What are Occupational Pension Funds

OVERVIEW

OPFs are financial institutions that manage collective retirement schemes for employers, in order to provide benefits to employees.

The institution of OPFs offers important advantages. The OPFs are a separate legal entity, with their own statutes, with a separate Board of Directors, which oversees their proper functioning, with their assets separate from those of the company. OPFs aim to provide supplementary insurance protection, in addition to the main and auxiliary social security.

It is a voluntary participation fund, to which all Group employees with a paid mandate or with a fixed-term or indefinite, full-time or part-time dependent employment relationship may join.

LEGAL

Legal & Institutional Framework of Operation

The Fund is governed by the provisions of Law 4680/2020 which was passed for harmonization with Directive 2341/2016 of the European Union, by the Ministerial decisions issued pursuant to the authorization of this law, the Regulation of Ethics and Good Operating Practices of Professional Funds Insurance and the provisions of the Statute of the Fund.

It is under the supervision of the Ministry of Labor and Social Affairs and the control of the National Actuarial Authority and the Capital Market Commission.

Pension insurance in the European Union follows the system of three pillars:

Social insurance
Occupational Insurance
Individual Insurance

PRINCIPLES OF OPERATION

Prudent Management Principle

The Fund recognizes and records the risks that may affect the achievement of its goals. These risks may come from both internal and external factors, such as changes in the economic and legal environment. Management procedures are established prudently, taking appropriate measures to effectively manage risks.

Equal Treatment Principle

Operating procedures treat all members in a spirit of equality. Selective operating procedures between members who meet the same conditions are not permitted, which would result in the benefit of some members at the expense of others. It is also not allowed to exclude persons who have the right to belong to the Fund.

Transparency Principle

Operating procedures are transparent. They are always within the framework of the legal regulations of the State, the regulations of the Supervision and the statute of the Fund. Each member has the right to information about

His rights and obligations towards the Fund.
The financial, technical and other parameters of his insurance relationship.
The rules governing his insurance status at the Fund.
The level of benefits in case of termination of employment or change of professional activity or deletion from the Fund.
The financial situation of the Fund.