DallBogg Voluntary Pension Fund (VPF) Bulgaria

Organization : DallBogg Pension Assurance
Facility : Voluntary Pension Fund (VPF)
Country : Bulgaria
Website : https://dallbogg.bg/en/funds/voluntary-pension-fund/

What is DallBogg Voluntary Pension Fund?

Supplementary voluntary pension insurance aims to guarantee additional income for the years after retirement. This is the so-called third pillar of the pension system. The pension from the VPF is received separately from the one provided by the state and from the pensions from the additional obligatory pension insurance.

Related / Similar Facility : DallBogg Occupational Pension Fund Bulgaria

What Give Us Voluntary Pension Fund?

The third pillar of the pension system is particularly relevant in the circumstances of negative or zero interest rates on bank deposits and declining returns on government securities investments in euro area member states, after the ECB announced a gradual reduction in stimulating purchases of sovereign debt.

Due to these reasons, facing the growing needs of insured and saving people, we can better answer together a number of questions that life raises in today’s changing world. The third pillar is like a new home for your savings and should be invested regularly in order to reveal its potential and comfort.

Who can be insured in a Voluntary Pension Fund?

Any natural person who has reached the age of 16 may be insured voluntarily or in supplementary voluntary pension insurance funds. Beside personal, employers and agencies that are insurers, as well as other insurers can make contributions to the individual account.

The insurance in VPF is carried out on a capital-based principle. The insurance contributions and the return on their investment are accumulated on individual accounts of the insured persons.

How To Join A Supplementary Voluntary Pension Fund?

Contributions to a person’s individual account at DallBogg: Life and Health may be monthly, for another period, or one-time. Insurance in the Pension Fund DallBogg: Life and Health is based on an insurance contract, which is concluded between the Pension Insurance Company DallBogg: Life and Health and:

Individuals – at their own expense:
1. Employers who are insurers – for their employees
2. Agencies that are insurers – for:
3. Government employees
** Judges, prosecutors, investigators, state associated judges, registry judges and court clerks
** The servicemen under the Law on Defense and Armed Forces of the Republic of Bulgaria, the civil servants under the Law on the Ministry of Interior and the civil servants under the Law on Execution of Punishments and Detention in Custody
** Assignors who are insurers – for the persons for whom a contract for assignment of management or control has been concluded
4. Other insurers – individuals or legal entities – for the benefit of third parties.

Participation in a supplementary voluntary pension insurance fund starts from:
** the date of concluding an insurance contract for insurance with personal contributions
** the date of receipt of the written consent of a person in the pension insurance company, in whose favor an insurance contract has been concluded with contributions from an insurer or another insurer
** the transfer of the funds of an insured person to the voluntary pension fund from a respective fund managed by another pension insurance company.

The insurance in SPF “DallBogg: Life and Health” entitles to:
Personal old-age pension – for a certain period:
** The insured persons acquire the right to a personal old-age pension from the voluntary pension fund upon acquisition of the right to a pension for length-of-service insurance and age under Part I of SIC (Social Insurance Code).
** At the request of the insured person, the personal old-age pension may be paid upon reaching the age for acquiring the right to a pension for insurance length of service and age under Art. 68, para. 1 of SIC or up to five years before reaching this age by the person.
** The amount of the personal old-age pension depends on the amount accumulated on the individual account of the insured person as of the date of granting, on the chosen term for receiving the pension and on the technical interest rate approved by the FSC (Financial Supervision Commission).

Personal disability pension – for a certain period:
** The insured person acquires the right to a personal disability pension, in case of permanently reduced working capacity of 50 per cent and more – starting from the date when the disability beginns, determined in the expert decision of Proffessional or National Invalidity Committee (TELK ot NELK).
** The term of the personal disability pension is determined depending on the term of the disability, determined in the expert decision of TEMC or NEMC.

A survivor’s pension for a definite term of the heirs of an insured person or of a pensioner, or of the beneficiaries:
The heirs or beneficiaries are specified in the contract. The pensioner to whom has been granted a supplementary pension in the pension contract, may specify one or more beneficiaries who are entitled to receive a survivor’s pension from the balance of the funds in his individual account, as well as the part due to them. Beneficieries can be determined or changed at any time.