Pension companies are preparing for the implementation of multi-funds as of January 1, 2027.
The preparations of pension companies for the implementation of multi-funds as of January 1, 2027, were discussed at the regular annual General Meeting of the Bulgarian Association of Pension Funds (BADDPO) held on June 18.
By the end of this year, efforts and work load will focus on the adoption and implementation of secondary legislation related to the amendments to the Social Security Code, adapting the companies’ information systems and investment policies, preparing procedures for selection and automatic allocation among subfunds based on the age of insured persons, as well as reflecting their choice of which subfund their individual accounts should be allocated to.
The Chair of the Management Board emphasized that 2026 is the year of preparation and practical implementation of the long-awaited reform, which will ensure better protection of insured persons’ savings in the second pillar by achieving higher returns. “Our common goal is to ensure that the transition to the multi-fund model is understandable, predictable, and secure, and that its success is measured by the trust of insured persons and the positive impact on their future pensions,” said Evelina Miltenova, Chair of the BADDPO Management Board.
At the general meeting, the Association’s Activity Report was approved, as well as the Annual Financial Report for 2025, and BADDPO’s activity plans and budget for 2026.
Among the main highlights of the Association’s work in 2025 were тhe preparation of amendments to the Social Security Code related to the multi-fund model, the protection of the personal and inheritable nature of pension savings, the reduction of the administrative burden, preparations for the introduction of the euro, and the promotion of financial literacy.
The General Assembly elected a new member to the Management Board, Ivan Ivanov of “Lev Ins Pension Insurance,” who took over the position from Mr. Bozhidar Chankov.
Through the resolutions adopted, the General Assembly reaffirmed BADDPO’s commitment to financial stability, high professional standards, and the sustainable development of supplementary pension insurance in the interests of insured persons.
