Employer Organizations Support Introduction of Multi-fund Model in Supplementary Pension Insurance

Risida Dimitrova, Sofia Gospodinova

National Council for Tripartite Cooperation meeting, Sofia, January 19, 2026 (BTA Photo/Nikola Uzunov)

Sofia,

19.01.2026 14:56

(BTA)

Employer organizations supported the introduction of a multi-fund model in supplementary pension insurance at the meeting of the National Council for Tripartite Cooperation (NCTC), held on Monday at the Council of Ministers.

The partners in the NCTC discussed a bill to amend and supplement the Social Insurance Code, submitted by the Ministry of Finance. The revisions are basically intended to introduce a multi-fund model in supplementary pension insurance. The plans are 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.

Dobrin Ivanov, Executive Director of the Bulgaria of Industrial Capital Association (BICA), stated that the organization he represents supports the proposed changes, which are the result of many years of discussion among all responsible state institutions and interested parties. "We are convinced of the benefits of introducing multi-funds into the country's pension model," Ivanov said. He added that BICA strongly supports the expansion of investment opportunities for pension funds, as they will lead to higher pensions for insured persons.

Mariya Mincheva, Vice President of the Bulgarian Industrial Association, stated at the NCTC meeting that this has been the most discussed reform in professional circles and among social partners in the past 15 years. She expressed her satisfaction that after so many years of discussion, the bill has finally been drafted, and concrete steps are being taken to submit it to the National Assembly. According to her, the recommendations of the Organization for Economic Cooperation and Development (OECD) are also reflected in the bill. "An analysis of the entire system has been carried out within the Economic and Social Council, and most of the proposals have been reflected in this bill," Mincheva said.

The Bulgarian Chamber of Commerce and Industry (BCCI) also expressed its support for the proposed amendments to the Social Insurance Code as part of the process of joining the OECD. After Bulgaria's entry into the eurozone, one of the biggest goals is to join the OECD. The BCCI emphasized that all of the state's resources must be mobilized so that the process can be completed by the beginning of 2027. The proposals in the draft law are in line with OECD practices, and it is extremely important to focus on developing secondary legislation that will serve as a basis for the successful implementation of the amendments to the Code, the BCCI said.

/RY/