Ordinance on the Supervisory and Advisory Councils of Supplementary Pension Insurance Funds and Payment Funds

(Title amended - SG, issue 85 of 2021)
Prom. - SG, issue 19 of 01.03.2005; in force from 01.03.2005; am. and suppl., issue 85 of 12.10.2021; am. and suppl., issue 100 of 03.11.2026, in force from 01.01.2027 Adopted by Decree No 29 of the Council of Ministers of 18.02.2005

Chapter One GENERAL PROVISIONS

Art. 1. (Amended - SG, issue 85 of 2021; amended, issue 100 of 2026, in force from 01.01.2027) This Ordinance shall regulate:

1. (amended - SG, issue 85 of 2021; amended, issue 100 of 2026, in force from 01.01.2027) the rights and obligations of the supervisory councils of the supplementary mandatory pension insurance funds and the payment funds;

2. the composition, rights and obligations of the advisory councils of the supplementary voluntary pension insurance funds.

Art. 2. (Suppl. - SG, issue 85 of 2021) The supervisory and advisory councils, hereinafter referred to as "the councils", represent and protect the interests of insured persons and pensioners in the supplementary pension insurance funds and in the payment funds.

Art. 3. (Amended - SG, issue 85 of 2021; amended, issue 100 of 2026, in force from 01.01.2027) (1) (Amended - SG, issue 100 of 2026, in force from 01.01.2027) For the supplementary mandatory pension insurance funds and the payment funds managed by one and the same pension insurance company, a single supervisory council shall be established.

(2) (Repealed - SG, issue 100 of 2026, in force from 01.01.2027) .

(3) For each supplementary voluntary pension insurance fund, a single advisory council shall be established.

Chapter Two COMPOSITION, ESTABLISHMENT OF THE COUNCILS AND TERM OF OFFICE

Art. 4. (Amended - SG, issue 85 of 2021; amended, issue 100 of 2026, in force from 01.01.2027) (1) (Amended - SG, issue 85 of 2021; amended, issue 100 of 2026, in force from 01.01.2027) The supervisory council shall consist of an equal number of representatives of the nationally representative organisations of workers and employees and of employers, and one representative of the pension insurance company.

(2) (Amended - SG, issue 85 of 2021; amended, issue 100 of 2026, in force from 01.01.2027) Within one month of the first entry in the BULSTAT register of a supplementary mandatory pension insurance fund established by the respective pension insurance company, the company shall send a written invitation to the central management of each nationally representative organisation of workers and employees and of employers to appoint its representatives to the supervisory council. No later than two months before the expiry of the term of office of the supervisory council, its chairperson shall send a written invitation pursuant to the first sentence for the appointment of representatives to the next supervisory council. The representatives of the organisations of workers and employees and of employers shall be appointed by their governing bodies at national level no later than one month from receipt of the invitation pursuant to the first or second sentence.

(3) (Amended - SG, issue 85 of 2021; amended, issue 100 of 2026, in force from 01.01.2027) The representative of the pension insurance company in the supervisory council shall be appointed by a decision of the management body of the company within two months of the entry in the BULSTAT register of the fund under para. 2 or no later than one month before the expiry of its term of office.

(4) (Amended - SG, issue 100 of 2026, in force from 01.01.2027) The first meeting of the supervisory council shall be convened by the person under para. 3 within 3 months of the entry in the BULSTAT register of the fund under para. 2 or within a 7-day period after the expiry of the term of office of the previous council.

Art. 5. (Amended and supplemented - SG, issue 100 of 2026, in force from 01.01.2027) (1) The advisory council shall consist of:

1. (amended - SG, issue 100 of 2026, in force from 01.01.2027) representatives of insured persons in the respective supplementary voluntary pension insurance fund;

2. representatives of employers and of the bodies under Art. 230, para. 3, item 3 of the Social Security Code, who make social security contributions to the respective supplementary voluntary pension insurance fund, hereinafter referred to as "the contributors", and

3. (amended - SG, issue 100 of 2026, in force from 01.01.2027) a representative of the pension insurance company.

(2) (amended - SG, issue 100 of 2026, in force from 01.01.2027) The number of members of the advisory council shall not be less than 5 and more than 11 persons, and the number of representatives of insured persons must be equal to or greater than the number of representatives of the contributors.

(3) (Amended and supplemented - SG, issue 100 of 2026, in force from 01.01.2027) The representatives of insured persons in the advisory council shall be appointed by the pension insurance company on the principle of random selection, whereby the representatives of insured persons shall be selected from among the first 20 persons with the highest number of personal contributions and with the highest amount of accumulated funds from personal contributions in the individual account in the respective supplementary voluntary pension insurance fund. The pension insurance company shall notify the person of the selection made within a 3-day period. If within a 7-day period from receipt of the notification the selected person does not agree to participate in the advisory council, a further random selection shall be made from among the persons under the first sentence, after excluding those who have confirmed their participation and those who have declined.

(4) (Amended - SG, issue 100 of 2026, in force from 01.01.2027) The selection under para. 3 shall be made within two months of the entry in the BULSTAT register of the supplementary voluntary pension insurance fund or no later than one month before the expiry of the term of office of the advisory council.

(5) (Am. - SG, issue 100 of 2026, in force from 01.01.2027) Within one month of the registration in the BULSTAT register of the supplementary voluntary pension insurance fund, or at the latest two months before the expiry of the term of office of the advisory council, the pension insurance company shall invite the employers who make contributions for the largest number of insured persons in the fund to designate their representatives within a specified period. If representatives are not designated within the specified period, the pension insurance company shall invite the next employers in order who make contributions for the largest number of insured persons in the fund.

(6) The representative of the pension insurance company in the advisory council shall be appointed by a decision of the management body of the company within the period under paragraph 4.

(7) (Am. - SG, issue 100 of 2026, in force from 01.01.2027) The first meeting of the advisory council shall be convened by the person under paragraph 6 within 3 months of the registration in the BULSTAT register of the supplementary voluntary pension insurance fund, or within a 7-day period after the expiry of the term of office of the previous council.

Art. 6. (Am. - SG, issue 85 of 2021; am., issue 100 of 2026, in force from 01.01.2027) (1) The members of the councils must meet the following requirements:

1. to be legally capable natural persons;

2. not to have been convicted of intentional crimes of a general nature;

3. not to be deprived of the right to hold a position involving material responsibility;

4. not to be members of management or supervisory bodies or employees of another pension insurance company;

5. (am. - SG, issue 85 of 2021) not to be members of the supervisory or advisory council of a fund managed by another pension insurance company.

(2) (Am. - SG, issue 85 of 2021; am., issue 100 of 2026, in force from 01.01.2027) Within the period under Art. 4, paragraph 4 and Art. 5, paragraph 7, the members of the councils shall submit to the pension insurance company managing the respective fund or funds a written consent to perform this function and a written declaration that they meet the requirements of paragraph 1 and that they undertake to notify the respective council of any change in the declared circumstances. The documents under the first sentence shall be kept in the company.

Art. 7. The term of office of the members of the councils is 5 years.

Art. 8. (Am. and suppl. - SG, issue 100 of 2026, in force from 01.01.2027) (1) (Am. - SG, issue 100 of 2026, in force from 01.01.2027) The term of office of a member of a supervisory council shall be terminated early upon the occurrence of any of the following circumstances:

1. if he/she ceases to meet any of the requirements under Art. 6, paragraph 1;

2. upon non-participation without valid reasons in two or more consecutive meetings;

3. upon actual impossibility to perform his/her duties for more than 6 months;

4. in cases of disclosure of facts or information which he/she learned during or in connection with the exercise of the functions of the council and which are not publicly known;

5. in cases of dissemination of false, inaccurate or misleading information about the funds for supplementary mandatory pension insurance and about the funds for making payments;

6. in cases of use for personal gain of information which he/she learned during or in connection with the exercise of the functions of the council;

7. upon a decision taken by the management bodies of the nationally representative organizations of workers and employees and of employers, or by a decision of the management body of the pension insurance company - for the representative designated by them.

(2) (New - SG, issue 100 of 2026, in force from 01.01.2027) The occurrence of a circumstance under para. 1, items 1 - 6 is established by a decision of the council of which the person is a member. The chairman, respectively the deputy chairman of the council, provides the person with the opportunity to submit written explanations within a 7-day period, which are examined under the procedure provided for in the rules of procedure under Art. 12.

(3) (Previous para. 2, amended - SG, issue 100 of 2026, in force from 01.01.2027) Upon termination of the term of office of a member under the procedure of para. 2, the chairman of the guardianship council, respectively the deputy chairman of the council, notifies the body, respectively the organisation or company that appointed the member whose term of office has been terminated of this circumstance within a 7-day period. The body, respectively the organisation or company that appointed the member whose term of office has been terminated, appoints a new representative within a period of one month from receipt of the notification.

(4) (Previous para. 3, amended - SG, issue 100 of 2026, in force from 01.01.2027) Simultaneously with the decision to terminate the term of office of a member under the procedure of para. 1, item 7, the respective organisation of workers and employees or organisation of employers, respectively the pension insurance company, appoints a new representative to the guardianship council and notifies the council within a 7-day period from the taking of the decision.

(5) (Previous para. 4 - SG, issue 100 of 2026, in force from 01.01.2027) The representative elected in the respective order in place of a member of the guardianship council released early completes his/her term of office.

Art. 9. (Amended and supplemented - SG, issue 100 of 2026, in force from 01.01.2027) (1)

(Amended - SG, issue 100 of 2026, in force from 01.01.2027) The term of office of a member of an advisory council is terminated early upon the occurrence of any of the following circumstances:

1. in the cases under Art. 8, para. 1, items 1 - 6;

2. upon their written request to the respective council - for the representatives of insured persons;

3. upon a decision taken by the insurer or the pension insurance company - for the representative appointed by them.

(2) (New - SG, issue 100 of 2026, in force from 01.01.2027) The occurrence of a circumstance under para. 1, item 1 is established by a decision of the council of which the person is a member. The chairman, respectively the deputy chairman of the council, provides the person with the opportunity to submit written explanations within a 7-day period, which are examined under the procedure provided for in the rules of procedure under Art. 12.

(3) (Previous para. 2, amended - SG, issue 100 of 2026, in force from 01.01.2027) Upon termination of the term of office of a member under the procedure of para. 2, the chairman of the advisory council, respectively the deputy chairman of the council, notifies the insurer or the company of this circumstance within a 7-day period. The insurer, respectively the pension insurance company, appoints a new representative within a period of one month from receipt of the notification under the conditions and by the procedure of Art. 5, para. 3, 5 and 6 and notifies the council within a 7-day period from the taking of the decision.

(4) (Previous para. 3, amended - SG, issue 100 of 2026, in force from 01.01.2027) Simultaneously with the decision to release a member under the procedure of para. 1, item 3, the insurer, respectively the pension insurance company, appoints a new representative to the advisory council.

(5) (Previous para. 4 - SG, issue 100 of 2026, in force from 01.01.2027) The representative elected in the respective order in place of a member of the advisory council released early completes his/her term of office.

Chapter Three STRUCTURE, ACTIVITY AND FUNCTIONS OF THE COUNCILS

Art. 10. (Amended - SG, issue 100 of 2026, in force from 01.01.2027) (1) Each guardianship and advisory council elects from among its members a chairman and a deputy chairman. The chairman and the deputy chairman have a term of office of one year.

(2) The chairman:

1. represents the council;

2. convenes and chairs the meetings of the council;

3. organises and controls the work of the council;

4. (repealed - SG, issue 100 of 2026, in force from 01.01.2027) .

(3) The functions of the deputy chairman are determined in the rules of procedure under Art. 12.

Art. 11. (Amended - SG, issue 100 of 2026, in force from 01.01.2027) The councils are served by a technical secretary appointed by the respective pension insurance company, who:

1. keeps the records and stores the documentation of the council;

2. performs the operational clerical work in preparing and holding the meetings of the council;

3. (amended - SG, issue 100 of 2026, in force from 01.01.2027) draws up the minutes of the meetings of the council;

4. notifies the interested parties of the decisions taken by the council in connection with complaints, requests and signals submitted to it.

Art. 12. Each guardianship and advisory council adopts rules of procedure for its activity within a period of 3 months from the holding of its first meeting.

Art. 13. (Amended and supplemented - SG, issue 100 of 2026, in force from 01.01.2027) (1) The councils hold meetings at least once every 3 months in the order and manner determined in their rules of procedure.

(2) (Supplemented - SG, issue 100 of 2026, in force from 01.01.2027) The meetings of the councils are regular if not less than two thirds of their members are present at them. By way of exception and upon a proposal by the chairman, meetings may also be held remotely. In cases where the meeting is held remotely, direct and virtual participation of the members of the council is ensured, while the quorum requirements are observed.

(3) (Amended - SG, issue 100 of 2026, in force from 01.01.2027) Representatives of the Financial Supervision Commission, of the respective pension insurance company, experts in connection with specific issues under discussion, as well as representatives of other bodies and organisations may attend the meetings of the councils.

(4) (New - SG, issue 100 of 2026, in force from 01.01.2027) Minutes are kept for each meeting, which are drawn up by the technical secretary and signed by him/her and by the members of the council who participated in the meeting.

Art. 14. (1) Each member of a guardianship or advisory council has the right to one vote.

(2) The councils take decisions by a majority of more than half of their members.

(3) The decisions of the councils are of a recommendatory nature for the pension insurance companies.

Art. 15. (Amended - SG, Issue 85 of 2021; amended and supplemented, Issue 100 of 2026, in force as of 01.01.2027) (1) Each supervisory and advisory council performs the following functions:

1. (amended - SG, Issue 85 of 2021) monitors compliance with the obligations of the pension insurance company towards the insured persons and pensioners in the respective funds;

2. (amended - SG, Issue 85 of 2021) considers complaints, requests and signals related to violations of the rights of insured persons and pensioners in the respective funds, submits questions and requests in connection with them to the pension insurance company and/or other institutions and organizations, and also assists in the settlement of disputes that have arisen;

3. (amended - SG, Issue 85 of 2021) discusses the annual financial statements of the respective funds;

4. (amended - SG, Issue 85 of 2021) makes written proposals for improving the organization and activities of the pension insurance company in servicing the insured persons and pensioners in the respective funds;

5. (amended - SG, Issue 85 of 2021) makes written proposals on other aspects of the activities of the pension insurance company that affect the rights of the insured persons and pensioners in the respective funds;

6. (amended - SG, Issue 85 of 2021) draws up an annual report on its activities and provides it to the pension insurance company managing the respective fund or funds and to the Financial Supervision Commission by 30 April of the following year, and for a council whose term of office expires - by the date on which its term of office expires.

(2) (Amended - SG, Issue 85 of 2021; amended, Issue 100 of 2026, in force as of 01.01.2027) Each supervisory and advisory council submits its proposals, questions and requests under para. 1 to the pension insurance company managing the respective fund or funds.

(3) (Amended - SG, Issue 85 of 2021; amended, Issue 100 of 2026, in force as of 01.01.2027) The management body of the pension insurance company is obliged to discuss the proposals, questions, requests and the annual report under para. 1, item 6 at its first meeting after receiving them in the company, to adopt a decision on them and to inform in writing of its decision the chairperson of the respective council and the Financial Supervision Commission within a 7-day period from the date of the meeting.

(4) (New - SG, Issue 100 of 2026, in force as of 01.01.2027) The pension insurance company shall publish the annual report under para. 1, item 6 on its website within a 7-day period from its receipt.

Art. 16. (Amended - SG, Issue 85 of 2021) (1) (Amended - SG, Issue 85 of 2021) Each supervisory and advisory council performs its functions at the seat of the pension insurance company managing the respective fund or funds and has a correspondence address - the company's registered office address.

(2) (Amended - SG, Issue 85 of 2021) The expenses related to the performance of the activities of each council are borne by the pension insurance company managing the respective fund or funds.

(3) The members of the councils do not receive remuneration for their activities.

Chapter Four RIGHTS AND OBLIGATIONS OF THE COUNCILS

Art. 17. (Amended and supplemented - SG, No. 85 of 2021; amended and supplemented, No. 100 of 2026, in force as of 01.01.2027) (1) (Previous text of Art. 17 - SG, No. 85 of 2021) Each supervisory and consultative council shall have the right of access to the documentation of the respective pension insurance company related to the performance of the functions under Art. 15, para. 1, as well as:

1. to send its members to meetings of the management body of the pension insurance company when matters are considered on which it has sent proposals, inquiries and requests;

2. (amended - SG, No. 100 of 2026, in force as of 01.01.2027) to send reasoned proposals in writing to the pension insurance company for amendments and supplements to the rules for the organization and activity of each supplementary pension insurance fund for which it is responsible;

3. (amended - SG, No. 85 of 2021) to send reasoned proposals in writing to the pension insurance company for improving the activity of supplementary pension insurance;

4. to use free of charge premises, technical equipment and other material conditions of the pension insurance company necessary for the performance of the functions under Art. 15, para. 1;

5. to request assistance from the pension insurance company in the performance of its functions;

6. to inform the public in an appropriate manner about the results of its work, including on the website of the respective pension insurance company.

(2) (New - SG, No. 85 of 2021) In addition to the rights under para. 1, the supervisory council under Art. 3, para. 1 shall have the right to send to the pension insurance company also reasoned proposals in writing for amendments and supplements to the rules of the funds for making payments.

Art. 18. Each supervisory and consultative council shall be obliged:

1. to examine the received complaints, applications and signals, to take the necessary actions in accordance with its functions and to reply in writing to the respective persons within the time limit under Art. 174, para. 2 of the Social Insurance Code;

2. to inform immediately the Deputy Chairperson of the Financial Supervision Commission heading the Insurance Supervision Directorate in case of reasonable doubt of committed violations of the insurance legislation by the pension insurance company, by its employees or insurance intermediaries.

Chapter Five AVOIDANCE OF CONFLICT OF INTERESTS IN THE WORK OF THE COUNCILS

Art. 19. (Amended - SG, No. 85 of 2021) (1) The members of the councils may not:

1. disclose facts and information which they have learned during or in connection with the exercise of the functions under Art. 15, para. 1 and which are not publicly known;

2. use their position for personal benefit to obtain advantages, special privileges, exemption from obligations or avoidance of the consequences of their own or another's unlawful actions;

3. (amended - SG, No. 85 of 2021) perform personal services or represent or protect the interests of a natural or legal person in their activity or before the company, unless this is in the interest of the insured persons and pensioners in the respective funds or follows from the law and the provisions of the ordinance.

(2) The members of the councils shall sign a declaration that they have been notified of their obligation not to disclose to third parties facts or information which they have learned during or in connection with the performance of their functions and which are not publicly known. The declarations shall be submitted to the respective company within the time limit under Art. 4, para. 4 and Art. 5, para. 7 and shall be kept by it.

Chapter Six (Repealed - SG, No. 100 of 2026, in force as of 01.01.2027) ADMINISTRATIVE PENAL LIABILITY

Art. 20. (Amended - SG, No. 85 of 2021; repealed, No. 100 of 2026, in force as of 01.01.2027)

TRANSITIONAL AND FINAL PROVISIONS

§ 1. The pension insurance companies shall be obliged, within 6 months of the entry into force of the ordinance, to bring into compliance with its provisions the composition and activity of the supervisory and consultative councils of the supplementary pension insurance funds managed by them, to make the respective changes in the rules for the organization and activity of the funds and to submit the necessary documents to the Financial Supervision Commission.

§ 2. The activity of the supervisory and consultative councils of the supplementary pension insurance funds elected before the entry into force of the ordinance shall be terminated within the time limit under § 1 with the constitution of new councils under the procedure of Art. 4 and 5.

§ 3. (Amended - SG, No. 85 of 2021) The ordinance is adopted on the basis of Art. 155, para. 4 and Art. 242, para. 2 of the Social Insurance Code and enters into force as of 1 March 2005.

§ 4. The Financial Supervision Commission shall give instructions on the application of the ordinance.

Transitional and Final Provisions to COUNCIL OF MINISTERS DECREE No. 324 of 07.10.2021 amending and supplementing the Ordinance on the Supervisory Councils of the Funds for Supplementary Mandatory Pension Insurance and on the Consultative Councils of the Funds for Supplementary Voluntary Pension Insurance (SG, No. 85 of 12.10.2021)

§ 13. The supervisory councils of the universal pension funds elected before the entry into force of this ordinance shall perform the functions of supervisory councils of the universal pension funds and the funds for making payments from 1 September 2021 until the expiry of their mandates.

§ 14. The supervisory boards of the universal pension funds and the payment funds shall bring their rules of activity into compliance with the requirements of this ordinance by 30 November 2021.

Transitional and Final Provisions to COUNCIL OF MINISTERS DECREE No. 228 of 29.10.2026 amending and supplementing the Ordinance on the Supervisory and Advisory Boards of the Supplementary Pension Insurance Funds and the Payment Funds (SG, No. 100 of 03.11.2026, in force from 01.01.2027)

§ 14. The supervisory boards of the supplementary mandatory pension insurance funds and the payment funds and the advisory councils shall bring their rules of activity into compliance with the requirements of this ordinance by 31 January 2027.