What is a UPF?
The choice of a universal pension fund is personal. Everyone who is subject to participation in a universal fund must submit an application and conclude a contract with a pension company of their choice. Applications are submitted to the selected company which submits them to the National Revenue Agency.
Every member has the right to submit an application for participation in only one universal pension fund (UPF).
There is a three-month deadline. Everyone born after 31.12.1959 who has a pension coverage for the first time has to choose one of the universal pension funds. Those who have not made their choice within three months, as well as those who have applied for participation in more than one UPF, are distributed ex officio (formally affiliated) among the registered universal pension funds.
A pension fund member is entitled to a supplementary lifelong old-age pension upon reaching the age under Art. 68, para. 1 of the Social Security Code.
*At member request, the fund may pay a supplementary lifelong old-age pension one year before reaching the age for the acquisition of the right to a retirement pension under Art. 68, para. 1 of the Social Security Code. An obligatory condition for this is that their individual account accumulation should allow for granting such a pension at the amount of not less than the amount of the minimum retirement pension under Art. 68, para. 1 of the Social Security Code.
Insured persons who have reached the retirement age under the conditions of the third category of work are entitled to receive the funds accumulated in their individual accounts in the UPF. The method of obtaining depends on their size and personal choice:
The indicated amounts change upon adjustment of the minimum pension for the country. For each pensioner the parameters are applied at the moment of determining his payment, ie once the determined payments are saved regardless of the fact that the minimum pension changes.
Types of lifelong pension:
Each type of pension can be combined with two types of guarantees:
Announcements about the amendments and supplements to the Rules of operation and the investment policy are published in Trud and 24 Hours newspapers.
The announcement of the latest amendments to the Rules of operation of Allianz Bulgaria Mandatory Universal Pension Fund, approved by Decision No. 626 – УПФ / 26.08.2021 of the Financial Supervision Commission, was published on 31.08.2021 in Trud and 24 Hours newspapers.