Bulgaria MOF Seeks Comments on Bill to Amend Social Security Code

The Bulgarian Ministry of Finance Dec. 17 opened a consultation on a bill to amend the Social Security Code. The bill includes measures to: 1) introduce a multi-fund system in universal and voluntary pension funds, allowing insured persons to select sub-funds with different investment profiles, such as dynamic, balanced, or conservative, based on risk appetite and life cycle; 2) replace the minimum return guarantee with a market benchmark; 3) reduce fees and deductions over a 10-year period and introduce a two component fee structure; 4) increase capital requirements for pension insurance companies to 2 percent of net assets by 2036; ...