Ordinance No. 3 of September 24, 2003, on Changing Participation and Transferring Accumulated Funds of an Insured Person Between Supplementary Pension Insurance Funds

ORDINANCE No. 3 OF SEPTEMBER 24, 2003, ON THE PROCEDURE AND MANNER FOR CHANGING PARTICIPATION AND TRANSFERRING ACCUMULATED FUNDS OF AN INSURED PERSON FROM ONE SUPPLEMENTARY PENSION INSURANCE FUND TO ANOTHER CORRESPONDING FUND MANAGED BY ANOTHER PENSION INSURANCE COMPANYIn force from 01.01.2004. Issued by the Financial Supervision CommissionPromulgated, SG. No. 90 of October 10, 2003, amended, SG. No. 9 of February 3, 2004, amended, SG. No. 85 of September 28, 2004, amended, SG. No. 50 of June 17, 2005, corrected, SG. No. 52 of June 24, 2005, amended, SG. No. 7 of January 24, 2006, amended, SG. No. 78 of October 7, 2011, amended and supplemented, SG. No. 1 of January 5, 2016, amended and supplemented, SG. No. 62 of August 9, 2016, amended and supplemented, SG. No. 10 of January 30, 2018, amended, SG. No. 94 of November 13, 2018, amended and supplemented, SG. No. 54 of June 29, 2021, amended, SG. No. 58 of July 13, 2021, amended, SG. No. 70 of August 20, 2024, amended, SG. No. 20 of March 11, 2025, repealed, SG. No. 68 of July 28, 2026.Repealed by § 5 of the transitional and final provisions of Ordinance No. 3 of July 16, 2026, on changing participation and transferring funds of an insured person to a supplementary pension insurance fund - SG, No. 68 of July 28, 2026, in force from 01.01.2027.Section I.General ProvisionsArt. 1. This ordinance regulates the procedure and manner for:1. changing participation in a fund and transferring accumulated amounts in the individual account of an insured person from one fund to another corresponding supplementary mandatory pension insurance fund managed by another pension insurance company;2. transferring accumulated funds in the individual account from one supplementary voluntary pension insurance fund to another.3. (new - SG, No. 78 of 2011, in force from 01.01.2012) transferring accumulated funds from personal insurance contributions in the individual account from one supplementary voluntary pension insurance fund under professional schemes to another.Art. 1a. (New - SG, No. 50 of 2005, in force from 01.07.2005, amended - SG, No. 78 of 2011, in force from 01.01.2012) In or in connection with changing participation and/or transferring funds of insured persons under the terms and procedures of 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.Changing Participation in a Fund and Transferring Accumulated Amounts in the Individual Account of an Insured Person from One to Another Corresponding Supplementary Mandatory Pension Insurance FundArt. 2. (1) (Amended - SG, No. 10 of 2018, in force from 01.04.2018, amended - SG, No. 54 of 2021, in force from 01.07.2021) In the cases under Art. 171, para. 1, 3 and 4 and Art. 340, para. 4, item 1 of the Social Security Code, the insured person may change their participation and transfer the accumulated amounts in their individual account from one to another corresponding supplementary mandatory pension insurance fund by submitting an application according to the model in Annex No. 1 to the pension insurance company managing the fund to which they wish to transfer.(2) (Amended - SG, No. 78 of 2011, in force from 01.01.2012) The application forms under para. 1, hereinafter referred to as "applications for change of participation," shall be printed by each pension insurance company on white three-layer carbonless paper, A4 format, with black ink, and the serial number of the copy shall be placed in the lower left corner. Instructions for filling out the application according to Annex No. 1 shall be printed on the back of the last third copy.(3) (New - SG, No. 78 of 2011, in force from 01.01.2012) Electronic forms of applications under para. 1 and the insurance contracts concluded in connection therewith shall be prepared in the format and with the content of the paper models.Art. 3. (Amended - SG, No. 78 of 2011, in force from 01.01.2012) (1) (Supplemented - SG, No. 1 of 2016, in force from 01.01.2016, amended - SG, No. 10 of 2018, in force from 30.01.2018, amended - SG, No. 54 of 2021, in force from 01.07.2021) The application for change of participation shall be submitted by the insured person as an electronic document in accordance with the Electronic Document and Electronic Certification Services Act (electronic application) or on paper and shall be accepted by an insurance intermediary or an employee authorized by the pension insurance company.(2) (Amended - SG, No. 10 of 2018, in force from 30.01.2018, amended - SG, No. 54 of 2021, in force from 01.07.2021) Before accepting the application for change of participation, the employee 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 Social Security Code.(3) In cases where the application for change of participation is submitted on paper, the signature of the insured person on its first copy shall be certified by a notary. The electronic application shall be signed by the insured person with a qualified electronic signature.(4) The pension insurance company shall not accept a paper application without a notarized signature, an electronic application not signed with a qualified electronic signature of the insured person, or an application with incomplete or incorrectly filled data.(5) (Amended - SG, No. 10 of 2018, in force from 01.04.2018) Simultaneously with submitting the application for change of participation, the insured person shall also sign an insurance contract with the pension insurance company managing the fund to which they wish to transfer. The contract shall enter into force from the moment of termination, in accordance with Art. 8, para. 1, of the insurance relationship with the pension insurance company in which the person is insured.(6) The person who accepted the application shall assign it an incoming number and date and fill in the data specified for the company in it and in the insurance contract. The company's employee shall certify the acceptance with their name, position, and signature, and the insurance intermediary - with their name, official number, and signature, after which they shall immediately return the last copy of the application and the second copy of the contract to the insured person.(7) (Amended - SG, No. 54 of 2021, in force from 01.07.2021) When the application for change of participation and the insurance contract are submitted as electronic documents, electronic copies thereof, signed with the qualified electronic signature of the company, shall be sent to the person's email address specified in their electronic signature or in the application, on the day of their receipt by the company, or on the first working day after that date if the electronic documents are submitted outside working hours or on a non-working day.(8) In case of a change in the names or the unified civil number with which the insured person is registered in the respective pension fund, certified copies (or scanned copies) of official documents proving this circumstance, attested by the insured person, must be attached to the application for change of participation. The attached documents and the change they certify shall be described in the application.(9) The pension insurance company shall assist the person in performing all actions related to submitting the application for change of participation to avoid harming their interests due to lack of information or other reasons.(10) The pension insurance company shall provide the person submitting an application with up-to-date written information regarding the change of participation and the main characteristics of the fund it manages. The information shall be prepared according to the model in Annex No. 1a.Art. 4. (1) (Amended - SG, No. 78 of 2011, in force from 01.01.2012) Applications for change of participation shall be entered into electronic registers, which all pension insurance companies managing supplementary mandatory pension insurance funds are obliged to maintain.(2) (Amended - SG, No. 78 of 2011, in force from 01.01.2012) The pension insurance company shall maintain only one register of applications for change of participation for each supplementary mandatory pension insurance fund it manages, ensuring a unique incoming number for each application.(3) (Amended - SG, No. 85 of 2004, in force from 01.01.2005, amended - SG, No. 50 of 2005, in force from 01.07.2005, amended - SG, No. 78 of 2011, in force from 01.01.2012) The entry of the application for change of participation in the respective register shall be made within three working days from the date of its submission by the insured person.(4) (Repealed - SG, No. 85 of 2004, in force from 01.01.2005)Art. 5. (Amended - SG, No. 78 of 2011, in force from 01.01.2012) (1) The procedures for changing participation in a fund for all persons with registered applications for change of participation during one quarter shall begin on the first working day of the month following that quarter.(2) Within three working days from the date under para. 1, the pension insurance company that registered submitted applications for change of participation shall notify in writing the companies in whose funds the respective persons are insured, by handing over with a handover protocol both copies of each application and the accompanying documents.(3) The company in whose fund the respective person is insured shall accept the submitted application for change of participation if it has a notarized signature, or is signed with a qualified electronic signature of the person, is filled out correctly, and contains all necessary data.(4) (Amended - SG, No. 54 of 2021, in force from 01.07.2021) If the application for change of participation is not accepted according to para. 3, the company to which it was submitted shall annul it, note this circumstance on both copies and in the register under Art. 4, para. 2, and within seven days shall notify the person of the annulment by registered letter with acknowledgment of receipt, through an insurance intermediary - in writing against signature, or by electronic message signed with a qualified electronic signature, if the person has chosen this method 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 consider or to change participation only on the grounds provided for in Art. 6, para. 1 and 2.(6) The pension insurance company that received applications under para. 2 shall:1. enter all accepted applications for change of participation in the registers of the respective funds;2. fill in the data specified for it, including consents or reasoned refusals to consider an application or to change participation, in both copies of each application for change of participation;3. (supplemented - SG, No. 1 of 2016, in force from 01.01.2016) return with a handover protocol the first copy of each application for change of participation, filled with the relevant data, to the company from which it received it, within 7 working days of its receipt, noting in the protocol for the respective persons the grounds for refusal or that applications under Art. 69b, para. 7 of the Social Security Code have been received for them through the National Social Security Institute.(7) (Amended - SG, No. 54 of 2021, in force from 01.07.2021) When the application for change of participation is submitted as an electronic document:1. data exchange and correspondence under the procedure and within the deadlines established in this article shall be carried out electronically with a qualified electronic signature;2. the company may indicate the data specified for it under para. 6, item 2, including consents or reasoned refusals to consider an application or to change participation, in a separate electronic document, also containing the incoming number and date of the application, and the names and UCN of the person, signed with a qualified electronic signature.Art. 6. (Amended - SG, No. 78 of 2011, in force from 01.01.2012) (1) The pension insurance company shall refuse to change the participation of a person insured in a fund it manages when, at the time of considering the application:1. (amended - SG, No. 10 of 2018, in force from 01.04.2018, amended - SG, No. 54 of 2021, in force from 01.07.2021) the requirements of Art. 171, para. 1, 3 or 4 or Art. 340, para. 4, item 1 of the Social Security Code are not met;2. within the period and according to the procedure of Art. 5, para. 2, it has received applications for change of participation for the same insured person from different pension insurance companies.(2) The pension insurance company may refuse to consider an application for change of participation when:1. (amended - SG, No. 54 of 2021, in force from 01.07.2021) the person's names do not match the current data in the documents available to the company, and the documents under Art. 3, para. 8 are not attached to the application;2. (amended - SG, No. 10 of 2018, in force from 01.04.2018, repealed - SG, No. 54 of 2021, in force from 01.07.2021)3. (new - SG, No. 54 of 2021, in force from 01.07.2021) in the fund from which the person wishes to change their participation, there is no insured person with the unified civil number specified in the application, and the documents under Art. 3, para. 8 are not attached to the application.(3) (Amended - SG, No. 54 of 2021, in force from 01.07.2021) When the person is officially allocated, upon finding discrepancies under para. 2, items 1 and 3, the pension insurance company shall request the necessary information from the National Revenue Agency before ruling and shall update the person's data.(4) (Amended - SG, No. 54 of 2021, in force from 01.07.2021) In case of refusal, each person shall receive upon request a certified copy of the application for change of participation, or an electronic copy thereof or of the electronic document under Art. 5, para. 7, item 2, second sentence, from the company to which they submitted it, and may submit an objection for reconsideration of the refusal within 7 days after the expiration of the period under Art. 5, para. 6, item 3.(5) The objection under para. 4 shall be submitted to the pension insurance company in whose pension fund the person is insured, through the pension insurance company managing the fund to which they wish to transfer. All written evidence supporting it shall be attached to the objection, and in cases of discrepancies under para. 2, item 1 - also certified copies (or scanned copies) of official documents proving the relevant data, attested by the insured person.(6) The pension insurance company that received objections shall hand them over on the first working day after the expiration of the period under para. 4 with a handover protocol to the respective pension insurance company that issued the refusals, attaching to each objection the first copy of the application for change of participation.(7) (Amended - SG, No. 1 of 2016, in force from 01.01.2016) The pension insurance company that issued a refusal shall consider the objection within 3 working days and shall issue a written reasoned decision, taking into account all presented evidence and newly arisen circumstances. With its decision, the pension insurance company shall revoke the refusal, ruling with consent for the change of participation of the insured person, or confirm the refusal on the same grounds.(8) The decision under para. 7 shall be prepared in three identical copies, two of which shall be bundled with the first and second copies of the application for change of participation. The number and date of the decision shall be noted in the upper right corner of the application.(9) Within the period under para. 7, the pension insurance company that issued the decision shall send it to the person by registered letter with acknowledgment of receipt and shall return with a handover protocol the first copy of the application to the company to which the person submitted it.(10) When ruling on applications and objections of insured persons, the pension insurance company shall state in the motives the specific circumstances on which its refusal is based.(11) (Amended - SG, No. 54 of 2021, in force from 01.07.2021) When the application for change of participation is submitted as an electronic document, the insured person may submit an objection under the procedure and within the deadlines specified in para. 4 and 5, also electronically with a qualified electronic signature. In this case, the correspondence under para. 6 and 9 shall be carried out in the same manner, and the document under Art. 5, para. 7, item 2 shall also be attached if the refusal is indicated therein.(12) The change of participation for persons for whom the pension insurance company has revoked its refusal shall continue under the procedure and within the deadlines of Art. 7 - 9 inclusive.Art. 7. (Amended - SG, No. 78 of 2011, in force from 01.01.2012) (1) (Repealed - SG, No. 1 of 2016, in force from 01.01.2016)(2) (Amended and supplemented - SG, No. 1 of 2016, in force from 01.01.2016, amended - SG, No. 54 of 2021, in force from 01.07.2021) A person who has submitted an application for change of participation may withdraw it from the company to which they submitted it, with a request according to the model in Annex No. 5. The request shall be submitted on paper with a notarized signature, or as an electronic document signed with a qualified electronic signature of the insured person, through an employee or insurance intermediary of the company mentioned in the first sentence, through its insurance intermediary, by mail with a registered letter with acknowledgment of receipt, or through the company managing the fund in which the person is insured. The request must be received by the company mentioned in the first sentence by the 5th day of the month in which the funds are transferred.(3) (Repealed - SG, No. 1 of 2016, in force from 01.01.2016)(4) (Repealed - SG, No. 1 of 2016, in force from 01.01.2016)(5) (Amended - SG, No. 62 of 2016, in force from 15.08.2016) Within three days of the expiration of the period under para. 2, pension insurance companies shall exchange the following information:1. pension insurance companies in whose funds the persons are insured shall notify the pension insurance companies to which these persons have submitted applications for change of participation, regarding:a) (amended - SG, No. 1 of 2016, in force from 01.01.2016) the names and UCN of persons for whom a notification has been received from the National Revenue Agency that they have submitted applications for change of insurance under Art. 4b, para. 1, respectively - Art. 4c, para. 1 of the Social Security Code;b) (amended - SG, No. 1 of 2016, in force from 01.01.2016) the names and UCN of persons for whom applications have been received under Art. 69b, para. 7 of the Social Security Code;c) (new - SG, No. 54 of 2021, in force from 01.07.2021) the names and UCN of persons who have submitted applications for change of participation, for whom information has been received that they have died.2. pension insurance companies to which persons have submitted applications for change of participation shall notify the pension insurance companies in whose funds they are insured, regarding:a) the names and UCN of persons who have submitted a request to withdraw their application for change of participation within the specified period;b) the bank account number to which the funds of persons wishing to change their participation should be transferred.(6) (Amended - SG, No. 10 of 2018, in force from 30.01.2018) On the first working day after receiving the information under para. 5, the pension insurance company to which the person submitted an application for change of participation shall send a notification, signed with an electronic signature, to the National Revenue Agency, containing data for the person as defined in the contract under Art. 159, para. 8 of the Social Security Code.(7) The procedure for change of participation shall be terminated when:1. there is a refusal to change participation or to consider the application;2. the insured person has withdrawn the submitted application;3. (amended - SG, No. 1 of 2016, in force from 01.01.2016) the pension insurance company has received a notification from the National Revenue Agency regarding an application submitted by the insured person for change of insurance under Art. 4b, para. 1, respectively - Art. 4c, para. 1 of the Social Security Code;4. (amended - SG, No. 1 of 2016, in force from 01.01.2016) the pension insurance company has received an application through the National Social Security Institute under Art. 69b, para. 7 of the Social Security Code.5. (new - SG, No. 54 of 2021, in force from 01.07.2021) the insured person who submitted the application for change of participation has died.(8) (New - SG, No. 1 of 2016, in force from 01.01.2016, amended - SG, No. 54 of 2021, in force from 01.07.2021) When an application under para. 7, item 4 or the information under para. 7, item 5 is received by the pension insurance company after the date of notification under para. 5, item 1, letter "b", respectively letter "c", it shall notify, no later than the date under Art. 8, para. 2, the company to which the person submitted their application for change of participation, of their names and UCN and of the termination of the procedure.(9) (Previous para. 8, amended - SG, No. 1 of 2016, in force from 01.01.2016) In the cases under para. 7, items 1 and 2, the insured person may submit a new application for change of participation.(10) (New - SG, No. 1 of 2016, in force from 01.01.2016) Notification between pension insurance companies under para. 5 and 8 shall be carried out electronically with a qualified electronic signature.Art. 8. (1) (Amended - SG, No. 78 of 2011, in force from 01.01.2012) The funds from the individual accounts of all persons with registered applications for change of participation during one quarter, for whom the procedure for change of participation has not been terminated according to Art. 7, para. 7, shall be transferred simultaneously to bank accounts of the respective supplementary mandatory pension insurance funds. The insurance relationship with the pension insurance company in which the person wishing to change their participation is insured shall be terminated on the day of the transfer of funds.(2) (Supplemented - SG, No. 54 of 2021, in force from 01.07.2021) The funds under para. 1 shall be transferred by the pension insurance companies on May 15 - for persons with registered applications during the first quarter, August 15 - for persons with registered applications during the second quarter, November 15 - for persons with registered applications during the third quarter, February 15 - for persons with registered applications during the fourth quarter of the previous year, or on the first working days following these dates. On the same dates, the part of the reserve for guaranteeing the gross amount of transferred contributions to a universal pension fund, determined according to Art. 193a, para. 4, item 2 of the Social Security Code, for persons with registered applications during the respective quarters, shall also be transferred.(3) (Amended - SG, No. 85 of 2004, in force from 01.10.2004) The amount of funds for transfer shall be determined based on the value of one unit, valid for the working day preceding the day of transfer after:1. declaration of the minimum yield for the respective quarter in accordance with Art. 193, para. 4 of the Social Security Code;2. covering the shortfall to the minimum yield or replenishing the reserve in accordance with Art. 193, para. 5 and 7 of the Social Security Code;3. (repealed - SG, No. 85 of 2004, in force from 01.10.2004)4. (repealed - SG, No. 85 of 2004, in force from 01.10.2004)5. (supplemented - SG, No. 10 of 2018, in force from 30.01.2018) reflecting all contributions in the individual account and the funds transferred for the person under Art. 129, para. 14 of the Social Security Code, received in the fund's account, until the date of transfer;6. (deleted - SG, No. 78 of 2011, in force from 01.01.2012)(4) (New - SG, No. 54 of 2021, in force from 01.07.2021) When changing participation under Art. 171, para. 4 of the Social Security Code, the amount of funds for transfer shall be determined according to para. 3 of this article and Art. 193a, para. 5 of the Social Security Code. In the cases under Art. 193a, para. 5 of the Social Security Code, the funds for supplementing the individual account shall be received in it on the day of the transfer of funds under para. 2.(5) (Amended and supplemented - SG, No. 1 of 2016, in force from 01.01.2016, previous para. 4, supplemented - SG, No. 54 of 2021, in force from 01.07.2021) Simultaneously with the transfer of funds, the pension...