Allianz Bulgaria is ready to welcome its first retirees

POD Allianz Bulgaria expects to welcome the first pensioners with contributions collected in the universal pension fund (UPF) from the so-called second pension pillar. This is an extremely important moment not only for those who reach retirement age in September (women born in the early 1960s), but also for POD Allianz Bulgaria as one of the pension insurance companies in Bulgaria with an active role in building the supplementary pension insurance.

As of September 1, the insured in Allianz Bulgaria, who have reached retirement age, can submit applications for determining a pension payment. In order to release deferred payment and lifetime pension, it is necessary to conclude the relevant contract.

What are the types of pension payments?

The method of receiving the pension payments depends on the amount of the accumulated funds in the individual account and on the personal choice of the insured.

• One-time payment - when the funds are less than BGN 900 - three times the amount of the minimum pension for length of service and age (BGN 300)
• Deferred payment - when the funds are more than three times the amount of the minimum pension, but are not sufficient for granting the minimum lifetime pension of BGN 45 (15% of the minimum pension).
• Supplementary lifetime pension - we offer a wide selection of lifetime pensions with different inheritance options and different guarantees, from which retirees can choose. At the current amount of the minimum pension (BGN 300), BGN 9 620 are required for granting the basic pension by UPF above the minimum amount.

The indicated amounts change upon adjustment of the minimum pension for the country. For each pensioner the parameters are applied at the moment of determining his payment, ie once the determined payments are saved regardless of the fact that the minimum pension changes.

Types of lifelong pension:

• Lifetime pension without additional conditions;
• Lifetime pension with a guaranteed payment period (from 2 up to 10 years, at the choice of the retiree);
• Lifetime pension with deferred payment until a pre-selected age - it starts with deferred payment, which may be a higher amount, and the amount set aside for it is inherited. After the deferred payment, the payment of a lifelong pension begins.

Each type of pension can be combined with two types of guarantees:

• Guarantee of that part of the pension which corresponds to the gross contributions;
  
• Guarantee of the initial amount of the pension - if the other conditions are equal, this pension has a lower amount, as the Risk Coefficient (8.5%) is applied in its calculation.

How can you apply for a pension from UPF?

Applications for a pension from UPF can be submitted at the offices of Allianz Bulgaria here.

The only documents that the UPF candidate-pensioners have to submit with the application are an ID card / passport and a document for a personal bank account.

Pensions and deferred payments are granted from the 1st of the month following the signing of the respective contract. Payments will be made from the 15th and 20th of the month to which they relate.

More information can be found here.