As of 1 January 2025, the supervision of Occupational Pension Funds (OPFs) is exercised by the Bank of Greece and specifically by the Occupational and Private Insurance Supervision Directorate (OPISD).
The national legislative framework for the operation and supervision of Occupational Pension Funds, which has been aligned with the relevant European Union (EU) framework, is available by clicking here.
The primary objective of supervision is to protect the rights of members and beneficiaries of OPFs and to ensure the stability and soundness of OPFs.
The Bank of Greece is responsible for ascertaining whether the terms and conditions of the relevant provisions of Law 5078/2023 (Government Gazette A 211) on the authorisation and operation of OPFs are met and for supervising the compliance of OPFs with the requirements of the regulatory framework regarding the following:
- capital adequacy to support their activities;
- establishment of an effective governance and risk management system;
- provision of the required information to the members and beneficiaries.
Furthermore, the Bank of Greece continuously monitors the compliance of Institutions for Occupational Retirement Provision (IORPs) of other EU Member States operating in Greece on a cross-border basis with the requirements of national social and labour legislation related to both occupational insurance and the provision of information to members and beneficiaries of OPFs (Articles 16-24 of Law 5078/2023 - Government Gazette A 211). For this purpose, the Bank of Greece cooperates with the competent authorities of the home Member States.
Finally, the Bank of Greece participates in the Board of Supervisors of the European Insurance and Occupational Pensions Authority, contributes to the development of guidelines the said authority issues and ensures their transposition into the Greek regulatory framework.