Recommendations to VPF Members

The NBS adopted a number of measures and activities to support our people and businesses amid the coronavirus pandemic (COVID-19). With a view to ensuring smooth functioning of the voluntary pension funds sector (VPF) and exercising supervision over its operation in the state of emergency, the NBS is constantly monitoring the financial sector and carefully analysing the effects of the current epidemiological situation.
In this context, the NBS wishes to remind the citizens who are VPF members that all information about the work of VPF management companies, their performance indicators and investment unit values, is available on the official websites of those management companies. Also, the NBS regularly publishes on its website reports on the operations of VPF management companies.

Having in mind the delicacy of the situation in terms of restricted movement, and seeking to protect the health of our citizens, we wish to draw to your attention the possibility to pay pension contributions via electronic channels – cashless payments (instant payments using mobile banking applications or payment cards).

Please note that membership, as well as the payment of pension contributions to pension funds, is voluntary, and if a fund member does not pay the contributions temporarily, the membership contract will not be terminated, the member will retain all rights and cannot not be sued on those grounds, while payments can be resumed at any point. The funds accumulated in individual accounts continue to be invested and to accrue returns, and members can see the balance on their accounts every day via the websites of their fund management companies.

VPF management companies, which usually communicate electronically with their present and prospective clients, are expected to do so in a clear and transparent way, demonstrating professionalism and acting in the best interest of fund members.

The NBS will continue to monitor the impact of the pandemic on the VPF sector and on the observance of VPF members’ rights and interests and will take all necessary measures to protect them and to maintain stability and safety in the VPF market that plays an important role in our economy and society at large.

Insurance Supervision Department