The conversion into euros of the personal savings of citizens in the second and third pension pillars will be carried out at the fixed rate of 1.95583 leva for 1 euro. There will be no loss of value, nor any fees or deductions for the insured persons. Everything will be done automatically and free of charge.
This is stated in a detailed explanatory material “Въпроси и отговоров за въведенцо-на-е/" target="_blank">Въпроси и отговоров за въведенции представления“, published on the website of the Bulgarian Association of Supplementary Pension Insurance Companies (BADDPO). It provides information on the most frequently asked questions by citizens before the introduction of the euro on January 1, 2026.
People will not lose money, nor will they pay fees, nor will they sign new documents or contracts with pension companies - everything will be done automatically, in accordance with the law and in the interests of the insured persons, explained the chairwoman of the BADDPO Evelina Miltenova. Pension companies are stable and reliably manage over 27 billion BGN. personal savings of over 5 million insured persons, she added.
It is also important for citizens to know that the transition to the euro will in no way lead to a change in their rights, which are guaranteed by law, said Miltenova. The accounts remain individual and inheritable. There will be no change in the rules by which individual accounts will be maintained, nor in the method of calculating and granting pensions, nor in the inheritance of rights and funds, nor in the making of pension payments from the Lifetime Pension Payment Fund (FPPF) and the Deferred Payment Fund (DFPF).
The conversion of shares, contributions, contracts and payments will occur automatically. No documents will be required or new contracts will be signed. The funds in each individual account will be recalculated and presented in euros. For example, if there are 10,000 BGN accumulated in it, they will be transformed into 5112.92 EUR (at the official exchange rate of 1 EUR – 1.95583 BGN).
The value of one share in EUR, valid for the first business day from the date of the introduction of the euro, will be determined as the net value of the fund's assets in BGN as of the end of the previous business day, will be converted in accordance with the general rules for conversion and rounding, adopted in the Law on the Introduction of the Euro and divided by the total number of shares of the fund as of the end of the same day. The value thus obtained will be rounded to the fifth decimal place.
The number of shares in each individual account in the supplementary pension insurance fund as of the date of the introduction of the euro will be multiplied by the value of one share in EUR. The resulting amount will be rounded to the second decimal place.
After the transition to the euro, the value of pension fund units will continue to be calculated and disclosed in the new currency.
All contributions after January 1, 2026 will be received in euros. Contributions that relate to periods before this date will be recalculated by the NRA into euros and will then be transferred to the relevant pension fund.
Insured persons will not need to conclude new contracts or annexes with the pension company. All amounts in levs will be considered as amounts in euro, converted at the fixed exchange rate, without loss or change in terms.
All information can be found at link.