Supplementary Voluntary Pension Insurance (SVPI)

This represents the third pillar of the pension system in Bulgaria. SVPI provides an opportunity to accumulate additional pension funds through voluntary contributions to private supplementary voluntary pension funds (SVPF) and supplementary voluntary pension funds under occupational schemes (SVPF-OS). Any person aged 16 or older may contribute individually or be covered by an employer or another insurer for supplementary pension insurance after concluding a contract with a pension insurance company. Contributions are credited to individual accounts, with the insured persons determining the amount and frequency themselves – monthly, for another period, or as a lump sum. The supplementary voluntary pension is received independently of the pension granted by the state social insurance system, and the insured person may choose between a lifelong or fixed-term old-age pension, as well as between deferred or lump-sum payment of the accumulated funds.