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The reduced birth rate and the increased life expectancy will also affect the amount of pensions and the ratio of pensioners to workers. In 2060, the number of pensioners may be significantly higher than that of working people, which will affect the level of pensions as stated by the specialist. In other words, the public funds should allocate a smaller amount of money to a larger number of pensioners. Public pension funds are built, to a large extent, on the principle of solidarity between generations. This prevents current employees from saving for their future in public funds as they are paying the pensions of their parents.
 
Miltiadis Nektarios concludes that in the coming decades, the citizens will need 20% -25% in additional income above the pension to secure a decent old age. "This additional amount can and should come from private insurance," states Nektarios, stressing that the state pension will not be able to meet our needs in the third age.

"The situation is tragic. This is not related only to the crisis, recession and lower incomes. There is no one who can pay for pensions with an unemployment rate of 27%. Therefore, the working people will surely turn to private insurance," Yiannis Fourlis of Alpha Trust states as regards the future of the pension market. He stresses the need to build a rigorous framework and for the market to operate within it in order to allow the citizens to restore their faith in private insurance.

Fourlis commented on last year’s debt restructuring, the PSI. Despite the considerable losses due to the reduction of the nominal value of government bonds, the insurance companies have taken on the burden as stated by Fourlis. "This shows how strong the insurance companies are today." In order for the private insurance market to strengthen, experts insist on introducing educational classes at secondary schools as well as on developing insurance culture at an earlier stage.