The framework for the organisation, operation and supervision of Occupational Pension Funds (OPFs) is based on Directive (EU) 2016/2341 of the European Parliament and of the Council (IORP II), which was transposed into Greek legislation by Law 5078/2023 (SECTION A - PART A) (Government Gazette A 211).
In particular, the institutional framework that governs the operation of the optional occupational insurance sector under which the Bank of Greece carries out its supervisory tasks, includes:
European Union Legislation
Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs).
Directive (EU) 2014/50 of the European Parliament and of the Council of 16 April 2014 on minimum requirements for enhancing worker mobility between Member States by improving the acquisition and preservation of supplementary pension rights.
Council Directive 98/49/EC of 29 June 1998 on safeguarding the supplementary pension rights of employed and self-employed persons moving within the Community.
Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector.
National Legislation
LAWS
- Law 5078/2023 (Government Gazette A 211)
- Law 4575/2018 (Government Gazette A 192), Αrticles 1-8
PRESIDENTIAL DECREES
- P.D. 227/2004 (Government Gazette Α 212)
MINISTERIAL DECISIONS (MD)
According to Αrticle 110(4) of Law 5078/2023, the following decisions remain in force, provided that they are not contrary to the provisions of Law 5078/2023 or the directly applicable European Union legislation, until they are replaced by new decisions to be adopted by the Bank of Greece by authority of Article 110 of said Law.
- MD F.51220/51546/1432/15-01-2021 (Government Gazette Β 227) “Determination of the content and type of annual accounts and the minimum content of the annual reports of IORPs-OPFs”
- MD F.51220/26375/07-05-2021 (Government Gazette Β 2007) “Determination of specific limits and restrictions for investments of IORPs-OPFs and detailed rules for the application of Article 18 of Law 4680/2020 (Α 72)”
- MD F.51220/26386/07-05-2021 (Government Gazette Β 2007) “Calculation method of the required solvency margin for IORPs-OPFs”
- MD F.51220/55418/27-07-2021 (Government Gazette Β 3728) “Content of the actuarial report submitted by the Institutions for Occupational Retirement Provision – Occupational Pension Funds to the National Actuarial Authority”
- MD F.51220/76359/07-10-2021 (Government Gazette Β 5063) “Exercise of cross-border activity and cross-border transfer of Institutions for Occupational Retirement Provision (IORPs) and detailed rules for the application of Articles 10 and 11 of Law 4680/2020”
- MD F.51220/103597/15-12-2021 (Government Gazette Β 6155) “Formation of technical provisions by IORPs- OPFs and detailed rules for the application of Article 12 of Law 4680/2020”
- MD F.51010/1660/12/16-01-2015 (Government Gazette Β 179) “Data submitted by the Occupational Pension Funds to the Hellenic Capital Market Commission, regulation of their content as well as of the time of submission”
- MD F.51010/oik.1893/15/16-01-2015 (Government Gazette Β 178) “Issuance of a Code of Conduct and Good Operating Practices for Occupational Pension Funds”, as amended by MD ΑΤ 10/F51010/oik.38916/678/13-10-2016 (Government Gazette Β 3556) and MD ΑΤ10/F51010/oik.58121/9288/28-12-2016 (Government Gazette Β 3)
- MD F.51010/42926/1085/22-12-2014 (Government Gazette Β 3532) “Valuation of assets of Occupational Pension Funds and determination of minimum information included in their investment regulation”
- MD F.51010/45802/1145/22-12-2014 (Government Gazette Β 3532) “Organisational requirements for Occupational Pension Funds”
- MD F.Occup.Ins./oik.16/09-04-2003 (Government Gazette Β 462) “Terms of operation of the Occupational Pension Funds”, as amended and supplemented by MD F.51230/oik.21967/360/23-09-2013 (Government Gazette Β 2438), MD F.51010/16198/651/12-01-2015 (Government Gazette Β 78) and D.15-16/F.51010/250/7/04-01-2018 (Government Gazette Β 14)
- MD F.Occup.Ins./43/13-11-2003 (Government Gazette Β 1703) “Consecutive Insurance in Occupational Pension Funds”