Which pension fund is best: returns according to FSC data
There is no single best pension fund: the ranking depends on the period. For 2021–2025 CCB-Sila leads with 4.13% a year, while for the last 24 months to 30 June 2026 Doverie is first with 7.06%, according to Financial Supervision Commission (FSC) data.
CREDIPORT INS is an insurance agent of the Doverie pension insurance company. The tables are the FSC’s and are ordered by its data, regardless of this.
Contents
Returns of universal pension funds by year
The universal pension fund (UPF) is the second pillar: part of the contributions of everyone born after 31 December 1959 goes there. The table shows the return of all UPFs for each year and the average annual return over 5 years.
| Universal pension fund | 2021 | 2022 | 2023 | 2024 | 2025 | 5 years, annualised |
|---|---|---|---|---|---|---|
| CCB-Sila | 5.39% | −3.06% | 8.02% | 5.51% | 5.15% | 4.13% |
| Toplina | 1.96% | −7.79% | 8.81% | 10.62% | 4.33% | 3.38% |
| Allianz Bulgaria | 5.33% | −11.08% | 9.20% | 5.52% | 7.02% | 2.92% |
| UBB | 6.56% | −12.64% | 9.52% | 5.99% | 6.83% | 2.92% |
| Future | 3.70% | −5.52% | 3.28% | 8.92% | 3.88% | 2.75% |
| Lev Ins Pension Insurance (formerly Pension Insurance Institute) | 5.01% | −6.47% | 6.96% | 5.90% | 2.50% | 2.66% |
| Doverie | 4.55% | −12.10% | 8.19% | 4.93% | 7.84% | 2.38% |
| Consent | 1.56% | −8.73% | 8.50% | 5.01% | 5.35% | 2.16% |
| DSK-Rodina | 3.64% | −13.49% | 7.68% | 5.11% | 6.86% | 1.63% |
| DallBogg: Life and Health | — | — | 10.08% | 8.65% | 4.88% | no 5-year data |
Over the five years the cumulative return is about 22% for CCB-Sila and about 8% for DSK-Rodina (calculated from the annual data). The difference comes mainly from 2022, when CCB-Sila lost 3.06% and most funds lost between 7% and 13.5%. In 2023 and 2024 CCB-Sila’s return was close to the weighted market average (8.02% against 8.32% and 5.51% against 5.48%). In 2025 it was lower: 5.15% against 6.71%.
The last 24 months: a different ranking
The FSC also publishes the return for the last 24 months. Until the end of the third quarter of 2026, it was also used to set the minimum return the funds had to achieve.
| Universal pension fund | 24 months to 30 June 2026, annualised | Rank over 5 years |
|---|---|---|
| Doverie | 7.06% | 7 |
| DSK-Rodina | 6.83% | 9 |
| Allianz Bulgaria | 6.62% | 3 |
| UBB | 6.58% | 4 |
| Toplina | 6.45% | 2 |
| DallBogg: Life and Health | 5.40% | none |
| Future | 5.19% | 5 |
| CCB-Sila | 5.09% | 1 |
| Consent | 4.91% | 8 |
| Lev Ins Pension Insurance | 4.70% | 6 |
DSK-Rodina, UBB, Doverie and Allianz Bulgaria had the biggest losses in 2022 and are the top four for the last 2 years. DSK-Rodina is last over 5 years but second over 2 years. CCB-Sila is first over 5 years but eighth over 2 years. So a single short-term ranking is not enough to choose a fund.
How to compare the funds
- Look at the long period. The second pillar is for decades. The 5-year return tells you more than the 2-year one.
- Look at the worst year. In 2022 the gap between the funds was more than 10 percentage points. That shows how much risk a fund takes.
- Keep the fees in mind. Until the end of 2026 the legal cap is 3.75% of each contribution and 0.75% a year of assets. From 2027 the deduction from contributions falls to 3.59%, and by 2036 to 2.10%.
- Choose a sub-fund. From 2027 every universal pension fund has a dynamic (up to 90% in shares), a balanced (up to 55%) and a conservative sub-fund (up to 25%). The sub-fund determines what share of your money is in shares (how to choose by 30 November 2026).
- Don’t switch fund for a gift. Pension companies and intermediaries may not offer benefits in exchange for switching.
How to switch pension fund
- Check that at least 1 year has passed since your first contract, the automatic allocation or your previous switch. Without waiting out the year, you can switch fund if you disagree with a change to its rules or investment policy: the application is submitted within 3 months of the notice.
- Submit an application to the new company: on paper with a notarised signature or electronically with a qualified electronic signature (QES). At the same time you sign a contract with the new fund.
- The money is transferred once a quarter, on 15 February, 15 May, 15 August and 15 November, for the applications from the previous quarter.
Switching is free of charge. If you switch fund in the last quarter of 2026, you can also name the sub-fund in the application. In the first half of 2026, 199,155 people switched fund across all pension funds, 186,755 of them in the universal funds (FSC). Checking which fund you are in, inheritance and payouts are covered in second pension fund.
Voluntary pension funds
The voluntary pension fund is the third pillar. Contributions are voluntary, made by you or by your employer. Among voluntary funds, the highest returns for 2021–2025 were achieved by Saglasie (6.13% a year), CCB-Sila (5.98%) and Toplina (5.95%). For Badeshte it was 4.33%, for Lev Ins 4.32% and for UBB 4.01%.
- Your personal contributions reduce your annual tax base by up to 10%. Because income tax is 10%, with contributions of €600 a year you save about €60 in tax.
- Employer contributions of up to BGN 60 (€30.68) a month per person are tax-free. The limit applies jointly to voluntary pension insurance, health insurance and life insurance. The law still states the amount in leva.
- From 2027 voluntary funds can also create sub-funds. If they do, they must have a balanced sub-fund.
Work out how much you could build up with regular contributions in the pension calculator.
Sources
- FSC: Returns achieved and level of investment risk, 2021–2025
- FSC: Returns for the 24 months to 30 June 2026 and the minimum return
- FSC: Transfers between pension funds, Q2 2026
- FSC: Everything you need to know about the multi-fund model
- FSC: Ordinance No. 3 on changing participation
- Social Insurance Code, Art. 131, 171, 203
- Act amending the Social Insurance Code, State Gazette No. 27/2026
- Personal Income Tax Act, Art. 19 and Art. 24
Before you switch your fund
Two good years do not tell you what you will get as a pension. CREDIPORT INS is a pension insurance agent of the Doverie pension company.
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