The reform seeks to expand access to occupational pensions, strengthen retirement provision, and establish more consistent rules across the market.
Greece has introduced a major reform of its occupational pensions framework aimed at strengthening second-pillar pension provision, increasing participation by employers and employees, and creating a more harmonised market for occupational retirement solutions.
What’s Changing?
The legislation introduces several important measures, including higher contribution limits, new tax rules for pension benefits, the creation of Open (multi-employer) Occupational Pension Funds, and the introduction of Occupational Pension Group Insurance Products (OPGIPs), which will be offered by insurance companies and supervised by the Bank of Greece.
Greater Flexibility for Employers and Employees
Among the most notable developments is the greater flexibility available to both employers and members. Smaller organisations will be able to access occupational pension arrangements through multi-employer funds, while members will benefit from enhanced portability of pension rights, making it easier to maintain participation and transfer accrued pension rights when changing employer or professional status.
Impact on Existing Pension Arrangements
The new framework will also affect existing group pension insurance plans. To benefit from the favourable tax treatment introduced by the legislation, companies will need to convert existing group pension arrangements into OPGIPs by 31 December 2027.
What Employers Should Do Now
The reform seeks to expand access to occupational pensions, strengthen retirement provision, and establish more consistent rules across the market. For employers operating in Greece, now is the time to understand the implications and prepare for the transition. For more information speak with our expert:
Louisa Kalogerakou
Director
Employee Benefits Team
GrECo Hellas
T +306 974 324 430
