DallBogg Occupational Pension Fund Bulgaria

Organization : DallBogg Pension Assurance
Facility : Occupational Pension Fund
Country : Bulgaria
Website : https://dallbogg.bg/en/funds/occupational-pension-fund/

What is Bulgaria Occupational Pension Fund?

In Bulgaria, an Occupational Pension Fund (OPF) is a mandatory, employer-funded pension scheme designed primarily for employees working in hazardous environments, allowing for early retirement. These OPFs are defined contribution schemes with individual accounts where contributions and investment income are tax-exempt.

Related / Similar Facility : DallBogg Voluntary Pension Fund (VPF) Bulgaria

What Can Apply For Occupational Pension Fund?

Persons working under the conditions of the first or second category of work and obliged to be insured in an professional pension fund shall be insured in the Occupational Pension Fund under the conditions and in accordance with the procedure of the SIC (Social Insurance Code).

Persons working in the first and second categories of work are described in the Ordinance on the categorisation of work at retirement. The insurance in the Occupational Pension Fund is made on a capital-based principle.

The amount of contributions is defined in the SIC as a percentage of the insurance income and is borne by the employer, which is determined according to the category of work as follows:
** 12 per cent – for persons working in category I
** 7 per cent – for persons working in category II.

Rights of Insured Persons

Insurance in the Occupational Pension Fund entitles to:
** A temporary occupational pension for early retirement for people working in the first and second category of work;
** One-off or deferred payment of up to 50 per cent of the funds accumulated in the individual account in the event of permanently reduced working capacity of more than 89.99 per cent;
** One-off or deferred payment of the funds in the individual account of an insured person who has been granted a retirement pension under Part I of the SIC or has reached the age referred to in Article 68(3) of the SIC and has not acquired the right to an occupational early retirement pension;
** Transfer of the funds in the individual account to the UPF or VPF where a retirement pension has been granted under the terms of Part I of the SIC or the person has reached the age referred to in Article 68(3) of the SOC and has not acquired the right to an early retirement pension;
** One-off sum or deferred payment to the heirs of a deceased insured person or pensioner.

Amount of the Supplementary Life Pension

The amount of the occupational early retirement pension depends on:
** the funds accumulated in the individual account;
** the technical interest rate at the date the pension is granted, approved by the Financial Supervision Authority;
** the period of receipt of the pension, in years and months, until reaching the age referred to in Article 68(1)(a).

Fees and Deductions

In the management of the Оccupational pension fund, the fees and deductions in favor of DallBogg: Life and Health are as follows:
** a deduction of 3.75 percent of each contribution as it is received into the occupational pension fund;
** an investment charge calculated on the value of the net assets of the occupational pension fund, depending on the period during which they have been managed by the pension insurance company, at the rate of 0.75 per cent per annum;
** a fee of BGN 10 for the transfer of the funds of the individual account from the Pension Fund “DallBogg: Life and Health” to the pension schemes of the European Union, of the European Central Bank and of the European Investment Bank, in accordance with Article 343a, par. 343a(1)(2) and 343f of the SIC.

Note:
No amounts shall be deducted on funds transferred from an occupational pension fund managed by another pension insurance company.