Ordinance No. 6 of 28.07.2026 on the Documents for Assessing Permissible Risk When Choosing a Sub-fund in a Universal Pension Fund

ORDINANCE No. 6 of 28.07.2026 on the Documents for Assessing Permissible Risk When Choosing a Sub-fund in a Universal Pension Fund

Pub. - State Gazette, No. 71 of 07.08.2026, effective from 01.01.2027 Adopted with Decision No. 293-N of 28 July 2026 by the Commission for Financial Supervision

Section I General Provisions

Art. 1. This Ordinance defines the requirements regarding the format and content of:

1. the questionnaire for assessing the degree of permissible investment risk when investing the funds of the individual account of an insured person in a universal pension fund;
2. the document with the results of the performed assessment of permissible investment risk under item 1.

Art. 2. (1) The documents under Art. 1 are prepared, filled out, and provided personally or electronically depending on the method chosen by the insured person. (2) The provision and filling out of the documents under Art. 1 may be carried out in the office of the pension insurance company by its employee or by an insurance intermediary, respectively, by a person authorized by an insurance intermediary - a legal entity. (3) The provision and filling out of the documents under Art. 1 electronically may be carried out through the electronic portal of the pension insurance company or an online platform, or through a message by electronic mail, signed with a qualified electronic signature of an employee of the pension insurance company or of an insurance intermediary, respectively, of a person authorized by an insurance intermediary - a legal entity, in accordance with the Electronic Document and Electronic Authentication Services Act.

Section II Requirements for the Format and Content of the Questionnaire for Assessing the Degree of Permissible Investment Risk

Art. 3. (1) The questionnaire under Art. 1, item 1 contains questions formulated in a clear, unambiguous, and understandable manner, in accessible language, without the use of misleading or suggestive phrasing and professional terminology, taking into account the need to carry out an objective assessment of the permissible investment risk for the insured person. (2) The questionnaire may not contain formatting, sequence, or phrasing of questions that can direct the insured person to choose a specific sub-fund.

Art. 4. The questionnaire contains at least:

1. the name and EIK of the pension insurance company providing the questionnaire, and the name and BULSTAT code of the universal pension fund managed by it;
2. identifying data - names and official number for the insurance intermediary, respectively for the person authorized by an insurance intermediary - a legal entity, or names and position when the questionnaire is provided by an employee of the pension insurance company;
3. identifying data for the insured person - names, unified civil number, personal number, or personal number of a foreigner, and date of birth, when the person is not a Bulgarian citizen;
4. age of the person as of the date of filling out the questionnaire, expressed in completed years;
5. a brief description of the main characteristics of the financial instruments in which the funds of the sub-funds in the universal pension fund can be invested from the point of view of profitability and risk;
6. date of filling out;
7. signature of the insured person.

Art. 5. (1) The questionnaire under Art. 1, item 1 contains no fewer than 10 closed questions with up to five answers and the possibility to choose only one of them. (2) The questionnaire contains explicit text with instructions that the collected information will be insufficient and the pension insurance company will not be able to prepare and provide the document under Art. 1, item 2, if the insured person does not fill out or partially fills out the questionnaire. (3) The questionnaire includes questions related to:

1. establishing the goals and preferences of the insured person regarding the management of their funds;
2. assessing the readiness of the insured person to bear investment risk when investing the funds of their individual account and their ability to tolerate temporary fluctuations and losses in the value of the accumulated funds in their individual account;
3. the significance for the insured person of the accumulated funds in their individual account for their future income after retirement;
4. assessing the knowledge and experience of the insured person regarding financial markets and various investment products;
5. the choice of the insured person among different financial instruments or a portfolio of instruments with pre-set parameters for profitability and risk;
6. various scenarios for the development of financial markets, which can be formulated as practical examples and situations, and opportunities for the insured person to choose an action in each of them. (4) The questionnaire may also contain other questions outside those under para. 3, including those related to the pension products offered by the pension insurance company.

Section III Requirements for the Format and Content of the Document on the Results of the Assessment of the Permissible Investment Risk for the Insured Person

Art. 6. (1) After processing the information from the questionnaire under Art. 1, item 1, the pension insurance company prepares and provides to the insured person a document with the results of the performed assessment under Art. 1, item 2 of the permissible investment risk for the insured person. (2) The document under Art. 1, item 2 may be formatted as a separate document containing the data under Art. 4, items 1 - 3, 6, and 7, or as an attachment to the questionnaire. (3) The document under para. 2 is provided to the insured person before the conclusion of the insurance contract, except in the cases under Art. 5, para. 2.

Art. 7. The document with the results of the assessment under Art. 1, item 2 contains:

1. the scale applied by the pension insurance company for assessing the result of the filled-out questionnaire, the degrees of permissible investment risk, and the corresponding investment profiles in a dynamic, balanced, and conservative sub-fund in a universal pension fund;
2. results of the assessment for each of the questions;
3. data on the determined degree of permissible investment risk for the insured person when investing the funds of their individual account and the suitable sub-fund in a universal pension fund in light thereof;
4. the applicable restrictions in determining the investment profile, related to the age of the insured person;
5. explicit text that the insured person may choose a sub-fund that is different from the sub-fund determined under item 3.

Final Provisions

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

§ 2. This Ordinance is issued on the basis of Art. 142a, para. 3 of the Social Insurance Code in connection with § 192, item 1 of the transitional and final provisions of the Law on Amendment and Addition to the Social Insurance Code (State Gazette, No. 27 of 2026) and is adopted with Decision No. 293-N of 28 July 2026 by the Commission for Financial Supervision.

For the Chairman: Diana Yordanova