Future pensions provided solely by the Greek state will struggle to ensure adequate replacement rates for workers, according to Yiannis Stournaras, Governor of the Bank of Greece. Speaking at the 7th Conference on Occupational Insurance, he stressed that this challenge is precisely why the European Union is pushing to strengthen occupational pension schemes — positioning them as complementary to the public system and encouraging long-term savings.
Limited Participation, Structural Challenges
Stournaras pointed out that worker participation in occupational funds remains low, and both insurance and investment culture in Greece have yet to develop to the extent required. At the same time, the small size of many occupational funds hampers economies of scale and raises operational costs.
He emphasized the need for coordinated action among all stakeholders to build trust — both among employers and insured individuals — in the institution itself.
“With only 27 Occupational Insurance Funds and approximately 55,000 members by the end of 2025, it’s clear the institution is still in its early development phase — despite the significant potential and momentum shown by the Occupational Pillar,” he noted.
Modest Growth, Modest Scale
Although both assets and technical provisions rose by over 20% compared to 2024, overall figures remain modest: assets stood at €621 million and technical provisions at around €550 million for 2025.
Looking ahead, Stournaras forecast that occupational pension funds will assume a far more substantial role in the coming years — not only as a pillar of the Greek pension system but also as an investment vehicle, both domestically and across the EU.