Nearly 405,000 Bulgarians have requested to change their fund and transfer the money collected in it for a second pension. That’s how many applications were submitted to transfer money from one private fund to another last year, according to data from the Financial Supervision Commission. However, nearly 73,000 insured persons were refused to change their fund, which is more than 18 percent of all submitted applications, reported the financial portal pariteni.bg.
Thus, nearly 319 thousand Bulgarians transferred their money for a second pension from one fund to another last year. The amount of transferred funds is over BGN 1.374 billion.
A total of 343,330 people who are insured in the three types of supplementary pension insurance funds have taken advantage of their right to change participation and transfer funds from the individual lots in 2023. The total amount of funds transferred since the beginning of the year is BGN 1,488,775,012
In the last quarter of 2023 alone, a total of 99,976 applications were submitted to the pension insurance companies to change participation and transfer funds from one pension fund to another. The most – 92,377 asked to change the fund in which their money is collected for a second pension. However, 16,409 of them were refused, or nearly 18 percent of all who submitted applications, according to the data of the Financial Supervision Commission.
The fund reminds that a person may receive a refusal to consider an application when it is not completed in accordance with the requirements set out in the regulation of the Financial Supervision Commission. When considering the application, the person may also receive a refusal to change participation and transfer funds, when the conditions for changing participation and transferring funds regulated in the Social Insurance Code are not met.
A total of 77,712 insured persons who submitted applications in the fourth quarter of 2023 changed their participation in the supplementary pension insurance funds. The total amount of funds transferred to another pension fund of the relevant type is BGN 353,711,269.
In total, the assets of the universal pension funds are BGN 18.240 billion, the professional pension funds – BGN 1.461 billion, and the voluntary ones – BGN 1.353 billion.
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