Private Pension Schemes

Voluntary participation

• All persons who have turned 18 can participate voluntarily in the scheme.

General finances

• Fully funded scheme financed from contributions of the insured person. 

Contribution payments

• The contribution rate depends on the terms of the agreement.

State support

• Contributions can be deducted from tax.

• The benefits are administered by social insurance companies or by Undertakings for Collective Investment in Transferable Securities (UCITS) and their Managers (OSEKA).
• The scheme is supervised by the Bank of Greece.

• Retirement age varies depending on the conditions of the agreement; it is not tied to the statutory retirement age. 
• An obligatory minimum length of pension plan can be defined.

Pension payments

• Dependent on the terms of the agreement (lump sum payment, fixed-term or lifelong pension).

Taxation and social security contributions

• Pension payments are subject to tax (rates: 15% for lifelong pension and 10% for lump sum pension).