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Individual retirement provision contract and individual account
Retirement provision is implemented on the basis of a contract between a pension fund member and a licensed pension company. Contributions are accumulated in an individual member account.
Pensionable contributions at the expense of an employer or another sposoring undertaking can be made monthly, quarterly, semi-annually or annually. It is also possible for them to make a lump-sum contribution.
Bank account for voluntary retirement provision contribution payment:
Holder: Allianz Bulgaria VPF
In contributing for more than two persons, the employer or the other sponsoring undertaking must submit a list (paper or electronic) of the members and the amount of the contribution per each transfer made to Allianz Bulgaria VPF.
In contributing for less than two members, in order to facilitate their identification, at least two of the following should be written in the remittance reason:
The company provides a supplementary pension, one-time and deferred payment of the accumulated funds, namely:
1. In case of old age:
1.1. Upon acquisition of the right to a retirement pension under the procedure of Part One of SSC;
1.2. At the request of a pension fund member, the fund may pay a personal old-age pension upon reaching the age for the acquisition of the right to a retirement pension under Art. 68, para. 1 of the CCS or up to 5 /five/ years before reaching that age;
2. In case of disability: at 50 /fifty/ and over 50 /fifty/ per cent of pension fund member's permenant labour capacity decrease.
Beneficiaries / heirs at law acquire the right to a survivor’s pension, one-time / deferred payment of the accumulated funds / the balance on the individual account upon pension fund member's / retiree's death.
The company offers:
1. Old-age pension scheme
a/. Pension scheme with a personal lifelong old-age pension
b/. Pension scheme with a personal term old-age pension
c/. Pension scheme with a one-time/deferred payment upon acquisition of the right to a personal old-age pension
2. Disability pension scheme
a/. Pension scheme with a personal lifelong disability pension
b/. Pension scheme with a personal term disability pension
c/. Pension scheme with a one-time / deferred payment upon acquisition of the right to a personal disability pension
3. Servivor pension scheme
a/. Pension scheme granting a survivor term pension to a specified beneficiary/heir at law
b/. Pension scheme with a one-time/deferred payment
The announcement of the latest amendments to the Rules of operation of Allianz Bulgaria Voluntary Pension Fund, approved by Decision No. 878 – ДПФ / 16.07.2019 of the Financial Supervision Commission, was published on 22.07.2019 in Trud and 24 Hours newspapers.