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The Association of Insurance Companies is ready to present to the government its proposal which will guarantee future pensions. It goes beyond the over-indebted pension funds and it will not burden the state budget.

The management board of the Association discussed today the final version of the proposal, which the sector will submit to the relevant ministries. The proposal provides for three pillars of social insurance, the first of them being the pillar of basic pensions which will be mandatory, the second will include pension funds and will be mandatory too, and the third will include individual insurance and will be voluntary.

The proposal states that the new system based on the European standards for the organization of pension programmes will ensure transparent procedures regarding the management of capital; it will be maintained by independent specialized companies and will require the provision of incentives for employees. Of course, the application of the new system will require changes in legislation.

If the management board of the Association approves the proposal of the relevant commission, it will be sent to line ministries to initiate a formal dialogue on the restructuring of the pension system of Greece which is scheduled to begin in the autumn as stated in the latest report of the Bank of Greece.

In particular, the position of the Association of Insurance Companies in Greece concerns the following: