Bulgarian Pension Funds will have to Forecast the Future Pension of People

Pension funds will be required to provide estimates of the future amount of retirement benefits. This includes changes to the Social Security Code (CSR), published on the website of the Ministry of Finance. The aim is that the insured persons in voluntary pension funds can better plan their old-age savings.

Changes to CSR are made in conjunction with the Eurodirective. Changes tighten the investment rules of pension companies and increase their costs. The new provisions are foreseen to enter into force by 17 May 2019 and by 13 January 2019 the Financial Supervision Commission must adopt the CSR enforcement regulations. Changes in CSR will affect over 4.6 million insured Bulgarians and over 1.2 million pensioners, as well as 9 pension insurance companies, 9 universal pension funds, 9 professional pension funds, 9 voluntary pension funds and two voluntary pension funds under professional schemes.