IMPORTANT INFORMATION ABOUT THE PAYMENTS FROM UNIVERSAL PENSION FUNDS AND APPROVED PRODUCTS IN THE PAYOUT PHASE
1. Supplementary lifetime pension for the persons whose accumulations on the account in the universal fund allow the granting of such a pension with a monthly amount of at least 15% of the minimum monthly amount of the state pension for length of service and age. *
The supplementary lifetime pension has three types:
- The lifetime pension without additional conditions – is granted for life time in the same monthly amount and is not subject to inheritance (the monthly amount of all lifetime pension and the deferred payout is subject to update and recalculation in cases provided by law).
- The lifetime pension with a guaranteed payment period – granted for life in the same monthly amount and includes a guaranteed period of 2 to 10 years (at the option of the pensioner), within which the current value of due payments is inherited until the end of the guaranteed period.
- The lifetime pension includes deferred payment of part of the funds until reaching the age chosen by the pensioner – granted for life in the same monthly amount after the expiration of the deferred payment period. The length of the deferred payment period should be chosen by the pensioner in such a way that the monthly amount paid is not less than 15% of the amount of the minimum pension for the country.
* The present value of the payments due until the end of the deferred payment period is inherited.
Under conditions specified by the law (when the amount of funds in the individual account is higher than the amount of the gross amounts of the transferred social security contributions) each of the above three types of lifetime pension could be paid with a guaranteed initial amount (equal to the amount of the first pension, calculated on the basis of the individual account), and applied risk factor.
2. Deferred payment of funds to the persons, whose accumulated funds in SPF are not sufficient for granting of lifetime pension, but exceed the three times the minimum monthly amount of the state pension for length of service and age. The length of the deferred payment is chosen by the pensioner in such a way that the monthly amount paid is not less than 15% from the amount of the minimum pension for the country. The rest of the due payments to the deceased pensioner are inherited.
3. One-off payment of the funds to the persons, whose accumulated funds in the account are less three times the minimum pension in the country. *
* Effective from 25th of December 2021 the minimum monthly amount of the state pension for length of service and age is BGN 370. The minimum monthly amount of the supplementary lifetime pension from SPF is equal to BGN 55,50. The threefold amount of the minimum monthly pension for length of service and age is BGN 1,110.