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.

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.

 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:

• One-time payment - when the funds are less than BGN 1 569.12 - three times the amount of the minimum pension for length of service and age (BGN 523.04).
• Deferred payment - when the funds are more than three times the amount of the minimum pension, but are not sufficient for granting the minimum lifetime pension of BGN 78.46 (15% of the minimum pension).
• Supplementary lifetime pension - we offer a wide selection of lifetime pensions with various inheritance options and guarantees. At the current amount of the minimum pension (BGN 523.04),  the suplimentary lifetime pension can not be less than 15% for minimum pension - BGN 78.46.

Important!
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:

• Lifetime pension without additional conditions;
• Lifetime pension with a guaranteed payback period - optional from 2 up to 10 years;
  
• Lifetime pension with deferred payment until a pre-selected age - starts with deferred payment, which may be higher and the amount set aside for it is inherited. After the deferred payment, the payment of a lifelong pension begins.

Each type of pension can be combined with two types of guarantees:

• Guarantee of that part of the pension which corresponds to the gross contributions;
• Guarantee of the initial amount of the pension - if the other conditions are equal, this pension has a lower amount, as the Risk Coefficient (8.5%) is applied in its calculation.

Upon acquiring the right to a pension, the insured in the Universal Pension Fund needs to fill in an application at the office of Allianz Bulgaria.

You can see the offices that accept applications for pensions here.

Appendix no. 3 to Art. 4, para. 1 (New, SG no. 64 of 2012, in force of 22.02.2013) of Ordinance no. 33 of 19 September 2006 regarding individial applications for participation in a supplementary mandatory retirement provision fund and for retirement provision resumption in a universal pension fund

Appendix no. 1a to Art. 3, para. 10(New, SG no. 78 of 2011, in force of 01.01.2012) of Ordinance no. 3 on the procedure and manner of switching participation and transferring the pension fund member account accumulation from one supplementary retirement provision fund to another fund of the same type managed by another pension company

BASIC INFORMATION TO MEMBERS wishing to resume their retirement provision in a universal pension fund

Appendix no. 6 to Art.4а, para. 4 of Ordinance no. 33 of 19 September 2006 regarding individual applications for participation in a supplementary mandatory retirement provision fund and for retirement provision resumption in a universal pension fund

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.