From 1 September, people with supplementary pension insurance can pick a sub-fund for their savings themselves. Officials from the Financial Supervision Commission (FSC) and pension companies said this at the "Finance: Equations and Solutions" forum in Sofia.

More than 50% of those who have shown interest are choosing a dynamic sub-fund, FSC deputy chair Diana Yordanova said, citing data from the pension companies. They include people whose age would suggest a balanced profile.

The choice is part of the multi-fund model, under which insured people decide for themselves how their money is managed. There are three sub-funds: dynamic, balanced and conservative. They differ in investment profile and are matched to the age and life stage of the insured person.

Parliament passed the changes to the Social Insurance Code in early March, and they will apply from 1 January 2027.

Yordanova, who heads the commission's pension supervision department, said that by 31 July the FSC had brought about 30 of its secondary rules, which set out how the law is applied, in line with the law. In August the commission is working closely with the industry to set up the companies' systems. She said the FSC and the pension companies are in close contact to meet the deadlines in the law.

Yordanova also said the industry has shown over 20 years that it manages portfolios well, and now it must take on the new challenge. The FSC and the industry are working together, and everyone knows they must prove again that they can do the job.

Vladimir Nechev, chief executive of pension company DSK-Rodina, called the moment historic. He said the reform has been awaited for a long time and brings many positive effects. The most important thing for the company is that insured people and the public are well informed, Nechev said. The company put information about the coming changes in the annual statements it sent to its members, and will later add details on the choice of sub-fund.

Dilyana Germanova, chief executive of pension company Saglasie, said most insured people do not know which pension fund they are in. She said the multi-funds are a reason for a clear and open discussion about the role of supplementary pension insurance.

Germanova advises people to check on their company's website how much they have saved, what return they have earned and whether it matches their expectations. Then they should find out what the multi-funds are and what options they give, and only then choose. The most valuable part of the reform is the right to choose, but it must be a personal and informed choice, she said. The companies have a duty to explain in clear and simple language what people are choosing.

Nikolay Stoykov, chair of the management board and chief executive of pension company OBB, recalled that the change has been awaited for more than 20 years. Since the amendments to the Social Insurance Code were passed in March, preparation in the companies has been intense, he said.

Stoykov said changes are coming in investment work: more managed portfolios, a new mechanism for the minimum return, and changes in how investment fees are calculated and set for some portfolios.