	the	DET
faba-246	253	8	growth	growth	NOUN
faba-246	253	9	of	of	ADP
faba-246	253	10	the	the	DET
faba-246	253	11	local	local	ADJ
faba-246	253	12	businesses	business	NOUN
faba-246	253	13	,	,	PUNCT
faba-246	253	14	which	which	PRON
faba-246	253	15	is	be	AUX
faba-246	253	16	expected	expect	VERB
faba-246	253	17	to	to	PART
faba-246	253	18	benefit	benefit	VERB
faba-246	253	19	the	the	DET
faba-246	253	20	insured	insure	VERB
faba-246	253	21	individuals	individual	NOUN
faba-246	253	22	especially	especially	ADV
faba-246	253	23	if	if	SCONJ
faba-246	253	24	their	their	PRON
faba-246	253	25	savings	saving	NOUN
faba-246	253	26	have	have	AUX
faba-246	253	27	supported	support	VERB
faba-246	253	28	this	this	DET
faba-246	253	29	growth	growth	NOUN
faba-246	253	30	.	.	PUNCT
faba-246	254	1	second	second	ADV
faba-246	254	2	,	,	PUNCT
faba-246	254	3	bulgaria	bulgaria	PROPN
faba-246	254	4	is	be	AUX
faba-246	254	5	not	not	PART
faba-246	254	6	part	part	NOUN
faba-246	254	7	of	of	ADP
faba-246	254	8	the	the	DET
faba-246	254	9	eurozone	eurozone	NOUN
faba-246	254	10	and	and	CCONJ
faba-246	254	11	the	the	DET
faba-246	254	12	banking	banking	NOUN
faba-246	254	13	system	system	NOUN
faba-246	254	14	has	have	AUX
faba-246	254	15	been	be	AUX
faba-246	254	16	functioning	function	VERB
faba-246	254	17	without	without	ADP
faba-246	254	18	lender	lender	NOUN
faba-246	254	19	of	of	ADP
faba-246	254	20	last	last	ADJ
faba-246	254	21	resort	resort	NOUN
faba-246	254	22	(	(	PUNCT
faba-246	254	23	typical	typical	ADJ
faba-246	254	24	central	central	ADJ
faba-246	254	25	bank	bank	NOUN
faba-246	254	26	)	)	PUNCT
faba-246	254	27	since	since	SCONJ
faba-246	254	28	the	the	DET
faba-246	254	29	inception	inception	NOUN
faba-246	254	30	of	of	ADP
faba-246	254	31	the	the	DET
faba-246	254	32	currency	currency	NOUN
faba-246	254	33	board	board	NOUN
faba-246	254	34	system	system	NOUN
faba-246	254	35	.	.	PUNCT
faba-246	255	1	hence	hence	ADV
faba-246	255	2	,	,	PUNCT
faba-246	255	3	the	the	DET
faba-246	255	4	interest	interest	NOUN
faba-246	255	5	rates	rate	NOUN
faba-246	255	6	in	in	ADP
faba-246	255	7	the	the	DET
faba-246	255	8	country	country	NOUN
faba-246	255	9	are	be	AUX
faba-246	255	10	higher	high	ADJ
faba-246	255	11	than	than	ADP
faba-246	255	12	the	the	DET
faba-246	255	13	ones	one	NOUN
faba-246	255	14	in	in	ADP
faba-246	255	15	the	the	DET
faba-246	255	16	developed	develop	VERB
faba-246	255	17	economies	economy	NOUN
faba-246	255	18	.	.	PUNCT
faba-246	256	1	this	this	PRON
faba-246	256	2	makes	make	VERB
faba-246	256	3	the	the	DET
faba-246	256	4	investments	investment	NOUN
faba-246	256	5	in	in	ADP
faba-246	256	6	domestic	domestic	ADJ
faba-246	256	7	corporate	corporate	ADJ
faba-246	256	8	bonds	bond	NOUN
faba-246	256	9	more	more	ADV
faba-246	256	10	attractive	attractive	ADJ
faba-246	256	11	than	than	ADP
faba-246	256	12	the	the	DET
faba-246	256	13	analogical	analogical	ADJ
faba-246	256	14	investments	investment	NOUN
faba-246	256	15	in	in	ADP
faba-246	256	16	the	the	DET
faba-246	256	17	western	western	ADJ
faba-246	256	18	part	part	NOUN
faba-246	256	19	of	of	ADP
faba-246	256	20	europe	europe	PROPN
faba-246	256	21	.	.	PUNCT
faba-246	257	1	it	it	PRON
faba-246	257	2	must	must	AUX
faba-246	257	3	be	be	AUX
faba-246	257	4	recognized	recognize	VERB
faba-246	257	5	that	that	SCONJ
faba-246	257	6	the	the	DET
faba-246	257	7	risk	risk	NOUN
faba-246	257	8	assumed	assume	VERB
faba-246	257	9	is	be	AUX
faba-246	257	10	also	also	ADV
faba-246	257	11	higher	high	ADJ
faba-246	257	12	,	,	PUNCT
faba-246	257	13	but	but	CCONJ
faba-246	257	14	is	be	AUX
faba-246	257	15	offset	offset	VERB
faba-246	257	16	to	to	ADP
faba-246	257	17	some	some	DET
faba-246	257	18	extent	extent	NOUN
faba-246	257	19	by	by	ADP
faba-246	257	20	the	the	DET
faba-246	257	21	acquisition	acquisition	NOUN
faba-246	257	22	of	of	ADP
faba-246	257	23	specific	specific	ADJ
faba-246	257	24	knowledge	knowledge	NOUN
faba-246	257	25	on	on	ADP
faba-246	257	26	the	the	DET
faba-246	257	27	precise	precise	ADJ
faba-246	257	28	development	development	NOUN
faba-246	257	29	of	of	ADP
faba-246	257	30	the	the	DET
faba-246	257	31	securities	security	NOUN
faba-246	257	32	issuers	issuer	NOUN
faba-246	257	33	.	.	PUNCT
faba-246	258	1	so	so	ADV
faba-246	258	2	,	,	PUNCT
faba-246	258	3	following	follow	VERB
faba-246	258	4	the	the	DET
faba-246	258	5	past	past	ADJ
faba-246	258	6	development	development	NOUN
faba-246	258	7	of	of	ADP
faba-246	258	8	the	the	DET
faba-246	258	9	second	second	ADJ
faba-246	258	10	pillar	pillar	NOUN
faba-246	258	11	pension	pension	NOUN
faba-246	258	12	funds	fund	NOUN
faba-246	258	13	,	,	PUNCT
faba-246	258	14	it	it	PRON
faba-246	258	15	is	be	AUX
faba-246	258	16	easily	easily	ADV
faba-246	258	17	seen	see	VERB
faba-246	258	18	that	that	SCONJ
faba-246	258	19	some	some	PRON
faba-246	258	20	of	of	ADP
faba-246	258	21	the	the	DET
faba-246	258	22	smaller	small	ADJ
faba-246	258	23	funds	fund	NOUN
faba-246	258	24	were	be	AUX
faba-246	258	25	able	able	ADJ
faba-246	258	26	to	to	PART
faba-246	258	27	achieve	achieve	VERB
faba-246	258	28	higher	high	ADJ
faba-246	258	29	yield	yield	NOUN
faba-246	258	30	than	than	ADP
faba-246	258	31	the	the	DET
faba-246	258	32	one	one	NOUN
faba-246	258	33	realized	realize	VERB
faba-246	258	34	by	by	ADP
faba-246	258	35	the	the	DET
faba-246	258	36	market	market	NOUN
faba-246	258	37	leaders	leader	NOUN
faba-246	258	38	thus	thus	ADV
faba-246	258	39	reaching	reach	VERB
faba-246	258	40	the	the	DET
faba-246	258	41	highest	high	ADJ
faba-246	258	42	value	value	NOUN
faba-246	258	43	of	of	ADP
faba-246	258	44	one	one	NUM
faba-246	258	45	pension	pension	NOUN
faba-246	258	46	unit	unit	NOUN
faba-246	258	47	for	for	ADP
faba-246	258	48	all	all	DET
faba-246	258	49	types	type	NOUN
faba-246	258	50	of	of	ADP
faba-246	258	51	funds	fund	NOUN
faba-246	258	52	operating	operate	VERB
faba-246	258	53	at	at	ADP
faba-246	258	54	the	the	DET
faba-246	258	55	market	market	NOUN
faba-246	258	56	until	until	ADP
faba-246	258	57	the	the	DET
faba-246	258	58	mid	mid	ADJ
faba-246	258	59	2024	2024	NUM
faba-246	258	60	.	.	PUNCT
faba-246	259	1	so	so	ADV
faba-246	259	2	,	,	PUNCT
faba-246	259	3	from	from	ADP
faba-246	259	4	this	this	DET
faba-246	259	5	point	point	NOUN
faba-246	259	6	of	of	ADP
faba-246	259	7	view	view	NOUN
faba-246	259	8	preserving	preserve	VERB
faba-246	259	9	the	the	DET
faba-246	259	10	requirement	requirement	NOUN
faba-246	259	11	for	for	ADP
faba-246	259	12	achieving	achieve	VERB
faba-246	259	13	minimum	minimum	ADJ
faba-246	259	14	rate	rate	NOUN
faba-246	259	15	of	of	ADP
faba-246	259	16	return	return	NOUN
faba-246	259	17	could	could	AUX
faba-246	259	18	be	be	AUX
faba-246	259	19	seen	see	VERB
faba-246	259	20	as	as	ADP
faba-246	259	21	a	a	DET
faba-246	259	22	specific	specific	ADJ
faba-246	259	23	incentive	incentive	NOUN
faba-246	259	24	for	for	ADP
faba-246	259	25	the	the	DET
faba-246	259	26	biggest	big	ADJ
faba-246	259	27	pension	pension	NOUN
faba-246	259	28	funds	fund	NOUN
faba-246	259	29	at	at	ADP
faba-246	259	30	the	the	DET
faba-246	259	31	market	market	NOUN
faba-246	259	32	for	for	ADP
faba-246	259	33	being	be	AUX
faba-246	259	34	more	more	ADV
faba-246	259	35	active	active	ADJ
faba-246	259	36	and	and	CCONJ
faba-246	259	37	not	not	PART
faba-246	259	38	so	so	ADV
faba-246	259	39	conservative	conservative	ADJ
faba-246	259	40	in	in	ADP
faba-246	259	41	their	their	PRON
faba-246	259	42	investment	investment	NOUN
faba-246	259	43	behavior	behavior	NOUN
faba-246	259	44	since	since	SCONJ
faba-246	259	45	this	this	PRON
faba-246	259	46	could	could	AUX
faba-246	259	47	disrupt	disrupt	VERB
faba-246	259	48	the	the	DET
faba-246	259	49	savings	saving	NOUN
faba-246	259	50	of	of	ADP
faba-246	259	51	the	the	DET
faba-246	259	52	insured	insure	VERB
faba-246	259	53	individuals	individual	NOUN
faba-246	259	54	especially	especially	ADV
faba-246	259	55	in	in	ADP
faba-246	259	56	the	the	DET
faba-246	259	57	long	long	ADJ
faba-246	259	58	term	term	NOUN
faba-246	259	59	.	.	PUNCT
faba-246	260	1	conclusion	conclusion	VERB
faba-246	260	2	the	the	DET
faba-246	260	3	multufind	multufind	NOUN
faba-246	260	4	system	system	NOUN
faba-246	260	5	in	in	ADP
faba-246	260	6	pension	pension	NOUN
faba-246	260	7	insurance	insurance	NOUN
faba-246	260	8	has	have	AUX
faba-246	260	9	been	be	AUX
faba-246	260	10	discussed	discuss	VERB
faba-246	260	11	for	for	ADP
faba-246	260	12	many	many	ADJ
faba-246	260	13	years	year	NOUN
faba-246	260	14	in	in	ADP
faba-246	260	15	bulgaria	bulgaria	PROPN
faba-246	260	16	.	.	PUNCT
faba-246	261	1	the	the	DET
faba-246	261	2	opportunity	opportunity	NOUN
faba-246	261	3	to	to	PART
faba-246	261	4	choose	choose	VERB
faba-246	261	5	portfolio	portfolio	NOUN
faba-246	261	6	of	of	ADP
faba-246	261	7	assets	asset	NOUN
faba-246	261	8	with	with	ADP
faba-246	261	9	different	different	ADJ
faba-246	261	10	risk	risk	NOUN
faba-246	261	11	characteristics	characteristic	NOUN
faba-246	261	12	has	have	AUX
faba-246	261	13	always	always	ADV
faba-246	261	14	been	be	AUX
faba-246	261	15	seen	see	VERB
faba-246	261	16	as	as	ADP
faba-246	261	17	a	a	DET
faba-246	261	18	further	further	ADJ
faba-246	261	19	step	step	NOUN
faba-246	261	20	in	in	ADP
faba-246	261	21	the	the	DET
faba-246	261	22	development	development	NOUN
faba-246	261	23	of	of	ADP
faba-246	261	24	the	the	DET
faba-246	261	25	pension	pension	NOUN
faba-246	261	26	model	model	NOUN
faba-246	261	27	in	in	ADP
faba-246	261	28	the	the	DET
faba-246	261	29	country	country	NOUN
faba-246	261	30	.	.	PUNCT
faba-246	262	1	however	however	ADV
faba-246	262	2	,	,	PUNCT
faba-246	262	3	certain	certain	ADJ
faba-246	262	4	specifics	specific	NOUN
faba-246	262	5	of	of	ADP
faba-246	262	6	the	the	DET
faba-246	262	7	pension	pension	NOUN
faba-246	262	8	business	business	NOUN
faba-246	262	9	were	be	AUX
faba-246	262	10	obstacles	obstacle	NOUN
faba-246	262	11	in	in	ADP
faba-246	262	12	introducing	introduce	VERB
faba-246	262	13	such	such	ADJ
faba-246	262	14	possibility	possibility	NOUN
faba-246	262	15	for	for	ADP
faba-246	262	16	the	the	DET
faba-246	262	17	insured	insure	VERB
faba-246	262	18	individuals	individual	NOUN
faba-246	262	19	.	.	PUNCT
faba-246	263	1	since	since	SCONJ
faba-246	263	2	the	the	DET
faba-246	263	3	beginning	beginning	NOUN
faba-246	263	4	of	of	ADP
faba-246	263	5	2024	2024	NUM
faba-246	263	6	the	the	DET
faba-246	263	7	discussion	discussion	NOUN
faba-246	263	8	about	about	ADP
faba-246	263	9	changing	change	VERB
faba-246	263	10	the	the	DET
faba-246	263	11	system	system	NOUN
faba-246	263	12	in	in	ADP
faba-246	263	13	this	this	DET
faba-246	263	14	direction	direction	NOUN
faba-246	263	15	has	have	AUX
faba-246	263	16	been	be	AUX
faba-246	263	17	renewed	renew	VERB
faba-246	263	18	.	.	PUNCT
faba-246	264	1	following	follow	VERB
faba-246	264	2	the	the	DET
faba-246	264	3	example	example	NOUN
faba-246	264	4	of	of	ADP
faba-246	264	5	several	several	ADJ
faba-246	264	6	countries	country	NOUN
faba-246	264	7	in	in	ADP
faba-246	264	8	the	the	DET
faba-246	264	9	region	region	NOUN
faba-246	264	10	,	,	PUNCT
faba-246	264	11	bulgarian	bulgarian	ADJ
faba-246	264	12	policymakers	policymaker	NOUN
faba-246	264	13	could	could	AUX
faba-246	264	14	elaborate	elaborate	VERB
faba-246	264	15	rules	rule	NOUN
faba-246	264	16	that	that	PRON
faba-246	264	17	best	good	ADJ
faba-246	264	18	suit	suit	VERB
faba-246	264	19	the	the	DET
faba-246	264	20	interests	interest	NOUN
faba-246	264	21	of	of	ADP
faba-246	264	22	the	the	DET
faba-246	264	23	insured	insure	VERB
faba-246	264	24	individuals	individual	NOUN
faba-246	264	25	.	.	PUNCT
faba-246	265	1	the	the	DET
faba-246	265	2	most	most	ADV
faba-246	265	3	important	important	ADJ
faba-246	265	4	features	feature	NOUN
faba-246	265	5	that	that	PRON
faba-246	265	6	must	must	AUX
faba-246	265	7	be	be	AUX
faba-246	265	8	taken	take	VERB
faba-246	265	9	into	into	ADP
faba-246	265	10	account	account	NOUN
faba-246	265	11	concern	concern	NOUN
faba-246	265	12	the	the	DET
faba-246	265	13	number	number	NOUN
faba-246	265	14	of	of	ADP
faba-246	265	15	managed	manage	VERB
faba-246	265	16	portfolios	portfolio	NOUN
faba-246	265	17	,	,	PUNCT
faba-246	265	18	the	the	DET
faba-246	265	19	way	way	NOUN
faba-246	265	20	of	of	ADP
faba-246	265	21	distributing	distribute	VERB
faba-246	265	22	insured	insured	ADJ
faba-246	265	23	individuals	individual	NOUN
faba-246	265	24	among	among	ADP
faba-246	265	25	the	the	DET
faba-246	265	26	different	different	ADJ
faba-246	265	27	portfolio	portfolio	NOUN
faba-246	265	28	types	type	NOUN
faba-246	265	29	,	,	PUNCT
faba-246	265	30	the	the	DET
faba-246	265	31	limits	limit	NOUN
faba-246	265	32	of	of	ADP
faba-246	265	33	investments	investment	NOUN
faba-246	265	34	in	in	ADP
faba-246	265	35	variable	variable	ADJ
faba-246	265	36	income	income	NOUN
faba-246	265	37	instruments	instrument	NOUN
faba-246	265	38	and	and	CCONJ
faba-246	265	39	the	the	DET
faba-246	265	40	guarantees	guarantee	NOUN
faba-246	265	41	provided	provide	VERB
faba-246	265	42	by	by	ADP
faba-246	265	43	the	the	DET
faba-246	265	44	pension	pension	NOUN
faba-246	265	45	insurance	insurance	NOUN
faba-246	265	46	companies	company	NOUN
faba-246	265	47	.	.	PUNCT
faba-246	266	1	each	each	PRON
faba-246	266	2	of	of	ADP
faba-246	266	3	these	these	DET
faba-246	266	4	issues	issue	NOUN
faba-246	266	5	have	have	VERB
faba-246	266	6	to	to	PART
faba-246	266	7	be	be	AUX
faba-246	266	8	properly	properly	ADV
faba-246	266	9	addressed	address	VERB
faba-246	266	10	in	in	ADP
faba-246	266	11	order	order	NOUN
faba-246	266	12	to	to	PART
faba-246	266	13	convince	convince	VERB
faba-246	266	14	all	all	PRON
faba-246	266	15	of	of	ADP
faba-246	266	16	the	the	DET
faba-246	266	17	stakeholders	stakeholder	NOUN
faba-246	266	18	in	in	ADP
faba-246	266	19	the	the	DET
faba-246	266	20	system	system	NOUN
faba-246	266	21	that	that	PRON
faba-246	266	22	the	the	DET
faba-246	266	23	implemented	implement	VERB
faba-246	266	24	reform	reform	NOUN
faba-246	266	25	would	would	AUX
faba-246	266	26	raise	raise	VERB
faba-246	266	27	the	the	DET
faba-246	266	28	system	system	NOUN
faba-246	266	29	efficiency	efficiency	NOUN
faba-246	266	30	.	.	PUNCT
faba-246	267	1	the	the	DET
faba-246	267	2	multifund	multifund	NOUN
faba-246	267	3	system	system	NOUN
faba-246	267	4	has	have	VERB
faba-246	267	5	the	the	DET
faba-246	267	6	potential	potential	NOUN
faba-246	267	7	to	to	PART
faba-246	267	8	do	do	AUX
faba-246	267	9	this	this	PRON
faba-246	267	10	,	,	PUNCT
faba-246	267	11	but	but	CCONJ
faba-246	267	12	only	only	ADV
faba-246	267	13	in	in	ADP
faba-246	267	14	an	an	DET
faba-246	267	15	environment	environment	NOUN
faba-246	267	16	of	of	ADP
faba-246	267	17	clear	clear	ADJ
faba-246	267	18	rules	rule	NOUN
faba-246	267	19	,	,	PUNCT
faba-246	267	20	transparent	transparent	ADJ
faba-246	267	21	regulations	regulation	NOUN
faba-246	267	22	and	and	CCONJ
faba-246	267	23	prudent	prudent	ADJ
faba-246	267	24	management	management	NOUN
faba-246	267	25	practices	practice	NOUN
faba-246	267	26	.	.	PUNCT
faba-246	268	1	acknowledgements	acknowledgement	NOUN
faba-246	268	2	this	this	DET
faba-246	268	3	work	work	NOUN
faba-246	268	4	was	be	AUX
faba-246	268	5	financially	financially	ADV
faba-246	268	6	supported	support	VERB
faba-246	268	7	by	by	ADP
faba-246	268	8	unwe	unwe	ADJ
faba-246	268	9	research	research	NOUN
faba-246	268	10	programme	programme	NOUN
faba-246	268	11	(	(	PUNCT
faba-246	268	12	research	research	NOUN
faba-246	268	13	grant	grant	VERB
faba-246	268	14	no	no	DET
faba-246	268	15	13/2024	13/2024	NUM
faba-246	268	16	/	/	SYM
faba-246	268	17	a	a	NOUN
faba-246	268	18	)	)	PUNCT
faba-246	268	19	references	reference	NOUN
faba-246	268	20	antolin	antolin	PROPN
faba-246	268	21	,	,	PUNCT
faba-246	268	22	p.	p.	PROPN
faba-246	268	23	,	,	PUNCT
faba-246	268	24	s.	s.	PROPN
faba-246	268	25	payet	payet	PROPN
faba-246	268	26	and	and	CCONJ
faba-246	268	27	j.	j.	PROPN
faba-246	268	28	yermo	yermo	PROPN
faba-246	268	29	.	.	PUNCT
faba-246	269	1	2010	2010	NUM
faba-246	269	2	.	.	PUNCT
faba-246	270	1	assessing	assess	VERB
faba-246	270	2	default	default	NOUN
faba-246	270	3	investment	investment	NOUN
faba-246	270	4	strategies	strategy	NOUN
faba-246	270	5	in	in	ADP
faba-246	270	6	defined	define	VERB
faba-246	270	7	contribution	contribution	NOUN
faba-246	270	8	pension	pension	NOUN
faba-246	270	9	plans	plan	NOUN
faba-246	270	10	.	.	PUNCT
faba-246	271	1	oecd	oecd	PROPN
faba-246	271	2	journal	journal	PROPN
faba-246	271	3	:	:	PUNCT
faba-246	271	4	financial	financial	ADJ
faba-246	271	5	market	market	NOUN
faba-246	271	6	trends	trend	NOUN
faba-246	271	7	,	,	PUNCT
faba-246	271	8	(	(	PUNCT
faba-246	271	9	1	1	NUM
faba-246	271	10	)	)	PUNCT
faba-246	271	11	,	,	PUNCT
faba-246	271	12	https://doi.org/10.1787/fmt-2010	https://doi.org/10.1787/fmt-2010	ADP
faba-246	271	13	10	10	NUM
faba-246	271	14	universal	universal	ADJ
faba-246	271	15	pension	pension	NOUN
faba-246	271	16	funds	fund	NOUN
faba-246	271	17	of	of	ADP
faba-246	271	18	doverie	doverie	NOUN
faba-246	271	19	,	,	PUNCT
faba-246	271	20	dsk	dsk	PROPN
faba-246	271	21	rodina	rodina	PROPN
faba-246	271	22	and	and	CCONJ
faba-246	271	23	allianz	allianz	PROPN
faba-246	271	24	bulgaria	bulgaria	PROPN
faba-246	271	25	have	have	VERB
faba-246	271	26	a	a	DET
faba-246	271	27	market	market	NOUN
faba-246	271	28	share	share	NOUN
faba-246	271	29	of	of	ADP
faba-246	271	30	65.23	65.23	NUM
faba-246	271	31	%	%	NOUN
faba-246	271	32	towards	towards	ADP
faba-246	271	33	30.06.2024	30.06.2024	NUM
faba-246	271	34	(	(	PUNCT
faba-246	271	35	www.fsc.bg	www.fsc.bg	ADJ
faba-246	271	36	)	)	PUNCT
faba-246	271	37	https://doi.org/10.1787/fmt-2010-5km7k9tp4bhb	https://doi.org/10.1787/fmt-2010-5km7k9tp4bhb	PROPN
faba-246	271	38	http://www.fsc.bg/	http://www.fsc.bg/	NOUN
faba-246	271	39	jeko	jeko	NOUN
faba-246	271	40	milev	milev	NOUN
faba-246	271	41	and	and	CCONJ
faba-246	271	42	kremena	kremena	ADJ
faba-246	271	43	yochkolovska/	yochkolovska/	NUM
faba-246	271	44	finance	finance	NOUN
faba-246	271	45	,	,	PUNCT
faba-246	271	46	accounting	accounting	NOUN
faba-246	271	47	and	and	CCONJ
faba-246	271	48	business	business	NOUN
faba-246	271	49	analysis	analysis	NOUN
faba-246	271	50	,	,	PUNCT
faba-246	271	51	volume	volume	NOUN
faba-246	271	52	6	6	NUM
faba-246	271	53	,	,	PUNCT
faba-246	271	54	issue	issue	NOUN
faba-246	271	55	2	2	NUM
faba-246	271	56	,	,	PUNCT
faba-246	271	57	2024	2024	NUM
faba-246	271	58	216	216	NUM
faba-246	271	59	5km7k9tp4bhb	5km7k9tp4bhb	PROPN
faba-246	271	60	.	.	PUNCT
faba-246	272	1	barembruch	barembruch	PROPN
faba-246	272	2	a.	a.	PROPN
faba-246	272	3	,	,	PUNCT
faba-246	272	4	and	and	CCONJ
faba-246	272	5	k.	k.	PROPN
faba-246	272	6	bielawska	bielawska	PROPN
faba-246	272	7	.	.	PUNCT
faba-246	273	1	2023	2023	NUM
faba-246	273	2	.	.	PUNCT
faba-246	274	1	employee	employee	NOUN
faba-246	274	2	capital	capital	NOUN
faba-246	274	3	plans	plan	VERB
faba-246	274	4	performance	performance	NOUN
faba-246	274	5	through	through	ADP
faba-246	274	6	the	the	DET
faba-246	274	7	lens	lens	NOUN
faba-246	274	8	of	of	ADP
faba-246	274	9	the	the	DET
faba-246	274	10	participant	participant	NOUN
faba-246	274	11	–	–	PUNCT
faba-246	274	12	how	how	SCONJ
faba-246	274	13	to	to	PART
faba-246	274	14	better	well	ADJ
faba-246	274	15	measure	measure	VERB
faba-246	274	16	and	and	CCONJ
faba-246	274	17	inform	inform	VERB
faba-246	274	18	about	about	ADP
faba-246	274	19	the	the	DET
faba-246	274	20	returns	return	NOUN
faba-246	274	21	,	,	PUNCT
faba-246	274	22	doi	doi	NOUN
faba-246	274	23	:	:	PUNCT
faba-246	274	24	10.19195/2658	10.19195/2658	NUM
faba-246	274	25	-	-	SYM
faba-246	274	26	1310.29.1.1	1310.29.1.1	NUM
faba-246	274	27	.	.	PUNCT
faba-246	275	1	bielawska	bielawska	PROPN
faba-246	275	2	k.	k.	PROPN
faba-246	275	3	2015	2015	NUM
faba-246	275	4	.	.	PUNCT
faba-246	276	1	pension	pension	NOUN
faba-246	276	2	reforms	reform	NOUN
faba-246	276	3	and	and	CCONJ
faba-246	276	4	long	long	ADJ
faba-246	276	5	-	-	PUNCT
faba-246	276	6	term	term	NOUN
faba-246	276	7	sustainability	sustainability	NOUN
faba-246	276	8	of	of	ADP
faba-246	276	9	public	public	ADJ
faba-246	276	10	finances	finance	NOUN
faba-246	276	11	of	of	ADP
faba-246	276	12	the	the	DET
faba-246	276	13	central	central	ADJ
faba-246	276	14	and	and	CCONJ
faba-246	276	15	eastern	eastern	ADJ
faba-246	276	16	european	european	ADJ
faba-246	276	17	countries	country	NOUN
faba-246	276	18	:	:	PUNCT
faba-246	276	19	publishing	publish	VERB
faba-246	276	20	house	house	NOUN
faba-246	276	21	of	of	ADP
faba-246	276	22	put	put	PROPN
faba-246	276	23	.	.	PUNCT
faba-246	277	1	blake	blake	PROPN
faba-246	277	2	,	,	PUNCT
faba-246	277	3	d.	d.	PROPN
faba-246	277	4	2006	2006	NUM
faba-246	277	5	.	.	PUNCT
faba-246	278	1	pension	pension	NOUN
faba-246	278	2	finance	finance	NOUN
faba-246	278	3	.	.	PUNCT
faba-246	279	1	uk	uk	PROPN
faba-246	279	2	:	:	PUNCT
faba-246	279	3	published	publish	VERB
faba-246	279	4	by	by	ADP
faba-246	279	5	john	john	PROPN
faba-246	279	6	willey	willey	PROPN
faba-246	279	7	&	&	CCONJ
faba-246	279	8	sons	sons	PROPN
faba-246	279	9	ltd	ltd	PROPN
faba-246	279	10	.	.	PROPN
faba-246	279	11	brealey	brealey	PROPN
faba-246	279	12	r.	r.	PROPN
faba-246	279	13	,	,	PUNCT
faba-246	279	14	s.	s.	PROPN
faba-246	279	15	myers	myers	PROPN
faba-246	279	16	,	,	PUNCT
faba-246	279	17	and	and	CCONJ
faba-246	279	18	a.	a.	PROPN
faba-246	279	19	marcus	marcus	PROPN
faba-246	279	20	.	.	PROPN
faba-246	280	1	2007	2007	NUM
faba-246	280	2	.	.	PUNCT
faba-246	281	1	fundamentals	fundamental	NOUN
faba-246	281	2	of	of	ADP
faba-246	281	3	corporate	corporate	ADJ
faba-246	281	4	finance	finance	NOUN
faba-246	281	5	,	,	PUNCT
faba-246	281	6	fifth	fifth	ADJ
faba-246	281	7	edition	edition	NOUN
faba-246	281	8	,	,	PUNCT
faba-246	281	9	published	publish	VERB
faba-246	281	10	by	by	ADP
faba-246	281	11	mcgraw	mcgraw	PROPN
faba-246	281	12	-	-	PUNCT
faba-246	281	13	hill	hill	PROPN
faba-246	281	14	/	/	SYM
faba-246	281	15	irwin	irwin	PROPN
faba-246	281	16	,	,	PUNCT
faba-246	281	17	ny	ny	PROPN
faba-246	281	18	.	.	PROPN
faba-246	281	19	european	european	PROPN
faba-246	281	20	commission	commission	PROPN
faba-246	281	21	.	.	PUNCT
faba-246	282	1	2010	2010	NUM
faba-246	282	2	.	.	PUNCT
faba-246	283	1	towards	towards	ADP
faba-246	283	2	adequate	adequate	ADJ
faba-246	283	3	,	,	PUNCT
faba-246	283	4	sustainable	sustainable	ADJ
faba-246	283	5	and	and	CCONJ
faba-246	283	6	safe	safe	ADJ
faba-246	283	7	european	european	ADJ
faba-246	283	8	pension	pension	NOUN
faba-246	283	9	systems	system	NOUN
faba-246	283	10	(	(	PUNCT
faba-246	283	11	green	green	ADJ
faba-246	283	12	paper	paper	NOUN
faba-246	283	13	)	)	PUNCT
faba-246	283	14	.	.	PUNCT
faba-246	284	1	european	european	PROPN
faba-246	284	2	commission	commission	PROPN
faba-246	284	3	.	.	PUNCT
faba-246	285	1	2012	2012	NUM
faba-246	285	2	.	.	PUNCT
faba-246	286	1	an	an	DET
faba-246	286	2	agenda	agenda	NOUN
faba-246	286	3	for	for	ADP
faba-246	286	4	adequate	adequate	ADJ
faba-246	286	5	,	,	PUNCT
faba-246	286	6	safe	safe	ADJ
faba-246	286	7	and	and	CCONJ
faba-246	286	8	sustainable	sustainable	ADJ
faba-246	286	9	pensions	pension	NOUN
faba-246	286	10	(	(	PUNCT
faba-246	286	11	white	white	ADJ
faba-246	286	12	paper	paper	NOUN
faba-246	286	13	)	)	PUNCT
faba-246	286	14	.	.	PUNCT
faba-246	287	1	european	european	PROPN
faba-246	287	2	commission	commission	PROPN
faba-246	287	3	.	.	PUNCT
faba-246	288	1	2018	2018	NUM
faba-246	288	2	.	.	PUNCT
faba-246	289	1	pension	pension	NOUN
faba-246	289	2	adequacy	adequacy	NOUN
faba-246	289	3	report	report	NOUN
faba-246	289	4	:	:	PUNCT
faba-246	289	5	current	current	ADJ
faba-246	289	6	and	and	CCONJ
faba-246	289	7	future	future	ADJ
faba-246	289	8	income	income	NOUN
faba-246	289	9	adequacy	adequacy	NOUN
faba-246	289	10	in	in	ADP
faba-246	289	11	old	old	ADJ
faba-246	289	12	age	age	NOUN
faba-246	289	13	in	in	ADP
faba-246	289	14	the	the	DET
faba-246	289	15	eu	eu	PROPN
faba-246	289	16	.	.	PROPN
faba-246	289	17	european	european	PROPN
faba-246	289	18	commission	commission	PROPN
faba-246	289	19	.	.	PUNCT
faba-246	290	1	2021a	2021a	NUM
faba-246	290	2	.	.	PUNCT
faba-246	291	1	pension	pension	NOUN
faba-246	291	2	adequacy	adequacy	NOUN
faba-246	291	3	report	report	NOUN
faba-246	291	4	:	:	PUNCT
faba-246	291	5	current	current	ADJ
faba-246	291	6	and	and	CCONJ
faba-246	291	7	future	future	ADJ
faba-246	291	8	income	income	NOUN
faba-246	291	9	adequacy	adequacy	NOUN
faba-246	291	10	in	in	ADP
faba-246	291	11	old	old	ADJ
faba-246	291	12	age	age	NOUN
faba-246	291	13	in	in	ADP
faba-246	291	14	the	the	DET
faba-246	291	15	eu	eu	PROPN
faba-246	291	16	.	.	PROPN
faba-246	291	17	european	european	PROPN
faba-246	291	18	commission	commission	PROPN
faba-246	291	19	.	.	PUNCT
faba-246	292	1	2021b	2021b	NUM
faba-246	292	2	.	.	PUNCT
faba-246	293	1	the	the	DET
faba-246	293	2	2021	2021	NUM
faba-246	293	3	aging	age	VERB
faba-246	293	4	report	report	NOUN
faba-246	293	5	.	.	PUNCT
faba-246	294	1	economic	economic	ADJ
faba-246	294	2	and	and	CCONJ
faba-246	294	3	budgetary	budgetary	ADJ
faba-246	294	4	projections	projection	NOUN
faba-246	294	5	for	for	ADP
faba-246	294	6	the	the	DET
faba-246	294	7	eu	eu	PROPN
faba-246	294	8	member	member	PROPN
faba-246	294	9	states	state	NOUN
faba-246	294	10	(	(	PUNCT
faba-246	294	11	2019	2019	NUM
faba-246	294	12	–	–	PUNCT
faba-246	294	13	2070	2070	NUM
faba-246	294	14	)	)	PUNCT
faba-246	294	15	.	.	PUNCT
faba-246	295	1	gochev	gochev	PROPN
faba-246	295	2	g.	g.	PROPN
faba-246	295	3	,	,	PUNCT
faba-246	295	4	and	and	CCONJ
faba-246	295	5	b.	b.	PROPN
faba-246	295	6	manov	manov	PROPN
faba-246	295	7	.	.	PUNCT
faba-246	295	8	2003	2003	NUM
faba-246	295	9	.	.	PUNCT
faba-246	296	1	socialno	socialno	PROPN
faba-246	296	2	osiguriavane	osiguriavane	PROPN
faba-246	296	3	–	–	PUNCT
faba-246	296	4	teoria	teoria	NUM
faba-246	296	5	i	i	PRON
faba-246	296	6	praktika	praktika	NOUN
faba-246	297	1	[	[	PUNCT
faba-246	297	2	social	social	ADJ
faba-246	297	3	security	security	NOUN
faba-246	297	4	–	–	PUNCT
faba-246	297	5	theory	theory	NOUN
faba-246	297	6	and	and	CCONJ
faba-246	297	7	practice	practice	NOUN
faba-246	297	8	]	]	PUNCT
faba-246	297	9	:	:	PUNCT
faba-246	297	10	publishing	publish	VERB
faba-246	297	11	house	house	NOUN
faba-246	297	12	of	of	ADP
faba-246	297	13	trakia	trakia	PROPN
faba-246	297	14	m	m	PROPN
faba-246	297	15	,	,	PUNCT
faba-246	297	16	bulgaria	bulgaria	PROPN
faba-246	297	17	.	.	PUNCT
faba-246	298	1	kirov	kirov	PROPN
faba-246	298	2	st	st	PROPN
faba-246	298	3	.	.	PROPN
faba-246	298	4	2010	2010	NUM
faba-246	298	5	.	.	PUNCT
faba-246	299	1	chastnite	chastnite	PROPN
faba-246	299	2	pensionni	pensionni	PROPN
faba-246	299	3	shemi	shemi	PROPN
faba-246	300	1	[	[	X
faba-246	300	2	private	private	ADJ
faba-246	300	3	pension	pension	NOUN
faba-246	300	4	schemes].:publishing	schemes].:publishing	PROPN
faba-246	300	5	house	house	NOUN
faba-246	300	6	:	:	PUNCT
faba-246	301	1	faber	faber	PROPN
faba-246	301	2	.	.	PUNCT
faba-246	302	1	oecd	oecd	PROPN
faba-246	302	2	.	.	PROPN
faba-246	302	3	2004	2004	NUM
faba-246	302	4	.	.	PUNCT
faba-246	303	1	pension	pension	NOUN
faba-246	303	2	reforms	reform	NOUN
faba-246	303	3	in	in	ADP
faba-246	303	4	the	the	DET
faba-246	303	5	baltic	baltic	ADJ
faba-246	303	6	countries	country	NOUN
faba-246	303	7	.	.	PUNCT
faba-246	304	1	oecd	oecd	PROPN
faba-246	304	2	.	.	PROPN
faba-246	304	3	2008	2008	NUM
faba-246	304	4	.	.	PUNCT
faba-246	305	1	private	private	ADJ
faba-246	305	2	pensions	pension	NOUN
faba-246	305	3	outlook	outlook	NOUN
faba-246	305	4	.	.	PUNCT
faba-246	306	1	pandurska	pandurska	PROPN
faba-246	306	2	r.	r.	PROPN
faba-246	306	3	2020	2020	NUM
faba-246	306	4	.	.	PUNCT
faba-246	307	1	kliuchovi	kliuchovi	PROPN
faba-246	307	2	aspekti	aspekti	PROPN
faba-246	308	1	i	i	PRON
faba-246	308	2	predizvikatelstva	predizvikatelstva	VERB
faba-246	308	3	pred	pre	VERB
faba-246	308	4	razvitieto	razvitieto	NOUN
faba-246	308	5	na	na	ADP
faba-246	308	6	pensionnata	pensionnata	PROPN
faba-246	308	7	sistema	sistema	NOUN
faba-246	308	8	v	v	ADP
faba-246	308	9	bulgaria	bulgaria	PROPN
faba-246	308	10	[	[	X
faba-246	308	11	key	key	ADJ
faba-246	308	12	aspects	aspect	NOUN
faba-246	308	13	and	and	CCONJ
faba-246	308	14	challenges	challenge	NOUN
faba-246	308	15	in	in	ADP
faba-246	308	16	front	front	NOUN
faba-246	308	17	of	of	ADP
faba-246	308	18	the	the	DET
faba-246	308	19	pension	pension	NOUN
faba-246	308	20	system	system	NOUN
faba-246	308	21	in	in	ADP
faba-246	308	22	bulgaria	bulgaria	PROPN
faba-246	308	23	:	:	PUNCT
faba-246	308	24	publishing	publish	VERB
faba-246	308	25	house	house	NOUN
faba-246	308	26	:	:	PUNCT
faba-246	308	27	unwe	unwe	PROPN
faba-246	308	28	,	,	PUNCT
faba-246	308	29	sofia	sofia	PROPN
faba-246	308	30	.	.	PUNCT
faba-246	308	31	rocha	rocha	PROPN
faba-246	308	32	,	,	PUNCT
faba-246	308	33	r.	r.	PROPN
faba-246	308	34	,	,	PUNCT
faba-246	308	35	and	and	CCONJ
faba-246	308	36	d.	d.	PROPN
faba-246	308	37	vttas	vtta	NOUN
faba-246	308	38	.	.	PUNCT
faba-246	309	1	2010	2010	NUM
faba-246	309	2	.	.	PUNCT
faba-246	310	1	designing	design	VERB
faba-246	310	2	the	the	DET
faba-246	310	3	pay	pay	VERB
faba-246	310	4	-	-	PUNCT
faba-246	310	5	out	out	ADP
faba-246	310	6	phase	phase	NOUN
faba-246	310	7	of	of	ADP
faba-246	310	8	pension	pension	NOUN
faba-246	310	9	systems	system	NOUN
faba-246	310	10	.	.	PUNCT
faba-246	311	1	policy	policy	NOUN
faba-246	311	2	issues	issue	NOUN
faba-246	311	3	,	,	PUNCT
faba-246	311	4	constraints	constraint	NOUN
faba-246	311	5	and	and	CCONJ
faba-246	311	6	options	option	NOUN
faba-246	311	7	;	;	PUNCT
faba-246	311	8	policy	policy	NOUN
faba-246	311	9	research	research	NOUN
faba-246	311	10	working	working	NOUN
faba-246	311	11	paper	paper	NOUN
faba-246	311	12	5289	5289	NUM
faba-246	311	13	;	;	PUNCT
faba-246	311	14	the	the	DET
faba-246	311	15	world	world	PROPN
faba-246	311	16	bank	bank	PROPN
faba-246	311	17	.	.	PUNCT
faba-246	312	1	whitehouse	whitehouse	NOUN
faba-246	312	2	,	,	PUNCT
faba-246	312	3	e.	e.	PROPN
faba-246	312	4	2007	2007	NUM
faba-246	312	5	.	.	PUNCT
faba-246	313	1	pensions	pension	NOUN
faba-246	313	2	panorama	panorama	NOUN
faba-246	313	3	:	:	PUNCT
faba-246	313	4	retirement	retirement	NOUN
faba-246	313	5	-	-	PUNCT
faba-246	313	6	income	income	NOUN
faba-246	313	7	systems	system	NOUN
faba-246	313	8	in	in	ADP
faba-246	313	9	53	53	NUM
faba-246	313	10	countries	country	NOUN
faba-246	313	11	,	,	PUNCT
faba-246	313	12	the	the	DET
faba-246	313	13	world	world	PROPN
faba-246	313	14	bank	bank	PROPN
faba-246	313	15	,	,	PUNCT
faba-246	313	16	washington	washington	PROPN
faba-246	313	17	,	,	PUNCT
faba-246	313	18	d.c	d.c	PROPN
faba-246	313	19	.	.	PROPN
faba-246	313	20	,	,	PUNCT
faba-246	313	21	https://doi.org/10.1787/9789264032118-en	https://doi.org/10.1787/9789264032118-en	PROPN
faba-246	313	22	.	.	PUNCT
faba-246	314	1	world	world	PROPN
faba-246	314	2	bank	bank	PROPN
faba-246	314	3	.	.	PUNCT
faba-246	314	4	1994	1994	NUM
faba-246	314	5	.	.	PUNCT
faba-246	315	1	averting	avert	VERB
faba-246	315	2	the	the	DET
faba-246	315	3	old	old	ADJ
faba-246	315	4	-	-	PUNCT
faba-246	315	5	age	age	NOUN
faba-246	315	6	crisis	crisis	NOUN
faba-246	315	7	:	:	PUNCT
faba-246	315	8	policies	policy	NOUN
faba-246	315	9	to	to	PART
faba-246	315	10	protect	protect	VERB
faba-246	315	11	the	the	DET
faba-246	315	12	old	old	ADJ
faba-246	315	13	and	and	CCONJ
faba-246	315	14	promote	promote	VERB
faba-246	315	15	growth	growth	NOUN
faba-246	315	16	,	,	PUNCT
faba-246	315	17	oxford	oxford	PROPN
faba-246	315	18	university	university	NOUN
faba-246	315	19	press	press	NOUN
faba-246	315	20	.	.	PUNCT
faba-246	316	1	world	world	PROPN
faba-246	316	2	bank	bank	PROPN
faba-246	316	3	.	.	PUNCT
faba-246	317	1	2008	2008	NUM
faba-246	317	2	.	.	PUNCT
faba-246	318	1	the	the	DET
faba-246	318	2	world	world	PROPN
faba-246	318	3	bank	bank	PROPN
faba-246	318	4	pension	pension	NOUN
faba-246	318	5	conceptual	conceptual	ADJ
faba-246	318	6	framework	framework	NOUN
faba-246	318	7	.	.	PUNCT
faba-246	319	1	world	world	PROPN
faba-246	319	2	bank	bank	PROPN
faba-246	319	3	pension	pension	NOUN
faba-246	319	4	reform	reform	NOUN
faba-246	319	5	primer	primer	NOUN
faba-246	319	6	series	series	PROPN
faba-246	319	7	,	,	PUNCT
faba-246	319	8	washington	washington	PROPN
faba-246	319	9	,	,	PUNCT
faba-246	319	10	d.	d.	PROPN
faba-246	319	11	c.	c.	PROPN
faba-246	319	12	yermo	yermo	PROPN
faba-246	319	13	,	,	PUNCT
faba-246	319	14	j.	j.	PROPN
faba-246	319	15	2012	2012	NUM
faba-246	319	16	.	.	PUNCT
faba-246	320	1	the	the	DET
faba-246	320	2	role	role	NOUN
faba-246	320	3	of	of	ADP
faba-246	320	4	funded	funded	ADJ
faba-246	320	5	pensions	pension	NOUN
faba-246	320	6	in	in	ADP
faba-246	320	7	retirement	retirement	NOUN
faba-246	320	8	income	income	NOUN
faba-246	320	9	systems	system	NOUN
faba-246	320	10	:	:	PUNCT
faba-246	320	11	issues	issue	NOUN
faba-246	320	12	for	for	ADP
faba-246	320	13	the	the	DET
faba-246	320	14	russian	russian	PROPN
faba-246	320	15	federation	federation	PROPN
faba-246	320	16	.	.	PUNCT
faba-246	321	1	oecd	oecd	PROPN
faba-246	321	2	working	work	VERB
faba-246	321	3	papers	paper	NOUN
faba-246	321	4	on	on	ADP
faba-246	321	5	finance	finance	NOUN
faba-246	321	6	,	,	PUNCT
faba-246	321	7	insurance	insurance	NOUN
faba-246	321	8	and	and	CCONJ
faba-246	321	9	private	private	ADJ
faba-246	321	10	pensions	pension	NOUN
faba-246	321	11	,	,	PUNCT
faba-246	321	12	27	27	NUM
faba-246	321	13	,	,	PUNCT
faba-246	321	14	oecd	oecd	PROPN
faba-246	321	15	publishing	publishing	NOUN
faba-246	321	16	,	,	PUNCT
faba-246	321	17	paris	paris	PROPN
faba-246	321	18	,	,	PUNCT
faba-246	321	19	https://doi.org/10.1787/5k9180xv25xw-en	https://doi.org/10.1787/5k9180xv25xw-en	PROPN
faba-246	321	20	.	.	PUNCT
faba-246	322	1	data	datum	NOUN
faba-246	322	2	sources	source	NOUN
faba-246	322	3	bulgarian	bulgarian	ADJ
faba-246	322	4	financial	financial	ADJ
faba-246	322	5	supervisory	supervisory	ADJ
faba-246	322	6	commission	commission	NOUN
faba-246	322	7	www.fsc.bg	www.fsc.bg	PROPN
faba-246	322	8	european	european	PROPN
faba-246	322	9	central	central	PROPN
faba-246	322	10	bank	bank	PROPN
faba-246	322	11	:	:	PUNCT
faba-246	322	12	www.ecb.europa.eu	www.ecb.europa.eu	X
faba-246	322	13	eurostat	eurostat	PROPN
faba-246	322	14	:	:	PUNCT
faba-246	322	15	https://ec.europa.eu/eurostat	https://ec.europa.eu/eurostat	PROPN
faba-246	322	16	federal	federal	PROPN
faba-246	322	17	reserve	reserve	PROPN
faba-246	322	18	board	board	PROPN
faba-246	322	19	:	:	PUNCT
faba-246	322	20	www.federalreserve.gov	www.federalreserve.gov	PROPN
faba-246	322	21	https://doi.org/10.1787/fmt-2010-5km7k9tp4bhb	https://doi.org/10.1787/fmt-2010-5km7k9tp4bhb	PROPN
faba-246	322	22	http://dx.doi.org/10.19195/2658-1310.29.1.1	http://dx.doi.org/10.19195/2658-1310.29.1.1	PROPN
faba-246	322	23	https://doi.org/10.1787/9789264032118-en	https://doi.org/10.1787/9789264032118-en	PROPN
faba-246	322	24	https://doi.org/10.1787/5k9180xv25xw-en	https://doi.org/10.1787/5k9180xv25xw-en	PROPN
faba-246	322	25	http://www.fsc.bg/	http://www.fsc.bg/	PROPN
faba-246	322	26	http://www.ecb.europa.eu/	http://www.ecb.europa.eu/	PROPN
faba-246	322	27	https://ec.europa.eu/eurostat	https://ec.europa.eu/eurostat	NOUN
faba-246	322	28	http://www.federalreserve.gov/	http://www.federalreserve.gov/	VERB