Ordinance No. 3 of 16.07.2026 on changing participation and transferring funds of an insured person in a supplementary pension insurance fund

ORDINANCE No. 3 of 16.07.2026 on changing participation and transferring funds of an insured person in a supplementary pension insurance fund Promulgated - SG, issue 68 of 28.07.2026, effective from 01.01.2027 Adopted by Decision No. 289-H of 16.07.2026 of the Financial Supervision Commission
Section I
General Provisions
Art. 1. This ordinance regulates the procedure and manner for:

1. changing participation and/or transferring funds from the individual account of an insured person from one to another supplementary pension insurance fund, hereinafter referred to as "transfer of funds";
2. transferring funds from the individual account of an insured person from one to another sub-fund of a supplementary pension insurance fund.
   Art. 2. During or in connection with the transfer of funds under this ordinance, pension insurance companies, their shareholders, insurance intermediaries or other persons may not provide, offer or promise in any form special privileges, gifts, services or other benefits to insured persons.
   Section II
   Transfer of funds from one to another supplementary pension insurance fund, managed by another pension insurance company Art. 3. (1) In the cases under Art. 171, para. 1, 3 and 4 and Art. 340, para. 4, item 1 of the Social Security Code (SSC), the insured person may transfer the accumulated funds in their individual account from one to another corresponding fund for supplementary compulsory pension insurance by submitting an application to the pension insurance company managing the fund in which they wish to participate. The application for transferring funds to a universal pension fund is prepared according to the model in Annex No. 1, and with it, the person chooses the method of their management in accordance with Art. 171, para. 6 of the SSC. The application for transferring funds to a professional pension fund is prepared according to the model in Annex No. 2. (2) In the cases under Art. 247, para. 1 - 3 and Art. 340, para. 4, item 2 of the SSC, the insured person may transfer the accumulated funds in their individual account from one supplementary voluntary pension insurance fund to another by submitting an application according to the model in Annex No. 3 to the pension insurance company managing the fund to which they wish to transfer the funds. (3) In the cases under Art. 247, para. 4 of the SSC, the insured person may transfer all or part of the funds from their individual account in a supplementary voluntary pension insurance fund to a universal pension fund managed by another pension insurance company by submitting an application according to the model in Annex No. 4 to that company. (4) The transfer under para. 2 and 3 of accumulated funds from employer contributions, from persons under Art. 230, para. 3, item 3 of the SSC or from another insurer shall be carried out if no restrictions on transfer are provided or the provided restrictions do not apply. When submitting an application for transferring funds from these sources, the nature of the transferred funds and the rights to dispose of them shall be explicitly recorded in the insurance contract or the additional agreement under Art. 4, para. 4. (5) In the cases under Art. 247, para. 5 of the SSC, the insured person may transfer the accumulated funds from personal contributions in their individual account from one to another supplementary voluntary pension insurance fund under professional schemes by submitting an application according to the model in Annex No. 5 to the pension insurance company managing the fund to which they wish to transfer the funds. (6) The applications under para. 1 - 5 may be submitted on paper or as electronic documents. (7) Paper applications shall be printed in one copy, double-sided, in A4 format. The signature of the insured person on the paper application shall be notarized. (8) Electronic applications shall be signed with a qualified electronic signature. Art. 4. (1) The applications under Art. 3 shall be accepted by an insurance intermediary or by an
   employee of the pension insurance company. (2) Before accepting the application, the employee under para. 1 shall identify themselves to the insured person with an official card, and the insurance intermediary - with the document under Art. 123g, para. 12 of the SSC, except when the electronic application is sent to the pension insurance company on the initiative of the person by email or through the company's website or online platform. (3) The pension insurance company shall not accept and shall return a paper application without a notarized signature, an electronic application not signed with a qualified electronic signature of the insured person, as well as an application with uncompleted or incorrectly completed data. (4) Simultaneously with the submission of the application, the insured person shall sign an insurance contract with the pension insurance company managing the fund to which they wish to transfer funds, or an additional agreement when transferring funds to a fund in which they are already insured. The contract, or the additional agreement, shall enter into force on the date of transfer of the funds to the fund chosen by the person. (5) The person who accepted the application shall enter an incoming number and date and fill in the data designated for the company in it and in the insurance contract. The company's employee shall certify the acceptance of the application with their name, position and signature, and the insurance intermediary - with their name, official number and signature. (6) When accepting a paper application, the insurance intermediary, or the employee of the pension insurance company, shall provide the person with the incoming number, and upon request - a certified copy of the application with the incoming number entered, and shall return the second copy of the contract to the person. (7) When accepting an electronic application, the application and the contract, or the additional agreement, signed with a qualified electronic signature by the person who accepted them, shall be sent to the person's email address specified in the application or in their electronic signature, if no email address is specified in the application, on the day of their receipt by the company, or by the insurance intermediary - if they were sent only to them. When submitting an electronic application outside working hours or on a non-working day, the documents shall be sent by email on the first working day after that date. (8) In case of a change in the unified civil number (EGN), respectively the personal number (LN) or the personal number of a foreigner (LNCH), with which the insured person is registered in the respective pension fund, a copy of the official document certifying this circumstance, certified by the insured person with a handwritten or qualified electronic signature, must be attached to the application. When transferring funds on the basis of Art. 247, para. 3 of the SSC, copies of official documents certifying the
   marital or kinship relationship, certified by the person with a handwritten or qualified electronic signature, shall also be attached to the application. The attached documents shall be specified in the application. (9) The insurance intermediary, or the employee of the pension insurance company:
3. before accepting the application and concluding the insurance contract, provides the person with:
   a) up-to-date written information regarding the transfer of funds and the main characteristics of the supplementary pension insurance fund; b) a questionnaire for assessing the degree of investment risk acceptable to the person - when intending to transfer funds to a universal pension fund or to a supplementary voluntary pension insurance fund that has sub-funds with different investment profiles;
4. familiarizes the person with the results of the assessment under item 1, letter "b" and consults them on the choice of a sub-fund with a suitable investment profile;
5. assists the person in performing all actions related to submitting the application, in order to avoid harming their interests due to lack of information or other reasons.
   (10) When the electronic application is sent to the pension insurance company on the initiative of the person by email or through the company's website or online platform, the provision of information and the questionnaire under para. 9, item 1 and the familiarization with the results and consultation under para. 9, item 2 shall be carried out through the website, online platform or email messages. The pension insurance company shall provide an opportunity, upon request of the insured person, to receive consultation from its employee or insurance intermediary during working hours. (11) The information under para. 9, item 1, letter "a" shall be prepared according to the model in Annex No. 6 - when transferring to a universal pension fund from another such fund, Annex No. 7 - when transferring to a professional pension fund, Annex No. 8 - when transferring to a supplementary voluntary pension insurance fund, Annex No. 9 - when transferring funds from a supplementary voluntary pension insurance fund to a universal pension fund, and Annex No. 10 - when transferring to a supplementary voluntary pension insurance fund under professional schemes. Art. 5. (1) The pension insurance company shall keep a register of applications for transfer of funds to the fund for each supplementary pension insurance fund managed by it, ensuring a unique incoming number for each application. (2) Within three working days of submitting the application, the pension insurance company managing the fund to which the insured person wishes to transfer funds:
6. takes an electronic image of the first page of the application by scanning it in .pdf format or another format and with a resolution allowing clear reading of the text, agreed with all other companies;
7. enters the application in the register under para. 1.
   Art. 6. (1) The procedures for transferring accumulated funds in individual accounts for all persons with registered applications for transfer within one month shall begin on the first working day of the following month.
   (2) Within 3 working days from the date under para. 1, the pension insurance company that registered the submitted applications for transfer shall notify in writing the companies in whose funds the respective persons are insured, by handing over the paper applications with the attached documents with a handover protocol, or by sending them the electronic applications and their attachments electronically. (3) The company in whose fund the respective person is insured shall accept the submitted application if it has a notarized signature, or is signed with a qualified electronic signature of the person, is correctly filled in and contains all necessary data. (4) If the application for transfer is not accepted according to para. 3, the company to which it was submitted shall cancel it, note this circumstance in the application and notify the person of the cancellation by registered letter with return receipt, through an insurance intermediary - in writing against signature, or by email, signed with a qualified electronic signature, depending on the method of notification chosen by the person in the application. (5) A company that has accepted an application handed over to it under para. 2 may rule on it with a refusal to review or to transfer funds only on the grounds provided for in para. 7 - 12. (6) The pension insurance company that received applications under para. 2 shall enter all accepted applications for transfer in the register of the respective supplementary pension insurance fund and shall rule on them with a decision of consent or refusal to transfer the funds. In case of refusal, the company shall state in the reasons for the decision the specific circumstances on which it is based. (7) The pension insurance company shall refuse to transfer funds of a person insured in a supplementary compulsory pension insurance fund managed by it when, at the time of reviewing the application:
8. the requirements of Art. 171, para. 1, 3 or 4 or Art. 340, para. 4, item 1 of the SSC are not met;
9. within the period and according to the procedure of para. 2, it has received applications for transfer of the same insured person from that fund from different pension insurance companies.
   (8) The pension insurance company may refuse to review an application for transfer of funds from a supplementary compulsory pension insurance fund when there is no insured person with the EGN/LN/LNCH specified in the application and no document under Art. 4, para. 8, first sentence, is attached to the application.
   (9) The pension insurance company shall refuse to transfer funds of a person insured in a supplementary voluntary pension insurance fund managed by it when:
10. the requirements of Art. 247, para. 1, 2, 3 or 4 or Art. 340, para. 4, item 2 of the SSC are not met;
11. there is a restriction under Art. 236, para. 1 of the SSC in the insurance contract.
    (10) The pension insurance company may refuse to review an application for transfer from a supplementary voluntary pension insurance fund only when:
12. the number of the insurance contract is not recorded in the application, with the exception of cases where the person wishes to transfer all accumulated funds in their individual account for which no restriction is provided, the noted number does not match the contract number in the company's documents or there are no accumulated funds from the source of funds specified in the application under this contract;
13. copies of documents certifying the marital or kinship relationship are not attached to the application - in the cases under Art. 247, para. 3 of the SSC;
14. there is no insured person with the EGN/LN/LNCH specified in the application in the fund and no document under Art. 4, para. 8, first sentence, is attached to the application.
    (11) The pension insurance company shall refuse to transfer funds of a person insured in a supplementary voluntary pension insurance fund under professional schemes managed by it when the requirements of Art. 247, para. 5 of the SSC are not met.
    (12) The pension insurance company may refuse to review an application for transfer from a supplementary voluntary pension insurance fund under professional schemes only when:
15. the name of the employer-insurer is not specified in the application or, in connection with the insurance under the contract concluded between it and the company, the insured person has not made personal contributions;
16. there is no insured person with the EGN/LN/LNCH specified in the application in the fund from which the person wishes to transfer funds and no document under Art. 4, para. 8, first sentence, is attached to the application.
    (13) The decision under para. 6 shall be prepared as an electronic document according to the model in Annex No. 11 and shall be signed with a qualified electronic signature.
    (14) The pension insurance company shall send the decisions under para. 6 electronically to the companies from which it received the respective applications for transfer, within 7 working days of receiving the applications.
    Art. 7. (1) In case of refusal to review the application or to transfer funds, the person who submitted it has the right:
17. to receive, upon request from the company managing the fund where they wish to transfer funds, certified copies of the application and the decision under Art. 6, para. 6, at their choice on paper or as an electronic document;
18. to submit an objection for reconsideration of the refusal within 7 days after the expiry of the period under Art. 6, para. 14.
    (2) The person shall submit the objection to the pension insurance company in whose fund they are insured, at their choice on paper or as an electronic document, signed with a qualified electronic signature, through the company managing the fund to which they wish to transfer funds. Copies of the written evidence in support of the objection, certified by the insured person with a handwritten or qualified electronic signature, shall be attached to the objection. (3) On the first working day after the expiry of the period under para. 1, item 2, the pension insurance company that received objections shall hand over the paper objections with a handover protocol to the respective company that issued the refusals, or send the objections submitted as electronic documents, together with their attachments, electronically. (4) The pension insurance company that issued a refusal shall review the objection within 3 working days and shall issue a reasoned decision, taking into account all submitted evidence and newly arisen circumstances. With its decision, the pension insurance company may revoke its refusal in whole or in part of the funds, and may issue a consent to transfer the funds or confirm the refusal. In case of confirmation of a refusal, including for part of the funds, the company shall state in its reasons the specific circumstances on which the refusal is based. (5) The decision under para. 4 shall be prepared on paper or as an electronic document, signed with a qualified electronic signature, according to the manner in which the objection was made. (6) Within the period under para. 4, the pension insurance company shall send the decision to the person who submitted the objection. (7) The transfer of funds of persons for whom the pension insurance company has fully or partially revoked its refusal shall continue according to the procedure and within the deadlines of Art. 8 and 9. Art. 8. (1) The person may withdraw their application from the company to which they submitted it, with a request according to the model in Annex No. 12. The request shall be submitted in one copy on paper with a notarized signature, or as an electronic document, signed with a qualified electronic signature, through an employee or insurance intermediary of the company under the first sentence, by mail with a return receipt, or through the company managing the fund in which the person is insured. The request must be received by the company under the first sentence by the 5th day of the month in which the funds are transferred. (2) The transfer procedure shall be terminated when:
19. there is a refusal to transfer or to review the application under Art. 6, para. 7 - 12;
20. the insured person withdraws the submitted application according to the procedure of para. 1;
21. the insured person in a supplementary compulsory pension insurance fund has died;
22. requests are received from one or more heirs for the granting of a survivor's pension and/or a lump-sum or staggered payment in respect of all funds from the individual account of an insured person who died after submitting an application for transfer from a supplementary voluntary pension insurance fund or a supplementary voluntary pension insurance fund under professional schemes;
23. the pension insurance company has received a notification from the National Revenue Agency for an application submitted by the insured person for a change of insurance under Art. 4b, para. 1, respectively - Art. 4c, para. 1 of the SSC - for the respective type of application for transfer of funds from a supplementary compulsory pension insurance fund;
24. the pension insurance company has received an application through the National Social Security Institute under Art. 69b, para. 7 of the SSC - for an application for transfer of funds from a professional pension fund.
    (3) Upon termination of the procedure under para. 2, items 1 and 2, the person may submit a new application for transfer.
    (4) When the granting of a survivor's pension and/or a lump-sum or staggered payment is requested only for part of the funds in the individual account of a deceased insured person in a supplementary voluntary pension insurance fund or a supplementary voluntary pension insurance fund under professional schemes, the transfer procedure shall be terminated in respect of these funds and the funds due to the heirs who have not submitted a request by the date under Art. 9, para. 2 shall be transferred. (5) Within three days of the expiry of the period under para. 1, the respective pension insurance companies shall exchange the following information:
25. the pension insurance companies in whose funds the persons are insured shall notify the pension insurance companies to which these persons have submitted applications for transfer of funds, of the names and EGN/LN/LNCH of the persons for whom the transfer procedure is terminated under para. 2, items 2 - 6;
26. the pension insurance companies to which the persons have submitted applications for transfer shall notify the pension insurance companies in whose funds they are insured, of:
    a) the names and EGN/LN/LNCH of the persons who have submitted a request to withdraw their application for transfer within the specified period; b) the bank account number to which the funds of the persons for whom the transfer procedure has not been terminated should be transferred.
    (6) On the first working day after receiving the information under para. 5, the pension insurance company to which the person has submitted an application for transfer of funds from a supplementary compulsory pension insurance fund shall send data for the person to the National Revenue Agency with content and in a manner determined in the contract under Art. 159, para. 8 of the SSC. After receiving the information, the National Revenue Agency shall transfer the due insurance contributions, including for previous periods, to the bank accounts of the funds to which the insured persons have transferred. (7) When a request, notification or application under para. 2, items 3 - 6 is received by the pension insurance company after the notification under para. 5, as a result of which the transfer procedure is terminated, it shall notify the company to which the person has submitted an application for transfer of funds, of their names and EGN/LN/LNCH and of the termination of the procedure no later than the date under Art. 9, para. 2. (8) The exchange of information between pension insurance companies under para. 5 and the notification under para. 7 shall be carried out electronically with a qualified electronic signature. Art. 9. (1) The funds from the individual accounts of all persons with registered applications for transfer during the respective month, for whom the transfer procedure has not been terminated according to Art. 8, para. 2, shall be transferred simultaneously to the bank accounts of the respective funds. (2) The funds from the individual accounts shall be transferred by the pension insurance companies on the 15th day of the month following the month in which the transfer procedure began, or on the first working day following that date. On the same date, the part of the respective reserve for guaranteeing the gross amount of contributions, determined according to Art. 193a, para. 4, item 2 of the SSC, shall also be transferred for persons who are transferring from a supplementary compulsory pension insurance fund. (3) The amount of funds for transfer shall be determined based on the value of one share, valid for the working day preceding the day of transfer, after reflecting all contributions and funds under Art. 129, para. 14 of the SSC in the individual account, received in the fund's account by the date of transfer. (4) When transferring funds under Art. 171, para. 4 of the SSC, the amount of funds for transfer shall be determined according to para. 3 and Art. 193a, para. 5 of the SSC. In the cases under Art. 193a, para. 5 of the SSC, the funds for supplementing the individual account shall be received in it on the day of transfer of the funds under para. 2. (5) Simultaneously with the transfer of funds, the pension insurance companies shall send electronically with a qualified electronic signature for each person data on the transferred funds and the information under Art. 193a, para. 4, item 1 of the SSC to the companies to whose
    funds the funds have been transferred. In the cases under Art. 8, para. 4, the pension insurance companies shall send electronically with a qualified electronic signature, together with the information under the first sentence, information about the heirs of the deceased insured person receiving payments from the fund from which the insured person chose to transfer their funds. (6) Pension insurance companies that have transferred funds, within a period of