If you are already working

If you use all the forms of insurance that the Bulgarian pension system offers, you can ensure a good level of income in your post-retirement years. Depending on your age, the law provides different options.

For those born after 31.12.1959

If you were born after 31.12.1959, your pension, according to the current pension system, is formed by income from the State Social Insurance (SSS) - Pension Fund (Pillar I of the pension system) and funds from the Supplementary Compulsory Pension Insurance - this is the second pension (Pillar II of the pension system). If you are just starting your working career and have to be covered by a universal pension fund, you should choose a universal pension fund within three months of starting work. Since the funds for your second pension are managed by a pension company chosen in advance and their growth depends on the professionalism of the management of these funds, your choice of pension company is of the utmost importance.

Those born after 31 December 1959 may choose whether to continue to contribute to a second pension in a universal pension fund (UPF) of their choice managed by a supplementary pension insurance company or to have their entire retirement contribution paid into the Pension Fund, or the Pension Fund for persons referred to in Article 2(1) of the Treaty. * The change from insurance in the PF to insurance in the Pension Fund, respectively the Pension Fund for Persons under Article 69 of the Social Security Code*, and vice versa, may be made repeatedly, but after a lapse of at least 1 year since the last change of insurance. The final choice must be made in accordance with the time limits set out below, the requirement being that no retirement pension has been granted:

• from 1 January 2022 to 31 December 2025 - up to 1 year before the age referred to in Article 68(1)(b). 1;
• from 1 January 2026 to 31 December 2030, up to 2 years before the age referred to in Article 68(1)(b). 1;
• from 1 January 2031 to 31 December 2035, up to 3 years before the age referred to in Article 68(1). 1;
• from 1 January 2036 to 31 December 2037, up to 4 years before the age referred to in Article 68(1). 1;
• after 1 January 2038, up to 5 years before the age referred to in Article 68(1). 1.

You can find out more about this option on the Universal Fund page.

For those born after 31.12.1959, it is also possible to join a voluntary pension fund, which enables them to receive a third pension. Find out more on the Voluntary Fund page.

For those born before 01.01.1960

Since those born before 01.01.1960 do not have the possibility to accumulate funds in a universal pension fund, participation in a voluntary pension fund is their only individual option to join a funded pension scheme. The provision in the third pillar of the pension system is voluntary, but it plays an important complementary role in achieving a good income after retirement. It is voluntary because participation, the amount and frequency of contributions depend entirely on the will of the individual. Unlike participation in a universal pension fund, you also have the freedom to choose more than one voluntary pension fund to which you contribute.

* For members of the armed forces under the Defence and Armed Forces of the Republic of Bulgaria Act and civil servants under the Ministry of the Interior Act and the Act on Execution of Penalties and Detention in Custody, and investigators.