In relation to amendments in the Implementing Regulations for the Pensions Act (revoked) of 01.01.1997 a Pension Fund for Teachers (managed by the National Social Security Institute) was established on extra-budgetary account. The resources for this Fund are collected from social insurance contributions on the gross labor remunerations of the teachers, which are at the expense of their employers. For the period from the beginning of 1997 till the end of 1999 the amounts were determined in the Act on the Budget of the Social Insurance Fund for each calendar year – 3%.
Pursuant to § 22, Para. 1 of the Transitional and Final Provisions of the Social Insurance Code, the Pension Fund for Teachers established with the revoked Act on the Social Insurance Fund continues to exist until its’ transformation into a universal pension fund.
The social security contribution to the Pension Fund for Teachers is determined annually in the Act on the Budget of the State Social Security (BG) for each separate year.
The social insurance contribution to the Pension Fund for Teachers for 2014 amounts to 4,3% and is entirely at the expense of the social insurance contributor.
The contributions due to the Pension Fund for Teachers are paid though the relevant bank accounts of the National Revenue Agency.