Legislative Changes – the Euro, NSSI Payments, Personal Insolvency and the New Multi-Fund Pension Model
In September 2026, shared during our Sb Insider Webinar for clients and partners, several important legislative changes are in focus for businesses and individuals in Bulgaria, including deadlines related to the adoption of the euro, new options for receiving payments from the National Social Security Institute (NSSI), the Personal Insolvency Register and the upcoming multi-fund model for supplementary pension insurance.
In the monthly legislative overview by Sb Accounting & Consulting, we summarize the key updates, important deadlines and practical information that businesses, employers and individuals should keep in mind.
Amendments to the Law on the Introduction of the Euro in the Republic of Bulgaria
The Bulgarian National Assembly adopted amendments to the Law on the Introduction of the Euro in the Republic of Bulgaria, extending the deadline by which companies with share capital must bring their articles of association, company agreements and incorporation documents into compliance with the conversion of their capital from Bulgarian lev into euro.
The deadline has been extended from 12 to 36 months from the date of the introduction of the euro in Bulgaria, i.e. until the end of 2028.
These documents must be submitted for publication together with the first subsequent application for registration, deletion or publication in the Commercial Register, but only in cases where their submission is required by law.
This means that there is no longer an unconditional requirement to submit the updated articles of association or company agreement with every first subsequent application, regardless of its subject matter.
What does this legislative change mean for businesses?
In practice, companies have a longer period in which to bring the relevant corporate documents into compliance with the conversion of their capital from Bulgarian lev into euro.
This provides businesses with more time to plan the necessary actions, while companies should still monitor when an application submitted to the Commercial Register triggers a legal requirement to provide the respective updated documents.
The Personal Insolvency Register is now operational
As of 3 August 2026, the Personal Insolvency Register has been operational in connection with the implementation of the Personal Insolvency Act, commonly referred to as the “personal bankruptcy” law.
The Register is maintained by the Registry Agency as a fully automated information system.
It records and publishes acts and circumstances related to personal insolvency proceedings, with an individual electronic file maintained for each debtor.
NSSI benefits can now be paid into personal accounts with payment service providers in the EEA
As of 1 August 2026, cash benefits and guaranteed claims paid by the National Social Security Institute (NSSI) may also be transferred to personal payment accounts held with payment service providers established in other countries within the European Economic Area (EEA).
Until 31 July 2026, these payments could only be made to personal payment accounts held with providers licensed by the Bulgarian National Bank or their branches in Bulgaria.
As of 1 August, personal accounts with payment service providers from other EEA countries may also be used, provided that the account is accessible under SEPA rules.
Eligible personal accounts with providers such as Revolut also fall within the scope of this change.
What does this legislative change mean in practice?
The change expands the options available for receiving cash benefits and guaranteed claims from NSSI by allowing eligible personal payment accounts held with providers established in other EEA countries to be used.
New multi-fund model for supplementary pension insurance from 1 January 2027
Following the amendments to the Social Security Code adopted at the end of March 2026, together with the secondary legislation adopted by the Financial Supervision Commission (FSC), a new multi-fund model for managing assets within supplementary pension insurance will be introduced.
The multi-fund model will take effect on 1 January 2027
The changes form part of a broader reform of the second and third pillars of the pension system and aim to give insured individuals greater choice over how their accumulated funds are managed, depending on their investment profile and acceptable level of risk.
What will change from 1 January 2027?
Universal Pension Funds (UPFs) will introduce three sub-funds with different investment profiles:
- Dynamic Sub-Fund – a higher level of investment risk;
- Balanced Sub-Fund – a medium level of investment risk;
- Conservative Sub-Fund – a lower level of investment risk.
It is important to note that a higher level of investment risk does not guarantee higher returns.
The choice of sub-fund determines the type and level of investment risk assumed in the management of the accumulated funds.
What should people who are already insured in a Universal Pension Fund do?
Individuals who are currently insured in a Universal Pension Fund will have a designated period in which to make an informed choice.
From 1 September to 30 November 2026, insured individuals may select the specific sub-fund in which their pension assets will be managed.
The choice is made by submitting an application to the pension insurance company managing the Universal Pension Fund in which the individual is insured.
Does age matter?
Yes.
Individuals who have three years or less remaining before reaching retirement age are required to participate in a Conservative Sub-Fund.
What happens if no choice is made by 30 November 2026?
If an insured individual does not submit an application by 30 November 2026, they will be automatically allocated to the relevant sub-fund as of 1 January 2027, based on their age on that date.
| Age / period remaining until retirement as of 1 January 2027 | Sub-Fund |
|---|---|
| Under 50 | Dynamic |
| From age 50 until 3 years before retirement age | Balanced |
| Final 3 years before retirement age | Conservative |
How can you check which Universal Pension Fund you are insured with?
If you do not know which Universal Pension Fund receives your social security contributions, you can check this through the electronic service of the National Revenue Agency (NRA) for supplementary mandatory pension insurance.
The service allows you to identify the pension insurance company managing your individual account.
Important: The NRA does not handle the selection of a sub-fund.
Once you have identified your Universal Pension Fund, you should contact the pension insurance company managing it to obtain the relevant information and guidance and, where applicable, submit an application to select a sub-fund.
Key dates and deadlines for this legislative change
Here are the most important dates from this month’s legislative changes for businesses overview:
- 1 August 2026 – the options for receiving NSSI cash benefits and guaranteed claims are expanded to include eligible personal payment accounts with payment service providers in the EEA;
- 3 August 2026 – the Personal Insolvency Register becomes operational;
- 1 September – 30 November 2026 – period during which individuals already insured in a Universal Pension Fund may select a sub-fund;
- 1 January 2027 – the new multi-fund model for supplementary pension insurance takes effect;
- By the end of 2028 – deadline for bringing the relevant corporate documents into compliance with the requirements arising from the conversion of company capital from Bulgarian lev into euro.
What should businesses and individuals keep in mind?
These legislative developments affect various aspects of business operations and individuals’ financial and social security arrangements – from corporate documentation related to Bulgaria’s adoption of the euro to social security payments and supplementary pension insurance.
Businesses should keep track of the deadlines for bringing their corporate documents into compliance with the new requirements and plan the necessary actions in a timely manner.
For individuals insured in a Universal Pension Fund, one of the key upcoming deadlines is the opportunity to select a sub-fund by 30 November 2026.
Sb Accounting & Consulting continues to monitor legislative changes for businesses and their practical implications for businesses, employers and employees. Follow our monthly “Legislative Changes for Businesses” articles that we summarize over the Sb Insider Webinars with our clients and partners for the latest key developments, deadlines and practical guidance.
