Bulgaria: New rules for second pension pillar effective 2027

Evelina Miltenova, Chair of the Bulgarian Association for Additional Pension Insurance (BAADPO), reported that over 50% of individuals selecting a sub-fund for their second pension since September 1 have chosen the dynamic option, which features a higher share of stocks and greater profitability potential.

Miltenova noted that choosing a sub-fund is a right rather than an obligation and can be changed every 12 months. She emphasized that these funds represent personal savings that accrue returns and are inheritable.

Individuals born after December 31, 1959, who are covered for pension, have an individual account in a Universal Pension Fund (UPF). Those who did not select a fund within the first three months of coverage were assigned one officially. Information regarding these accounts can be obtained through the National Revenue Agency (NRA) via their online portal, in person, or by mail. This information is also vital for heirs, as the funds in these accounts are inheritable.