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 five years 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.
The universal pension fund may pay:
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. 876 – УПФ / 16.07.2019 of the Financial Supervision Commission, was published on 22.07.2019 in Trud and 24 Hours newspapers.