Supplementary Compulsory Pension Insurance (SMPI)

This is the second pillar of the pension system in Bulgaria, implemented by licensed pension insurance companies through the funds they manage, where compulsory contributions are accumulated in individual accounts. It entitles those born after December 31, 1959, to a second pension through participation in a universal pension fund (UPF) and early retirement pension for workers in first and second category jobs through participation in a professional pension fund (PPF). Insured persons choose from the registered pension funds, and if they do not specify a fund, they are allocated by default. They can transfer their individual account from one fund to another, as well as to the Pensions Fund of the State Social Insurance.