# Bulgarian pension fund reform

> Live situation record from CLSTR: https://clstr.news/situations/bulgarian-pension-fund-reform
> Updated: 2026-08-22T07:11:09.000Z. Sources: 6. Developments: 2.

Bulgaria is implementing a major reform of its additional pension insurance system. Between September and November 2026, approximately 4.5 million insured individuals will be permitted to choose between three sub-fund types: dynamic, balanced, or conservative.

By early 2027, the sector will transition to a multi-fund model. Maya Ruseva of the Bulgarian Association of Companies for Additional Pension Insurance characterized the change as the “most significant reform in the sector,” intended to better protect insured interests. The reform seeks to increase individual pension accumulations through more efficient investment and reduced management fees, rather than through higher citizen contributions, while imposing stricter capital stability requirements on pension companies.

## Timeline

### 2026-08-22: Bulgaria to reform school funding model to end enrollment-based subsidies

Bulgaria's Ministry of Education plans to end the “money follows the student” funding model to improve stability for small schools and prevent data manipulation used to secure state subsidies.

3 sources. https://clstr.news/cluster/bulgaria-to-reform-school-funding-model-to-end-enrollment-based-subsidies

### 2026-08-15: Bulgaria introduces major pension fund reform

Bulgaria is introducing a major pension reform allowing 4.5 million citizens to choose between dynamic, balanced, or conservative sub-funds to optimize investment returns and reduce management fees.

3 sources. https://clstr.news/cluster/bulgaria-introduces-major-pension-fund-reform

---
Cite as: Bulgarian pension fund reform. CLSTR, https://clstr.news/situations/bulgarian-pension-fund-reform