Ordinance No. 52 of 16.07.2026 on the Procedure and Method for Deducting Fees under Articles 123z, 201, and 256 of the Social Security Code Collected by Pension Insurance Companies

ORDINANCE No. 52 of 16.07.2026 on the Procedure and Method for Deducting Fees under Articles 123z, 201, and 256 of the Social Security Code Collected by Pension Insurance Companies

Pub. - State Gazette, No. 67 of 24.07.2026, effective from 01.01.2027. Adopted by Decision No. 292-N of 16.07.2026 of the Commission for Financial Supervision

Section I General Provisions

Art. 1. This Ordinance regulates the procedure and method for deducting (calculating and transferring):

1. the investment fee, collected by pension insurance companies in the management of: a) a professional pension fund; b) sub-funds in a universal pension fund; c) a fund for additional voluntary pension insurance without sub-funds, respectively the sub-funds in the fund for additional voluntary pension insurance; d) a fund for additional voluntary pension insurance under professional schemes;
2. the fee, calculated on the value of the net assets of the funds for the purpose of making payments, collected by pension insurance companies in the management of these funds.

Section II Procedure and Method for Deducting the Investment Fee in the Management of a Professional Pension Fund and Sub-funds in a Universal Pension Fund

Art. 2. The investment fee under Art. 201, para. 1, item 2 of the Social Security Code is accrued every working day as a liability of the professional pension fund, respectively the sub-fund in the universal pension fund, to the pension insurance company managing it.

Art. 3. (1) The investment fee collected by the pension insurance company in the management of a professional pension fund and a dynamic and balanced sub-fund in a universal pension fund consists of:

1. a component calculated on the income realized from the management of the funds;
2. a component calculated on the value of the net assets of the respective fund or sub-fund.

(2) The investment fee collected in the management of a conservative sub-fund in a universal pension fund is determined solely based on the value of the net assets established in that sub-fund.

(3) The component of the investment fee under para. 1, item 1 is determined based on the annual income from investing the funds of the professional pension fund, respectively the dynamic or balanced sub-fund in the universal pension fund.

(4) The amount of the component under para. 1, item 1 is calculated every working day for the period from the beginning of the year to the working day preceding the day of calculation (the previous working day).

(5) In case of a positive result from the investment of the funds of the fund, respectively the sub-fund, the amount of the component under para. 1, item 1 is calculated by the formula:

[Formula]

where: R is the amount of the component of the investment fee, calculated on the income; B - the positive result from the investment of the funds of the fund, respectively the sub-fund, from the beginning of the year; i - the amount of the component of the investment fee, calculated on the income in percent, determined in the fund's regulations.

(6) When a positive result from the investment of the funds of the fund, respectively the sub-fund, is not achieved, the amount of the component under para. 1, item 1 is zero.

(7) To determine the liabilities, respectively receivables of the fund or the sub-fund, the value of the component under para. 1, item 1 is compared daily with the sum of the funds transferred to the pension insurance company from the beginning of the year to the previous working day for this component for the respective fund or sub-fund, reduced by the sum of the funds refunded to the fund, respectively the sub-fund, from the beginning of the year to the previous working day.

(8) The amount of the component under para. 1, item 2 is determined by the following formula for each working day:

[Formula]

where: D is the amount of the component of the investment fee, calculated on the value of the net assets, for the day; A - the value of the net assets of the fund, respectively the sub-fund, at the end of the previous working day; n - the number of calendar days from the previous working day to the current working day, including the current; R - the number of calendar days in the year; il - the amount of the component of the investment fee, calculated on the net assets, in percent, determined in the fund's regulations, for the respective day "l".

(9) The monthly amount of the component under para. 1, item 2 is determined by the following formula:

[Formula]

where: M is the monthly amount of the component of the investment fee, calculated on the net assets; N - the number of working days in the month; Dk - the amount of the component of the investment fee, calculated on the net assets, for the working day "k".

(10) When the last day or last days of the year are non-working days, when determining the amount of the component of the investment fee under para. 1, item 2 for the last working day of the year, the fee due for the non-working days until the end of the year is also included.

(11) The amount of the investment fee, collected in the management of a conservative sub-fund in a universal pension fund, is determined by applying para. 8 - 10 accordingly.

(12) The amounts due for the investment fee under para. 1 and 2, recorded as a liability of the fund, respectively the sub-fund, at the end of each month, are transferred to the account of the company from the cash funds of the fund, respectively the sub-fund, by the 5th working day of the following month.

(13) The transferred excess funds for the component of the investment fee under para. 1, item 1 to the pension insurance company, recorded as a receivable of the fund or the sub-fund at the end of each month, are refunded to the account of the fund, respectively the sub-fund, by the 5th working day of the following month.

Art. 4. The amounts due for the investment fee under Art. 3, para. 1 and 2 are approved every month by a decision of the legal representatives of the pension insurance company or a person authorized by them, in a manner determined by the management body of the company.

Art. 5. (1) If during the year a change is made to the percentage used in determining the component of the investment fee under Art. 3, para. 1, item 1, instead of the formula under Art. 3, para. 5, the following formula is applied:

[Formula]

where: R is the amount of the component of the investment fee, calculated on the income; B - the positive result from the investment of the funds of the fund, respectively the sub-fund, from the beginning of the year; inew - the amount of the component of the investment fee, calculated on the income, in percent, determined in the fund's regulations after the change; K - a correcting coefficient.

(2) The correcting coefficient "K" is equal to:

[Formula]

where: Bmin is the lesser of B and B0, where B is the positive result from the investment of the funds of the fund, respectively the sub-fund, from the beginning of the year, and B0 is the positive result from the investment of the funds of the fund, respectively the sub-fund, from the beginning of the year to the working day preceding the change of the percentage under para. 1; iold - the amount of the component of the investment fee, calculated on the income, in percent, determined in the fund's regulations before the change; inew - the amount of the component of the investment fee, calculated on the income, in percent, determined in the fund's regulations after the change.

(3) The correcting coefficient "K" is not applied when:

1. a positive result from the investment of the funds of the fund, respectively the sub-fund, has not been achieved for the period from the beginning of the year to the working day preceding the change of the investment fee in the fund's regulations;
2. after the change of the amount of the investment fee in the fund's regulations, a moment occurs from which, counting from the beginning of the year, there is no positive result from the investment of the funds of the fund, respectively the sub-fund.

Section III Procedure and Method for Deducting the Investment Fee Collected by Pension Insurance Companies in the Management of a Fund for Additional Voluntary Pension Insurance, Respectively its Sub-funds, and a Fund for Additional Voluntary Pension Insurance under Professional Schemes

Art. 6. The final amount of the investment fee under Art. 256, para. 1, item 3 of the Social Security Code is determined based on the annual income from investing the funds of the fund for additional voluntary pension insurance, respectively the sub-funds in the fund for additional voluntary pension insurance, and the fund for additional voluntary pension insurance under professional schemes.

Art. 7. (1) The amount of the investment fee is calculated every working day for the period from the beginning of the year to the previous working day.

(2) When sub-funds under Art. 214, para. 4 of the Social Security Code are created in the fund for additional voluntary pension insurance, the fee under para. 1 is calculated for each sub-fund separately.

(3) In case of a positive result from the investment of the funds of the fund, respectively the sub-fund, the amount of the investment fee under para. 1 is calculated by the formula:

[Formula]

where: R is the amount of the investment fee; B - the positive result from the investment of the funds of the fund, respectively the sub-fund, from the beginning of the year; i - the amount of the investment fee in percent, determined in the fund's regulations.

(4) When a positive result from the investment of the funds of the fund, respectively the sub-fund, is not achieved, the amount of the investment fee under para. 1 is zero.

Art. 8. To determine the liabilities, respectively receivables of the fund or the sub-fund, the investment fee under Art. 7, para. 1 is compared daily with the sum of the funds transferred from the beginning of the year to the previous working day for the investment fee from the fund, respectively the sub-fund, to the pension insurance company, reduced by the sum of the funds refunded from the beginning of the year to the previous working day for the investment fee from the pension insurance company to the fund, respectively the sub-fund.

Art. 9. (1) The amount due for the investment fee under Art. 7, para. 1, recorded as a liability of the fund, respectively the sub-fund, at the end of each month, is transferred to the account of the company from the cash funds of the fund, respectively the sub-fund, by the 5th working day of the following month.

(2) The transferred excess funds for the investment fee under Art. 7, para. 1 from the fund, respectively the sub-fund, to the managing pension insurance company, recorded as a receivable of the fund or sub-fund at the end of each month, are refunded to the account of the fund, respectively the sub-fund, by the 5th working day of the following month.

Art. 10. The amount due for the investment fee under Art. 7, para. 1 is approved every month by a decision of the legal representatives of the pension insurance company or a person authorized by them, in a manner determined by the management body of the company.

Art. 11. (1) In case of a change in the percentage of the investment fee during the year, instead of the formula under Art. 7, para. 3, the following formula is applied:

[Formula]

where: R is the amount of the investment fee; B - the positive result from the investment of the funds of the fund, respectively the sub-fund, from the beginning of the year; inew - the amount of the investment fee in percent, determined in the fund's regulations after the change; K - a correcting coefficient.

(2) The correcting coefficient "K" is equal to:

[Formula]

where: Bmin is the lesser of B and B0, where B is the positive result from the investment of the funds of the fund, respectively the sub-fund, from the beginning of the year, and B0 is the positive result from the investment of the funds of the fund, respectively the sub-fund, from the beginning of the year to the working day preceding the change of the amount of the investment fee under para. 1; iold - the amount of the investment fee in percent, determined in the fund's regulations before the change; inew - the amount of the investment fee in percent, determined in the fund's regulations after the change.

(3) The correcting coefficient "K" is not applied when:

1. a positive result from the investment of the funds of the fund, respectively the sub-fund, has not been achieved for the period from the beginning of the year to the working day preceding the change of the amount of the investment fee in the fund's regulations;
2. after the change of the amount of the investment fee in the fund's regulations, a moment occurs from which, counting from the beginning of the year, there is no positive result from the investment of the funds of the fund, respectively the sub-fund.

Section IV Procedure and Method for Deducting the Fee Collected by Pension Insurance Companies in the Management of Funds for Making Payments

Art. 12. The fee under Art. 123z, para. 1 of the Social Security Code is accrued on the last working day of each month as a liability of the fund for paying lifetime pensions, respectively the fund for term payments, to the pension insurance company managing it.

Art. 13. The amount of the fee under Art. 12 is calculated by the formula:

[Formula]

where: M is the amount of the fee for the respective month; Am - the value of the net assets of the fund for making payments on the last working day of the respective month before the fee is accrued; A0 - the value of the net assets of the fund for making payments on the last working day of the previous month after the fee is accrued; m - the number of calendar days in the month; p - the number of calendar days in the year in which the month falls; i - the amount of the fee in percent, determined in the rules of the fund for making payments, and when the amount of the fee is changed during the month i, it is calculated by the formula:

[Formula]

where: i1 and i2 are respectively the old and new amounts of the fee; d1 and d2 - the number of days during which the old and new fees were in force, respectively, where d1 + d2 = m.

Art. 14. The fee under Art. 12, recorded as a liability of the fund, is transferred to the account of the pension insurance company from the cash funds of the fund by the 5th working day of the following month.

Art. 15. The amount due for the investment fee under Art. 12 is approved every month by a decision of the legal representatives of the pension insurance company or a person authorized by them, in a manner determined by the management body of the company.

Transitional and Final Provisions

§ 1. The fees under Art. 201, para. 1, item 2 and Art. 256, para. 1, item 3 of the Social Security Code for the month of December 2026 are calculated and transferred to the account of the pension insurance company, respectively refunded to the account of the fund, according to the previous procedure.

§ 2. Ordinance No. 52 of 21.10.2016 on the Procedure and Method for Deducting Fees under Articles 201, para. 1, items 2 and 3 and Article 256, para. 1, item 3 of the Social Security Code, Collected by Pension Insurance Companies (Pub. State Gazette, No. 87 of 2016; amended and supplemented, No. 31 of 2018, No. 55 of 2021, and No. 70 of 2024) is repealed.

§ 3. This Ordinance enters into force on January 1, 2027.

§ 4. This Ordinance is issued on the basis of Art. 123z, para. 2, Art. 201, para. 2, and Art. 256, para. 2 of the Social Security Code in conjunction with § 192 of the Transitional and Final Provisions of the Law on Amendment and Supplement to the Social Security Code (State Gazette, No. 27 of 2026) and is adopted by Decision No. 292-N of July 16, 2026 of the Commission for Financial Supervision.

Chairman: Vasil Golemanski