site.btaLegislative Revisions Target Introduction of Multi-fund Model in Supplementary Pension Insurance - Deputy Finance Minister

A bill to amend and supplement the Social Insurance Code was presented at a meeting of the National Council for Tripartite Cooperation (NCTC) here on Monday.

The revisions are basically intended to introduce a multi-fund model in supplementary pension insurance, Bulgarian Deputy Finance Minister Kiril Ananiev told the NCTC. He added that the system has been comprehensively reviewed in the context of this country's bid to join the Organisation for Economic Co-operation and Development (OECD). In his words, the OECD has recommended a further development and improvement of the regulatory framework.

There are plans to set up sub-funds with varying investment profile. Once a multi-fund model is available, the insured persons will be able to choose a way in which their retirement savings are managed, taking account of the different risk tolerance of the different categories of persons in the different phases of their life cycle.

Ananiev listed Estonia, Lithuania, Slovakia, Croatia, Poland and Romania among the countries that have successfully introduced a multi-fund system in supplementary pension insurance.

Monday's meeting of the NCTC was opened by its chairperson, outgoing Deputy Prime Minister Tomislav Donchev. He said that the proposed agenda includes a discussion of the 2025 state budget extension law and a bill to amend and supplement the Labour Migration and Labour Mobility Act, which has been submitted to public consultation.