Ordinance No. 69 of 15.06.2021 on the formulas for calculating lifelong pensions under Art. 167, para. 4 and Art. 245b, para. 1 of the Social Security Code

ORDINANCE No. 69 of 15.06.2021 on the formulas for calculating lifelong pensions under Art. 167, para. 4 and Art. 245b, para. 1 of the Social Security Code (Title amended - SG, issue 61 of 2026, effective 01.01.2027) Promulgated - SG, issue 53 of 25.06.2021; amended and supplemented, issue 61 of 03.07.2026, effective 01.01.2027. Adopted by Decision No. 217-N of 15.06.2021 of the Financial Supervision Commission Art. 1. (Amended - SG, issue 61 of 2026, effective 01.01.2027) This ordinance defines the formulas for calculating:

1. additional lifelong old-age pensions under Art. 167, para. 4 of the Social Security Code (SSC);
2. personal lifelong old-age pensions under Art. 245b, para. 1 of the SSC;
3. lifelong survivor's pensions under Art. 245b, para. 1 of the SSC.
   Art. 2. (Repealed - SG, issue 61 of 2026, effective 01.01.2027).
   Art. 3. (Amended - SG, issue 61 of 2026, effective 01.01.2027) (1) (Amended - SG, issue 61 of 2026, effective 01.01.2027) Lifelong pensions without additional conditions under Art. 167, para. 4, item 1 and Art. 245b, para. 1, item 1 of the SSC are calculated according to the following formula: P = S/K1, where:
   P is the amount of the pension;
   S - the amount of funds in the individual account under Art. 169, para. 1, item 1, under Art. 246, para. 1, item 1 or under Art. 245b, para. 4, item 2 or 3 of the SSC;

where the first pension is due for the month of concluding the pension agreement or for a month prior to it;

where the first pension is due for the month following the month of concluding the pension agreement;

where the first pension is due for a month after the month following the month of concluding the pension agreement; where:
x is the age of the person in full years as of the first day of the month following the month of concluding the pension agreement; m - number of full months after the last full year (x) as of the first day of the month following the month of concluding the pension agreement; x+1 - age of the person in full years as of the first day of the month following the month of concluding the pension agreement, with one year added; x+d - age of the person in full years as of the first day of the month for which the first payment is due; k - number of payments due as of the date of concluding the pension agreement; ω - the maximum age in the mortality table; lx - number of surviving persons at age x, without rounding, according to the mortality table and average life expectancy under Art. 169, para. 1, item 2 of the SSC:

where:
pi is the probabilities of survival from the mortality table; l0 - adopted initial number of persons at age 0 in the hypothetical cohort of the mortality table. (2) (Amended - SG, issue 61 of 2026, effective 01.01.2027) Lifelong pensions with a guaranteed payment period under Art. 167, para. 4, item 2 and Art. 245b, para. 1, item 2 of the SSC are calculated according to the following formula:
P = S/K2, where:
P is the amount of the pension;

where the first pension is due for the month of concluding the pension agreement or for a month prior to it, or for the month following the month of concluding the pension agreement, or for a month after the month following the month of concluding the pension agreement; x+d - age of the person in full years as of the first day of the month for which the first payment is due after the expiry of the guaranteed period; x+1+d - age of the person in full years as of the first day of the month for which the first payment is due after the expiry of the guaranteed period, with one year added; n - guaranteed period (in years), with the indicators S, x, x+1, m, ω and lx being determined according to para. 1. (3) (Amended - SG, issue 61 of 2026, effective 01.01.2027) Lifelong pensions under Art. 167, para. 4, item 3 and Art. 245b, para. 1, item 3 of the SSC, including deferred payment of part of the funds until the pensioner reaches a chosen age, are calculated according to the following formula: , where:
P is the amount of the pension;
Ti - amount of the i-th payment; h - number of deferred payments according to what was agreed with the person; where:
x+d is the age of the person in full years as of the first day of the month for which the first lifelong payment is due, with the indicators S, x, x+1, m, ω and lx being determined according to para. 1."; (4) (Repealed - SG, issue 61 of 2026, effective 01.01.2027). (5) (Repealed - SG, issue 61 of 2026, effective 01.01.2027). Concluding Provision Sole Paragraph. (Amended - SG, issue 61 of 2026, effective 01.01.2027) This ordinance is issued on the basis of Art. 169, para. 14, item 2 and Art. 245b, para. 5 of the SSC and was adopted by Decision No. 217-N of 15.06.2021 of the Financial Supervision Commission. Chairman: Boyko Atanasov Transitional and Final Provisions to ORDINANCE No. 70 of 23.06.2026 on the requirements for funds for making payments (SG, issue 61 of 03.07.2026, effective 01.01.2027) § 4. In Ordinance No. 69 of 15.06.2021 on the technical interest rates under Art. 169, para. 1, item 3 and para. 8, item 3 of the Social Security Code and the formulas for calculating additional lifelong old-age pensions (SG, issue 53 of 2021), the following amendments are made:
1. In the title, the words "technical interest rates under Art. 169, para. 1, item 3 and para. 8, item 3 of the Social Security Code and the formulas for calculating additional lifelong old-age pensions" are replaced with "formulas for calculating lifelong pensions under Art. 167, para. 4 and Art. 245b, para. 1 of the Social Security Code"
2. Article 1 is amended as follows:
"Art. 1. This ordinance defines the formulas for calculating:
1. additional lifelong old-age pensions under Art. 167, para. 4 of the Social Security Code (SSC);
2. personal lifelong old-age pensions under Art. 245b, para. 1 of the SSC;
3. lifelong survivor's pensions under Art. 245b, para. 1 of the SSC."
3. Article 2 is repealed.
4. In Art. 3:
a) paragraphs 1 - 3 are amended as follows:
"(1) Lifelong pensions without additional conditions under Art. 167, para. 4, item 1 and Art. 245b, para. 1, item 1 of the SSC are calculated according to the following formula:
P = S/K1, where:
P is the amount of the pension;
S - the amount of funds in the individual account under Art. 169, para. 1, item 1, under Art. 246, para. 1, item 1 or under Art. 245b, para. 4, item 2 or 3 of the SSC;

where the first pension is due for the month of concluding the pension agreement or for a month prior to it;

where the first pension is due for the month following the month of concluding the pension agreement;

where the first pension is due for a month after the month following the month of concluding the pension agreement; where:
x is the age of the person in full years as of the first day of the month following the month of concluding the pension agreement; m - number of full months after the last full year (x) as of the first day of the month following the month of concluding the pension agreement; x+1 - age of the person in full years as of the first day of the month following the month of concluding the pension agreement, with one year added; x+d - age of the person in full years as of the first day of the month for which the first payment is due; k - number of payments due as of the date of concluding the pension agreement; ω - the maximum age in the mortality table; lx - number of surviving persons at age x, without rounding, according to the mortality table and average life expectancy under Art. 169, para. 1, item 2 of the SSC:
where:
pi is the probabilities of survival from the mortality table; l0 - adopted initial number of persons at age 0 in the hypothetical cohort of the mortality table. (2) Lifelong pensions with a guaranteed payment period under Art. 167, para. 4, item 2 and Art. 245b, para. 1, item 2 of the SSC are calculated according to the following formula:
P = S/K2, where:
P is the amount of the pension;

where the first pension is due for the month of concluding the pension agreement or for a month prior to it, or for the month following the month of concluding the pension agreement, or for a month after the month following the month of concluding the pension agreement; x+d - age of the person in full years as of the first day of the month for which the first payment is due after the expiry of the guaranteed period; x+1+d - age of the person in full years as of the first day of the month for which the first payment is due after the expiry of the guaranteed period, with one year added; n - guaranteed period (in years), with the indicators S, x, x+1, m, ω and lx being determined according to para. 1. (3) Lifelong pensions under Art. 167, para. 4, item 3 and Art. 245b, para. 1, item 3 of the SSC, including deferred payment of part of the funds until the pensioner reaches a chosen age, are calculated according to the following formula: , where:
P is the amount of the pension;
Ti - amount of the i-th payment; h - number of deferred payments according to what was agreed with the person; where:
x+d is the age of the person in full years as of the first day of the month for which the first lifelong payment is due, with the indicators S, x, x+1, m, ω and lx being determined according to para. 1."; b) paragraphs 4 and 5 are repealed.
5. In the concluding provision, in the sole paragraph, the words "Art. 169, para. 14" are replaced with "Art. 169, para. 14, item 2 and Art. 245b, para. 5".