- You save money
- You obtain retirement income independent of the state social security system
- The funds are deposited in your individual account
- Your funds are invested without binding you by time limits
- You have an opportunity for early retirement
- You benefit from tax relief
- The funds that you receive from the voluntary pension fund after retirement are not taxable.
Payment of contributions
The voluntary insurance is subject to payment of personal contributions and contributions by an employer or other person.
In case of voluntary insurance with personal contributions you determine yourself the amount and frequency of payments and you can change those parameters at any time.
Contributions by an employer or other person
The employer determines the terms and conditions for voluntary pension insurance:
- Pension instalments of the individual employees
- Number of insured employees
- Terms and conditions in case of replacement of an employee or accession of a new one to the staff being insured
- Pre-determined pension instalments with fixed amount.
Amount of the pension instalments
There are no restrictions on the amount of the pension instalments. The amount of the future pension depends mainly on the contributions made.
Frequency of payment of the pension instalments
Types of pension payments
The pensioners of Allianz Bulgaria Voluntary Pension Fund are entitled to freely choose between the various types of payments:
- Old-age and disability pension - fixed term or lifelong pension
- Withdrawals based on an individual plan defined by the pensioner
- One-off payment of the funds
Rights of the insured
- You withdraw funds without restrictions from your personal account.
- You terminate or temporary suspend the payment of your instalments without being charged penalties, fines and interest.
- You can change at any time and without restrictions the amount and frequency of payment of the pension instalments.
- You receive free information on your individual account.
Inheritance of the funds
All funds in the voluntary pension fund are inherited by the legal heirs of the insured / pensioner or by beneficiaries indicated by him.
All insured are entitled to tax relief in the rate of 10 % of the tax base. In case of additional pension insurance of the employees on labour contract or management contract the employer is also entitled to tax relief.
The full amount of the pension instalments paid by employers/other preson for voluntary additional pension insurance is recognized for tax purposes. The annual results of the company are reduced by their amount and the instalments are then subject to tax on the costs.
The pension instalments of employers/other person for voluntary additional pension insurance in a monthly amount of up to BGN 60 per employed person are exempt from tax on the costs.
The pension insurance in a voluntary pension fund is flexible and can meet your personal needs. Find out how you can insure yourself by paying individual pension instalments and what will be the benefits for you.